Yiheng Capital Management, L.P. In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Yiheng Capital Management, L.P. reported 19 stock positions worth $696.3 million . Its top holding was Bilibili Inc.-Sponsored ADR (BILI) at 21.9% of the portfolio, followed by Jd.com Inc.-ADR (JD, 12.6% ) and Noah Holdings Ltd.-Spon ADS (NOAH, 11.0% ). Compared with Q4 2023, it opened 2 new positions, sold out of 1, added to 3 and reduced 8. The biggest buy was Jd.com Inc.-ADR (JD, shares +4% ) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −45% ).
Location SAN FRANCISCO, CA
CIK 0001447228
Portfolio Value $696.3M (Q1 2024) Holdings 19 stocks · $696.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 BILI Bilibili Inc.-Sponsored ADR 13,636,951 $152.7M Reduce -1.1% JD Jd.com Inc.-ADR 3,204,361 $87.8M Add +3.7% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 6,719,722 $76.8M No change HTHT H World Group Ltd.-ADR 1,975,451 $76.4M Reduce -29.0% EDU New Oriental Educatio-SP ADR 707,629 $61.4M Reduce -44.7% RBLX Roblox Corp. Class A 1,220,744 $46.6M Add +21.1% TDG Transdigm Group Inc. 31,121 $38.3M Reduce -39.8% AKRO Akero Therapeutics Inc. 1,434,179 $36.2M Reduce -25.4% BEAM Beam Therapeutics Inc. 845,500 $27.9M No change DNLI Denali Therapeutics Inc. 1,150,684 $23.6M No change TAL Tal Education Group- ADR 1,935,718 $22.0M Reduce -0.1% VRDN Viridian Therapeutics Inc. 948,130 $16.6M Reduce -22.8% ACMR Acm Research Inc. Class A 481,291 $14.0M Reduce -6.1% IVA Inventiva SA - ADR 2,644,926 $9.6M No change DBV TECHNOLOGIES S A 5,568,909 $4.2M Add +6.3% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 730,877 $957K No change GBIO Generation Bio Co. 191,530 $780K New RERE Atrenew Inc. 163,476 $288K No change JIANZHI ED TECHNOLOGY GROUP 25,702 $16K New
Options reported separately and not counted above: SMCI puts ($567.3M), JD calls ($398.8M), BILI calls ($126.0M), RBLX calls ($12.6M), JOYY calls ($2.9M), CRSP puts ($429K).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ EDU New Oriental Educatio-SP ADR Reduce -44.7% 8.82% −2.77 TDG Transdigm Group Inc. Reduce -39.8% 5.50% −0.97 VRDN Viridian Therapeutics Inc. Reduce -22.8% 2.38% −0.93 HTHT H World Group Ltd.-ADR Reduce -29.0% 10.98% −0.54 AKRO Akero Therapeutics Inc. Reduce -25.4% 5.20% −0.35 AIJTY Jianpu Technology Inc.-SP ADR Sold out 0.00% −0.00 TAL Tal Education Group- ADR Reduce -0.1% 3.16% +0.13 ACMR Acm Research Inc. Class A Reduce -6.1% 2.01% +0.77 BILI Bilibili Inc.-Sponsored ADR Reduce -1.1% 21.94% +1.18
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SMCI Super Micro Computer Inc. put New 561,700 $567.3M JD Jd.com Inc.-ADR call Reduce -18.1% 14,559,600 $398.8M BILI Bilibili Inc.-Sponsored ADR call Reduce -18.1% 11,253,200 $126.0M RBLX Roblox Corp. Class A call Reduce -93.3% 330,200 $12.6M JOYY Joyy Inc.-ADR call New 93,200 $2.9M PENG Penguin Solutions Inc. call Sold out 79,300 $1.5Mbefore exit CRSP Crispr Therapeutics AG put Reduce -97.7% 6,300 $429K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 25 $227.1M NOAH, BILI, JD, HTHT, HNGE Q1 2026 24 $230.7M NOAH, EDU, JD, BILI, HTHT Q4 2025 21 $229.3M NOAH, BILI, JD, EDU, HTHT Q3 2025 23 $302.3M NOAH, BILI, EDU, JD, HTHT Q2 2025 20 $276.1M NOAH, BILI, EDU, JD, HTHT Q1 2025 Amended 21 $284.5M NOAH, BILI, EDU, HTHT, JD Q4 2024 19 $451.9M BILI, NOAH, JD, HTHT, EDU Q3 2024 17 $541.5M BILI, NOAH, JD, HTHT, EDU Q2 2024 20 $709.1M BILI, JD, NOAH, HTHT, EDU Q1 2024 19 $696.3M BILI, JD, NOAH, HTHT, EDU