Yiheng Capital Management, L.P. In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Yiheng Capital Management, L.P. reported 20 stock positions worth $709.1 million . Its top holding was Bilibili Inc.-Sponsored ADR (BILI) at 27.6% of the portfolio, followed by Jd.com Inc.-ADR (JD, 17.9% ) and Noah Holdings Ltd.-Spon ADS (NOAH, 9.1% ). Compared with Q1 2024, it opened 1 new position, added to 3 and reduced 5. The biggest buy was Jd.com Inc.-ADR (JD, shares +53% ) and the biggest sale H World Group Ltd.-ADR (HTHT, shares −19% ).
Location SAN FRANCISCO, CA
CIK 0001447228
Portfolio Value $709.1M (Q2 2024) Holdings 20 stocks · $709.1M 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 Q1 2024 BILI Bilibili Inc.-Sponsored ADR 12,669,249 $195.6M Reduce -7.1% JD Jd.com Inc.-ADR 4,903,489 $126.7M Add +53.0% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 6,719,722 $64.8M No change HTHT H World Group Ltd.-ADR 1,603,978 $53.4M Reduce -18.8% EDU New Oriental Educatio-SP ADR 657,629 $51.1M Reduce -7.1% RBLX Roblox Corp. Class A 1,220,744 $45.4M No change AKRO Akero Therapeutics Inc. 1,434,179 $33.6M No change TDG Transdigm Group Inc. 26,021 $33.2M Reduce -16.4% DNLI Denali Therapeutics Inc. 1,150,684 $26.7M No change TAL Tal Education Group- ADR 1,935,718 $20.7M No change BEAM Beam Therapeutics Inc. 845,500 $19.8M No change VRDN Viridian Therapeutics Inc. 948,130 $12.3M No change ACMR Acm Research Inc. Class A 446,104 $10.3M Reduce -7.3% IVA Inventiva SA - ADR 2,644,926 $7.9M No change RERE Atrenew Inc. 1,326,293 $3.1M Add +711.3% DBV TECHNOLOGIES S A 3,153,576 $2.5M Add +13.3% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 730,877 $899K No change GBIO Generation Bio Co. 191,530 $540K No change TOUR Tuniu Corp.-Spon ADR 314,437 $263K New JIANZHI ED TECHNOLOGY GROUP 25,702 $15K No change
Options reported separately and not counted above: BILI calls ($360.0M), SMCI puts ($61.5M), MBLY puts ($44.9M), JD calls ($35.4M), GPI puts ($26.9M), LAD puts ($3.3M).
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ HTHT H World Group Ltd.-ADR Reduce -18.8% 7.54% −3.44 EDU New Oriental Educatio-SP ADR Reduce -7.1% 7.21% −1.61 TDG Transdigm Group Inc. Reduce -16.4% 4.69% −0.82 ACMR Acm Research Inc. Class A Reduce -7.3% 1.45% −0.56 BILI Bilibili Inc.-Sponsored ADR Reduce -7.1% 27.58% +5.65
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ JD Jd.com Inc.-ADR Add +53.0% 17.87% +5.26 RERE Atrenew Inc. Add +711.3% 0.44% +0.40 TOUR Tuniu Corp.-Spon ADR New 0.04% +0.04 DBV TECHNOLOGIES S A Add +13.3% 0.36% −0.24
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ BILI Bilibili Inc.-Sponsored ADR call Add +107.2% 23,317,100 $360.0M SMCI Super Micro Computer Inc. put Reduce -86.7% 75,000 $61.5M MBLY Mobileye Global Inc. Class A put New 1,600,200 $44.9M JD Jd.com Inc.-ADR call Reduce -90.6% 1,369,300 $35.4M GPI Group 1 Automotive Inc. put New 90,600 $26.9M RBLX Roblox Corp. Class A call Sold out 330,200 $12.6Mbefore exit LAD Lithia Motors Inc. put New 13,000 $3.3M JOYY Joyy Inc.-ADR call Sold out 93,200 $2.9Mbefore exit CRSP Crispr Therapeutics AG put Sold out 6,300 $429Kbefore exit
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