Yiheng Capital Management, L.P. In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Yiheng Capital Management, L.P. reported 17 stock positions worth $541.5 million . Its top holding was Bilibili Inc.-Sponsored ADR (BILI) at 27.3% of the portfolio, followed by Noah Holdings Ltd.-Spon ADS (NOAH, 15.3% ) and Jd.com Inc.-ADR (JD, 11.2% ). Compared with Q2 2024, it sold out of 3, added to 3 and reduced 8. The biggest buy was Tal Education Group- ADR (TAL, shares +13% ) and the biggest sale Jd.com Inc.-ADR (JD, shares −69% ).
Location SAN FRANCISCO, CA
CIK 0001447228
Portfolio Value $541.5M (Q3 2024) Holdings 17 stocks · $541.5M 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 Q2 2024 BILI Bilibili Inc.-Sponsored ADR 6,331,274 $148.0M Reduce -50.0% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 6,719,722 $82.9M No change JD Jd.com Inc.-ADR 1,513,184 $60.5M Reduce -69.1% HTHT H World Group Ltd.-ADR 1,603,978 $59.7M No change EDU New Oriental Educatio-SP ADR 518,314 $39.3M Reduce -21.2% TAL Tal Education Group- ADR 2,187,618 $25.9M Add +13.0% RBLX Roblox Corp. Class A 500,383 $22.1M Reduce -59.0% AKRO Akero Therapeutics Inc. 758,769 $21.8M Reduce -47.1% VRDN Viridian Therapeutics Inc. 847,891 $19.3M Reduce -10.6% BEAM Beam Therapeutics Inc. 763,760 $18.7M Reduce -9.7% DNLI Denali Therapeutics Inc. 600,098 $17.5M Reduce -47.9% ACMR Acm Research Inc. Class A 666,304 $13.5M Add +49.4% IVA Inventiva SA - ADR 2,644,926 $4.9M No change RERE Atrenew Inc. 1,523,258 $4.2M Add +14.8% DBV TECHNOLOGIES S A 3,153,576 $2.2M No change GBIO Generation Bio Co. 191,530 $473K No change TOUR Tuniu Corp.-Spon ADR 314,437 $447K No change
Options reported separately and not counted above: JD calls ($757.5M), BILI calls ($648.6M).
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ JD Jd.com Inc.-ADR Reduce -69.1% 11.18% −6.69 TDG Transdigm Group Inc. Sold out 0.00% −4.69 RBLX Roblox Corp. Class A Reduce -59.0% 4.09% −2.32 AKRO Akero Therapeutics Inc. Reduce -47.1% 4.02% −0.72 DNLI Denali Therapeutics Inc. Reduce -47.9% 3.23% −0.54 BILI Bilibili Inc.-Sponsored ADR Reduce -50.0% 27.34% −0.25 VISN Vistance Networks Inc. Sold out 0.00% −0.13 JIANZHI ED TECHNOLOGY GROUP Sold out 0.00% −0.00 EDU New Oriental Educatio-SP ADR Reduce -21.2% 7.26% +0.05 BEAM Beam Therapeutics Inc. Reduce -9.7% 3.46% +0.66 VRDN Viridian Therapeutics Inc. Reduce -10.6% 3.56% +1.82
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ TAL Tal Education Group- ADR Add +13.0% 4.78% +1.87 ACMR Acm Research Inc. Class A Add +49.4% 2.50% +1.05 RERE Atrenew Inc. Add +14.8% 0.78% +0.34
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ JD Jd.com Inc.-ADR call Add +1283.0% 18,937,200 $757.5M BILI Bilibili Inc.-Sponsored ADR call Add +19.0% 27,739,900 $648.6M SMCI Super Micro Computer Inc. put Sold out 75,000 $61.5Mbefore exit MBLY Mobileye Global Inc. Class A put Sold out 1,600,200 $44.9Mbefore exit GPI Group 1 Automotive Inc. put Sold out 90,600 $26.9Mbefore exit LAD Lithia Motors Inc. put Sold out 13,000 $3.3Mbefore 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