Yiheng Capital Management, L.P. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Yiheng Capital Management, L.P. reported 19 stock positions worth $451.9 million . Its top holding was Bilibili Inc.-Sponsored ADR (BILI) at 19.7% of the portfolio, followed by Noah Holdings Ltd.-Spon ADS (NOAH, 17.4% ) and Jd.com Inc.-ADR (JD, 11.6% ). Compared with Q3 2024, it opened 2 new positions, added to 5 and reduced 5. The biggest buy was a new position in Mobileye Global Class A (MBLY) and the biggest sale Bilibili Inc.-Sponsored ADR (BILI, shares −22% ).
Location SAN FRANCISCO, CA
CIK 0001447228
Portfolio Value $451.9M (Q4 2024) Holdings 19 stocks · $451.9M 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 Q3 2024 BILI Bilibili Inc.-Sponsored ADR 4,908,781 $88.9M Reduce -22.5% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 6,719,722 $78.7M No change JD Jd.com Inc.-ADR 1,513,184 $52.5M No change HTHT H World Group Ltd.-ADR 1,306,395 $43.2M Reduce -18.6% EDU New Oriental Educatio-SP ADR 518,314 $33.3M No change RBLX Roblox Corp. Class A 573,265 $33.2M Add +14.6% TAL Tal Education Group- ADR 2,187,618 $21.9M No change AKRO Akero Therapeutics Inc. 666,145 $18.5M Reduce -12.2% MBLY Mobileye Global Inc. Class A 750,000 $14.9M New VRDN Viridian Therapeutics Inc. 750,261 $14.4M Reduce -11.5% DNLI Denali Therapeutics Inc. 700,098 $14.3M Add +16.7% BEAM Beam Therapeutics Inc. 426,102 $10.6M Reduce -44.2% ACMR Acm Research Inc. Class A 680,604 $10.3M Add +2.1% RERE Atrenew Inc. 3,163,117 $9.1M Add +107.7% IVA Inventiva SA - ADR 2,644,926 $5.7M No change DBVT DBV Technologies SA-Spon ADR 656,309 $2.0M Add +4.1% TOUR Tuniu Corp.-Spon ADR 314,437 $321K No change GBIO Generation Bio Co. 191,530 $203K No change YSG Yatsen Holding Ltd.-ADR 10,508 $42K New
Options reported separately and not counted above: JD calls ($1.3B), BILI calls ($675.8M), ALAB puts ($108.4M), SMCI puts ($27.4M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ BILI Bilibili Inc.-Sponsored ADR Reduce -22.5% 19.67% −7.66 HTHT H World Group Ltd.-ADR Reduce -18.6% 9.55% −1.47 BEAM Beam Therapeutics Inc. Reduce -44.2% 2.34% −1.12 VRDN Viridian Therapeutics Inc. Reduce -11.5% 3.18% −0.38 AKRO Akero Therapeutics Inc. Reduce -12.2% 4.10% +0.08
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ MBLY Mobileye Global Inc. Class A New 3.31% +3.31 RBLX Roblox Corp. Class A Add +14.6% 7.34% +3.25 RERE Atrenew Inc. Add +107.7% 2.02% +1.23 DBVT DBV Technologies SA-Spon ADR Add +4.1% 0.45% +0.04 YSG Yatsen Holding Ltd.-ADR New 0.01% +0.01 DNLI Denali Therapeutics Inc. Add +16.7% 3.16% −0.07 ACMR Acm Research Inc. Class A Add +2.1% 2.27% −0.22
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ JD Jd.com Inc.-ADR call Add +103.2% 38,473,800 $1.3B BILI Bilibili Inc.-Sponsored ADR call Add +34.5% 37,316,000 $675.8M ALAB Astera Labs Inc. put New 818,100 $108.4M SMCI Super Micro Computer Inc. put New 900,000 $27.4M
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