Yiheng Capital Management, L.P. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), Yiheng Capital Management, L.P. reported 21 stock positions worth $284.5 million . Its top holding was Noah Holdings Ltd.-Spon ADS (NOAH) at 22.3% of the portfolio, followed by Bilibili Inc.-Sponsored ADR (BILI, 21.1% ) and New Oriental Educatio-SP ADR (EDU, 10.1% ). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 2 and reduced 10. The biggest buy was New Oriental Educatio-SP ADR (EDU, shares +15% ) and the biggest sale Jd.com Inc.-ADR (JD, shares −63% ).
Location SAN FRANCISCO, CA
CIK 0001447228
Portfolio Value $284.5M (Q1 2025) Holdings 21 stocks · $284.5M 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 Q4 2024 NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 6,719,722 $63.5M No change BILI Bilibili Inc.-Sponsored ADR 3,143,667 $60.1M Reduce -36.0% EDU New Oriental Educatio-SP ADR 598,080 $28.6M Add +15.4% HTHT H World Group Ltd.-ADR 645,658 $23.9M Reduce -50.6% JD Jd.com Inc.-ADR 564,113 $23.2M Reduce -62.7% RBLX Roblox Corp. Class A 282,338 $16.5M Reduce -50.8% AKRO Akero Therapeutics Inc. 359,791 $14.6M Reduce -46.0% RERE Atrenew Inc. 3,163,117 $9.3M No change VRDN Viridian Therapeutics Inc. 500,261 $6.7M Reduce -33.3% ACMR Acm Research Inc. Class A 280,201 $6.5M Reduce -58.8% DNLI Denali Therapeutics Inc. 469,981 $6.4M Reduce -32.9% IVA Inventiva SA - ADR 2,644,926 $5.7M No change SVCO Silvaco Group Inc. 1,012,332 $4.6M New DBVT DBV Technologies SA-Spon ADR 656,309 $4.5M No change TAL Tal Education Group- ADR 309,240 $4.1M Reduce -85.9% KYMR Kymera Therapeutics Inc. 122,605 $3.4M New BEAM Beam Therapeutics Inc. 69,058 $1.3M Reduce -83.8% API Agora Inc.-ADR 192,580 $774K New YSG Yatsen Holding Ltd.-ADR 96,328 $463K Add +816.7% TOUR Tuniu Corp.-Spon ADR 314,437 $346K No change GBIO Generation Bio Co. 191,530 $78K No change
Options reported separately and not counted above: JD calls ($517.8M), BILI calls ($193.2M), ALAB puts ($49.9M), AKRO calls ($30.4M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ JD Jd.com Inc.-ADR Reduce -62.7% 8.15% −3.46 TAL Tal Education Group- ADR Reduce -85.9% 1.44% −3.41 MBLY Mobileye Global Inc. Class A Sold out 0.00% −3.31 BEAM Beam Therapeutics Inc. Reduce -83.8% 0.47% −1.86 RBLX Roblox Corp. Class A Reduce -50.8% 5.79% −1.55 HTHT H World Group Ltd.-ADR Reduce -50.6% 8.40% −1.15 DNLI Denali Therapeutics Inc. Reduce -32.9% 2.25% −0.91 VRDN Viridian Therapeutics Inc. Reduce -33.3% 2.37% −0.81 ACMR Acm Research Inc. Class A Reduce -58.8% 2.30% +0.02 AKRO Akero Therapeutics Inc. Reduce -46.0% 5.12% +1.02 BILI Bilibili Inc.-Sponsored ADR Reduce -36.0% 21.12% +1.45
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ EDU New Oriental Educatio-SP ADR Add +15.4% 10.05% +2.69 SVCO Silvaco Group Inc. New 1.62% +1.62 KYMR Kymera Therapeutics Inc. New 1.18% +1.18 API Agora Inc.-ADR New 0.27% +0.27 YSG Yatsen Holding Ltd.-ADR Add +816.7% 0.16% +0.15
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ JD Jd.com Inc.-ADR call Reduce -67.3% 12,591,700 $517.8M BILI Bilibili Inc.-Sponsored ADR call Reduce -72.9% 10,108,700 $193.2M ALAB Astera Labs Inc. put Add +2.2% 836,300 $49.9M AKRO Akero Therapeutics Inc. call New 751,500 $30.4M SMCI Super Micro Computer Inc. put Sold out 900,000 $27.4Mbefore 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