Yiheng Capital Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Yiheng Capital Management, L.P. reported 20 stock positions worth $276.1 million. Its top holding was Noah Holdings Ltd.-Spon ADS (NOAH) at 29.1% of the portfolio, followed by Bilibili Inc.-Sponsored ADR (BILI, 14.9%) and New Oriental Educatio-SP ADR (EDU, 11.7%). Compared with Q1 2025, it sold out of 1, added to 4 and reduced 3. The biggest buy was Jd.com Inc.-ADR (JD, shares +40%) and the biggest sale Bilibili Inc.-Sponsored ADR (BILI, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001447228
- Portfolio Value
- $276.1M (Q2 2025)
- SEC Filing
- 0001941040-25-000486 ↗ filed Aug 14, 2025
Holdings Value
Holdings 20 stocks · $276.1M
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 29.06% | 6,719,722 | $80.2M | No change |
| BILI Bilibili Inc.-Sponsored ADR | 14.90% | 1,918,564 | $41.2M | Reduce -39.0% |
| EDU New Oriental Educatio-SP ADR | 11.69% | 598,080 | $32.3M | No change |
| JD Jd.com Inc.-ADR | 9.31% | 787,413 | $25.7M | Add +39.6% |
| HTHT H World Group Ltd.-ADR | 6.01% | 488,964 | $16.6M | Reduce -24.3% |
| AKRO Akero Therapeutics Inc. | 5.79% | 299,791 | $16.0M | Reduce -16.7% |
| RERE Atrenew Inc. | 3.79% | 3,163,117 | $10.5M | No change |
| IVA Inventiva SA - ADR | 3.06% | 2,644,926 | $8.4M | No change |
| ACMR Acm Research Inc. Class A | 2.63% | 280,201 | $7.3M | No change |
| VRDN Viridian Therapeutics Inc. | 2.53% | 500,261 | $7.0M | No change |
| DNLI Denali Therapeutics Inc. | 2.38% | 469,981 | $6.6M | No change |
| DBVT DBV Technologies SA-Spon ADR | 2.18% | 656,309 | $6.0M | No change |
| KYMR Kymera Therapeutics Inc. | 1.94% | 122,605 | $5.4M | No change |
| SVCO Silvaco Group Inc. | 1.87% | 1,096,282 | $5.2M | Add +8.3% |
| TAL Tal Education Group- ADR | 1.14% | 309,240 | $3.2M | No change |
| API Agora Inc.-ADR | 0.74% | 533,547 | $2.0M | Add +177.1% |
| BEAM Beam Therapeutics Inc. | 0.43% | 69,058 | $1.2M | No change |
| YSG Yatsen Holding Ltd.-ADR | 0.34% | 96,328 | $929K | No change |
| GBIO Generation Bio Co. | 0.12% | 1,055,269 | $338K | Add +451.0% |
| TOUR Tuniu Corp.-Spon ADR | 0.10% | 314,437 | $265K | No change |
Options reported separately and not counted above: JD calls ($528.1M), BILI calls ($194.0M), ULS puts ($61.3M), PLNT puts ($29.4M), VSAT puts ($21.7M).
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
Options Activity Q1 2025 → Q2 2025
| JD Jd.com Inc.-ADR | call | Add +28.5% | 16,178,900 | $528.1M |
| BILI Bilibili Inc.-Sponsored ADR | call | Reduce -10.5% | 9,044,300 | $194.0M |
| ULS Ul Solutions Inc. Class A | put | New | 841,800 | $61.3M |
| ALAB Astera Labs Inc. | put | Sold out | 836,300 | $49.9Mbefore exit |
| AKRO Akero Therapeutics Inc. | call | Sold out | 751,500 | $30.4Mbefore exit |
| PLNT Planet Fitness Inc. Class A | put | New | 270,000 | $29.4M |
| VSAT Viasat Inc. | put | New | 1,483,500 | $21.7M |
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 2025Amended | 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 |