Yiheng Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Yiheng Capital Management, L.P. reported 23 stock positions worth $302.3 million. Its top holding was Noah Holdings Ltd.-Spon ADS (NOAH) at 25.8% of the portfolio, followed by Bilibili Inc.-Sponsored ADR (BILI, 13.2%) and New Oriental Educatio-SP ADR (EDU, 9.2%). Compared with Q2 2025, it opened 3 new positions and reduced 5. The biggest buy was a new position in Ultragenyx Pharmaceutical (RARE) and the biggest sale Noah Holdings Ltd.-Spon ADS (NOAH, shares −0%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001447228
Portfolio Value
$302.3M (Q3 2025)
SEC Filing
0001420506-25-003340 ↗ filed Nov 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $696.3M Q1 2024 Q2 2024: $709.1M Q2 2024 Q3 2024: $541.5M Q3 2024 Q4 2024: $451.9M Q4 2024 Q1 2025: $284.5M Q1 2025 Q2 2025: $276.1M Q2 2025 Q3 2025: $302.3M $302.3M Q3 2025 Q4 2025: $229.3M Q4 2025 Q1 2026: $230.7M Q1 2026 Q2 2026: $227.1M Q2 2026

Holdings 23 stocks · $302.3M
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 25.75% 6,717,351 $77.9M Reduce -0.0%
BILI Bilibili Inc.-Sponsored ADR 13.18% 1,418,564 $39.8M Reduce -26.1%
EDU New Oriental Educatio-SP ADR 9.16% 521,901 $27.7M Reduce -12.7%
JD Jd.com Inc.-ADR 9.11% 787,413 $27.5M No change
HTHT H World Group Ltd.-ADR 5.91% 457,032 $17.9M Reduce -6.5%
IVA Inventiva SA - ADR 5.07% 2,644,926 $15.3M No change
RERE Atrenew Inc. 4.81% 3,163,117 $14.6M No change
ACMR Acm Research Inc. Class A 3.63% 280,201 $11.0M No change
VRDN Viridian Therapeutics Inc. 3.57% 500,261 $10.8M No change
AKRO Akero Therapeutics Inc. 3.00% 191,076 $9.1M Reduce -36.3%
KYMR Kymera Therapeutics Inc. 2.30% 122,605 $6.9M No change
DNLI Denali Therapeutics Inc. 2.26% 469,981 $6.8M No change
RARE Ultragenyx Pharmaceutical Inc. 2.25% 225,758 $6.8M New
DBVT DBV Technologies SA-Spon ADR 2.17% 656,309 $6.6M No change
SVCO Silvaco Group Inc. 1.96% 1,096,282 $5.9M No change
PONY Pony AI Inc. 1.49% 200,300 $4.5M New
CLBT Cellebrite Di Ltd. 1.42% 231,031 $4.3M New
TAL Tal Education Group- ADR 1.15% 309,240 $3.5M No change
API Agora Inc.-ADR 0.67% 533,547 $2.0M No change
BEAM Beam Therapeutics Inc. 0.55% 69,058 $1.7M No change
YSG Yatsen Holding Ltd.-ADR 0.29% 96,328 $873K No change
GBIO Generation Bio Co. 0.21% 105,524 $646K No change
TOUR Tuniu Corp.-Spon ADR 0.10% 314,437 $299K No change

Options reported separately and not counted above: ALAB puts ($279.5M), JD calls ($63.5M), VSAT puts ($21.6M), BILI calls ($11.2M).

Portfolio Sells Q2 2025 → Q3 2025
NOAH Noah Holdings Ltd.-Spon ADS Reduce -0.0% 25.75% −3.31
AKRO Akero Therapeutics Inc. Reduce -36.3% 3.00% −2.79
EDU New Oriental Educatio-SP ADR Reduce -12.7% 9.16% −2.53
BILI Bilibili Inc.-Sponsored ADR Reduce -26.1% 13.18% −1.73
HTHT H World Group Ltd.-ADR Reduce -6.5% 5.91% −0.10

Portfolio Buys Q2 2025 → Q3 2025
RARE Ultragenyx Pharmaceutical Inc. New 2.25% +2.25
PONY Pony AI Inc. New 1.49% +1.49
CLBT Cellebrite Di Ltd. New 1.42% +1.42

Options Activity Q2 2025 → Q3 2025
ALAB Astera Labs Inc. put New 1,427,500 $279.5M
JD Jd.com Inc.-ADR call Reduce -88.8% 1,814,600 $63.5M
ULS Ul Solutions Inc. Class A put Sold out 841,800 $61.3Mbefore exit
PLNT Planet Fitness Inc. Class A put Sold out 270,000 $29.4Mbefore exit
VSAT Viasat Inc. put Reduce -50.4% 735,500 $21.6M
BILI Bilibili Inc.-Sponsored ADR call Reduce -95.6% 400,000 $11.2M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 25$227.1MNOAH, BILI, JD, HTHT, HNGE
Q1 2026 24$230.7MNOAH, EDU, JD, BILI, HTHT
Q4 2025 21$229.3MNOAH, BILI, JD, EDU, HTHT
Q3 2025 23$302.3MNOAH, BILI, EDU, JD, HTHT
Q2 2025 20$276.1MNOAH, BILI, EDU, JD, HTHT
Q1 2025Amended 21$284.5MNOAH, BILI, EDU, HTHT, JD
Q4 2024 19$451.9MBILI, NOAH, JD, HTHT, EDU
Q3 2024 17$541.5MBILI, NOAH, JD, HTHT, EDU
Q2 2024 20$709.1MBILI, JD, NOAH, HTHT, EDU
Q1 2024 19$696.3MBILI, JD, NOAH, HTHT, EDU