Yiheng Capital Management, L.P. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Yiheng Capital Management, L.P. reported 21 stock positions worth $229.3 million . Its top holding was Noah Holdings Ltd.-Spon ADS (NOAH) at 29.4% of the portfolio, followed by Bilibili Inc.-Sponsored ADR (BILI, 12.3% ) and Jd.com Inc.-ADR (JD, 8.6% ). Compared with Q3 2025, it opened 2 new positions, sold out of 4, added to 2 and reduced 10. The biggest buy was Pony AI (PONY, shares +226% ) and the biggest sale Inventiva SA - ADR (IVA, shares −90% ).
Location SAN FRANCISCO, CA
CIK 0001447228
Portfolio Value $229.3M (Q4 2025) Holdings 21 stocks · $229.3M 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 2025 NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 6,717,351 $67.4M No change BILI Bilibili Inc.-Sponsored ADR 1,148,898 $28.3M Reduce -19.0% JD Jd.com Inc.-ADR 687,413 $19.7M Reduce -12.7% EDU New Oriental Educatio-SP ADR 340,629 $18.7M Reduce -34.7% HTHT H World Group Ltd.-ADR 398,371 $18.7M Reduce -12.8% RERE Atrenew Inc. 3,163,117 $16.8M No change DBVT DBV Technologies SA-Spon ADR 639,769 $12.3M Reduce -2.5% PONY Pony AI Inc. 653,215 $9.5M Add +226.1% ACMR Acm Research Inc. Class A 174,447 $6.9M Reduce -37.7% VRDN Viridian Therapeutics Inc. 208,735 $6.5M Reduce -58.3% KYMR Kymera Therapeutics Inc. 73,440 $5.7M Reduce -40.1% SVCO Silvaco Group Inc. 1,096,282 $4.4M No change YMM Full Truck Alliance -SPN ADR 411,143 $4.4M New TAL Tal Education Group- ADR 309,240 $3.4M No change API Agora Inc.-ADR 533,547 $2.2M No change YSG Yatsen Holding Ltd.-ADR 368,347 $1.4M Add +282.4% IVA Inventiva SA - ADR 255,915 $1.2M Reduce -90.3% GBIO Generation Bio Co. 105,524 $599K No change BEAM Beam Therapeutics Inc. 21,126 $586K Reduce -69.4% PASG Passage Bio Inc. 34,301 $405K New TOUR Tuniu Corp.-Spon ADR 314,437 $195K No change
Options reported separately and not counted above: ALAB puts ($237.5M), VSAT puts ($15.7M), ULS puts ($11.8M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ IVA Inventiva SA - ADR Reduce -90.3% 0.52% −4.55 AKRO Akero Therapeutics Inc. Sold out 0.00% −3.00 DNLI Denali Therapeutics Inc. Sold out 0.00% −2.26 RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −2.25 CLBT Cellebrite Di Ltd. Sold out 0.00% −1.42 EDU New Oriental Educatio-SP ADR Reduce -34.7% 8.17% −0.99 BILI Bilibili Inc.-Sponsored ADR Reduce -19.0% 12.32% −0.86 VRDN Viridian Therapeutics Inc. Reduce -58.3% 2.83% −0.74 ACMR Acm Research Inc. Class A Reduce -37.7% 3.00% −0.63 JD Jd.com Inc.-ADR Reduce -12.7% 8.60% −0.51 BEAM Beam Therapeutics Inc. Reduce -69.4% 0.26% −0.30 KYMR Kymera Therapeutics Inc. Reduce -40.1% 2.49% +0.20 HTHT H World Group Ltd.-ADR Reduce -12.8% 8.17% +2.26 DBVT DBV Technologies SA-Spon ADR Reduce -2.5% 5.35% +3.18
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ PONY Pony AI Inc. Add +226.1% 4.13% +2.64 YMM Full Truck Alliance -SPN ADR New 1.92% +1.92 YSG Yatsen Holding Ltd.-ADR Add +282.4% 0.62% +0.34 PASG Passage Bio Inc. New 0.18% +0.18
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ JD Jd.com Inc.-ADR call Sold out 1,814,600 $63.5Mbefore exit VSAT Viasat Inc. put Reduce -38.1% 455,600 $15.7M ULS Ul Solutions Inc. Class A put New 150,000 $11.8M BILI Bilibili Inc.-Sponsored ADR call Sold out 400,000 $11.2Mbefore 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