Yiheng Capital Management, L.P.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Yiheng Capital Management, L.P. reported 24 stock positions worth $230.7 million. Its top holding was Noah Holdings Ltd.-Spon ADS (NOAH) at 28.8% of the portfolio, followed by New Oriental Educatio-SP ADR (EDU, 9.2%) and Jd.com Inc.-ADR (JD, 7.5%). Compared with Q4 2025, it opened 6 new positions, sold out of 3, added to 6 and reduced 4. The biggest buy was a new position in Hinge Health Class A (HNGE) and the biggest sale Bilibili Inc.-Sponsored ADR (BILI, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001447228
- Portfolio Value
- $230.7M (Q1 2026)
- SEC Filing
- 0001420506-26-001131 ↗ filed May 15, 2026
Holdings Value
Holdings 24 stocks · $230.7M
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 28.83% | 6,717,351 | $66.5M | No change |
| EDU New Oriental Educatio-SP ADR | 9.24% | 376,551 | $21.3M | Add +10.6% |
| JD Jd.com Inc.-ADR | 7.53% | 587,513 | $17.4M | Reduce -14.5% |
| BILI Bilibili Inc.-Sponsored ADR | 7.24% | 739,915 | $16.7M | Reduce -35.6% |
| HTHT H World Group Ltd.-ADR | 7.05% | 323,371 | $16.3M | Reduce -18.8% |
| RERE Atrenew Inc. | 6.43% | 3,163,117 | $14.8M | No change |
| HNGE Hinge Health Inc. Class A | 4.96% | 296,853 | $11.4M | New |
| TAL Tal Education Group- ADR filed as TAL ED GROUP | 3.74% | 759,240 | $8.6M | Add +145.5% |
| BILL Bill Holdings Inc. | 3.70% | 222,820 | $8.5M | New |
| SVCO Silvaco Group Inc. | 3.36% | 1,096,282 | $7.8M | No change |
| PONY Pony AI Inc. | 2.67% | 653,215 | $6.2M | No change |
| KYMR Kymera Therapeutics Inc. | 2.65% | 73,440 | $6.1M | No change |
| JOYY Joyy Inc.-ADR | 2.17% | 85,583 | $5.0M | New |
| TCOM Trip.com Group Ltd.-ADR | 1.90% | 88,112 | $4.4M | New |
| YMM Full Truck Alliance -SPN ADR | 1.85% | 513,248 | $4.3M | Add +24.8% |
| VRDN Viridian Therapeutics Inc. | 1.77% | 208,735 | $4.1M | No change |
| DBVT DBV Technologies SA-Spon ADR | 1.54% | 170,142 | $3.6M | Reduce -73.4% |
| API Agora Inc.-ADR | 1.11% | 725,795 | $2.6M | Add +36.0% |
| YSG Yatsen Holding Ltd.-ADR | 1.07% | 797,866 | $2.5M | Add +116.6% |
| ZEPP Zepp Health Corp.-ADR | 0.30% | 57,731 | $690K | New |
| PASG Passage Bio Inc. | 0.29% | 86,097 | $676K | Add +151.0% |
| CLBT Cellebrite Di Ltd. | 0.27% | 46,000 | $634K | New |
| BEAM Beam Therapeutics Inc. | 0.22% | 21,126 | $503K | No change |
| TOUR Tuniu Corp.-Spon ADR | 0.10% | 314,437 | $242K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| BILI Bilibili Inc.-Sponsored ADR | Reduce -35.6% | 7.24% | −5.08 |
| DBVT DBV Technologies SA-Spon ADR | Reduce -73.4% | 1.54% | −3.81 |
| ACMR Acm Research Inc. Class A | Sold out | 0.00% | −3.00 |
| HTHT H World Group Ltd.-ADR | Reduce -18.8% | 7.05% | −1.12 |
| JD Jd.com Inc.-ADR | Reduce -14.5% | 7.53% | −1.07 |
| IVA Inventiva SA - ADR | Sold out | 0.00% | −0.52 |
| GBIO Generation Bio Co. | Sold out | 0.00% | −0.26 |
Portfolio Buys Q4 2025 → Q1 2026
| HNGE Hinge Health Inc. Class A | New | 4.96% | +4.96 |
| BILL Bill Holdings Inc. | New | 3.70% | +3.70 |
| TAL Tal Education Group- ADR | Add +145.5% | 3.74% | +2.27 |
| JOYY Joyy Inc.-ADR | New | 2.17% | +2.17 |
| TCOM Trip.com Group Ltd.-ADR | New | 1.90% | +1.90 |
| EDU New Oriental Educatio-SP ADR | Add +10.6% | 9.24% | +1.07 |
| YSG Yatsen Holding Ltd.-ADR | Add +116.6% | 1.07% | +0.44 |
| ZEPP Zepp Health Corp.-ADR | New | 0.30% | +0.30 |
| CLBT Cellebrite Di Ltd. | New | 0.27% | +0.27 |
| API Agora Inc.-ADR | Add +36.0% | 1.11% | +0.17 |
| PASG Passage Bio Inc. | Add +151.0% | 0.29% | +0.12 |
| YMM Full Truck Alliance -SPN ADR | Add +24.8% | 1.85% | −0.08 |
Options Activity Q4 2025 → Q1 2026
| ALAB Astera Labs Inc. | put | Sold out | 1,427,500 | $237.5Mbefore exit |
| VSAT Viasat Inc. | put | Sold out | 455,600 | $15.7Mbefore exit |
| ULS Ul Solutions Inc. Class A | put | Sold out | 150,000 | $11.8Mbefore 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 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 |