Yiheng Capital Management, L.P.
CIK 1447228 · Holdings on Dec 31, 2025 · First reported Feb 17, 2026
Top ten holdings
Q4 2025- NOAH29.41%
- BILI12.32%
- JD8.60%
- EDU8.17%
- HTHT8.17%
- RERE7.31%
- DBVT5.35%
- PONY4.13%
- ACMR3.00%
- VRDN2.83%
Share classes counted separately89.29%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- IVAWeight decreased · -4.55 pp5.07% → 0.52%Shares -2.39M (-90.32%)
- NOAHWeight increased · +3.66 pp25.75% → 29.41%Shares 0 (0.00%)
- DBVTWeight increased · +3.18 pp2.17% → 5.35%Shares -16.54K (-2.52%)
Weight = security value ÷ total reported holdings value. Changes are in percentage points; price moves also affect weights, so they are not trade sizes.
Top 10 holdings 21
USD · B = billion · M = million; expand a row for exact values| # | Security | Value | Weight | Quantity | Weight / quantity change | Activity | |
|---|---|---|---|---|---|---|---|
| 01 | NOAHNOAH HOLDINGS LTD-SPON ADSSPON ADS View history and evidence | $67.44M | 29.41% | 6.72M shares | 25.75% → 29.41%+3.66 pp 0 (0.00%) | Unchanged | ↗▾ |
| 02 | BILIBILIBILI INC-SPONSORED ADRSPONS ADS REP Z View history and evidence | $28.25M | 12.32% | 1.15M shares | 13.18% → 12.32%-0.86 pp -269.67K (-19.01%) | Reduced | ↗▾ |
| 03 | JDJD.COM INC-ADRSPON ADS CL A View history and evidence | $19.73M | 8.60% | 687.41K shares | 9.11% → 8.60%-0.51 pp -100.00K (-12.70%) | Reduced | ↗▾ |
| 04 | EDUNEW ORIENTAL EDUCATIO-SP ADRSPON ADR View history and evidence | $18.74M | 8.17% | 340.63K shares | 9.16% → 8.17%-0.99 pp -181.27K (-34.73%) | Reduced | ↗▾ |
| 05 | HTHTH WORLD GROUP LTD-ADRSPONSORED ADS View history and evidence | $18.74M | 8.17% | 398.37K shares | 5.91% → 8.17%+2.26 pp -58.66K (-12.84%) | Reduced | ↗▾ |
| 06 | REREATRENEW INCSPONSORED ADS View history and evidence | $16.76M | 7.31% | 3.16M shares | 4.81% → 7.31%+2.50 pp 0 (0.00%) | Unchanged | ↗▾ |
| 07 | DBVTDBV TECHNOLOGIES SA-SPON ADRSPONSORED ADS View history and evidence | $12.26M | 5.35% | 639.77K shares | 2.17% → 5.35%+3.18 pp -16.54K (-2.52%) | Reduced | ↗▾ |
| 08 | PONYPONY AI INCSPONSORED ADS View history and evidence | $9.47M | 4.13% | 653.22K shares | 1.49% → 4.13%+2.64 pp +452.92K (+226.12%) | Added | ↗▾ |
| 09 | ACMRACM RESEARCH INC-CLASS ACOM CL A View history and evidence | $6.88M | 3.00% | 174.45K shares | 3.63% → 3.00%-0.63 pp -105.75K (-37.74%) | Reduced | ↗▾ |
| 10 | VRDNVIRIDIAN THERAPEUTICS INC View history and evidence | $6.50M | 2.83% | 208.74K shares | 3.57% → 2.83%-0.74 pp -291.53K (-58.27%) | Reduced | ↗▾ |
Options overlay 3
$265.01M notionalPut and Call positions are separate. Notional is based on underlying securities, not option premium, market value or net exposure. Quantities are underlying shares.
| Security | Put / Call | Underlying shares | Notional | Quantity change | |
|---|---|---|---|---|---|
ALABASTERA LABS INC View history and evidence | Put | 1.43M | $237.48M | 0 (0.00%) | ▾ |
VSATVIASAT INC View history and evidence | Put | 455.60K | $15.70M | -279.90K (-38.06%) | ▾ |
ULSUL SOLUTIONS INC - CLASS ACLASS A COM SHS View history and evidence | Put | 150.00K | $11.83M | +150.00K | ▾ |
3 / 3 options · preview only
Exited positions 6
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| JD JD.COM INC-ADR | Call | -1,814,600 | -$63.47M | SEC filing ↗ | SEC filing ↗ |
| BILI BILIBILI INC-SPONSORED ADR | Call | -400,000 | -$11.24M | SEC filing ↗ | SEC filing ↗ |
| AKRO AKERO THERAPEUTICS INC | Non-derivative | -191,076 | -$9.07M | SEC filing ↗ | SEC filing ↗ |
3 / 6 preview exits. Up to 30 exit records are previewed. Exit means absent from the current filing; execution date, price and proceeds are unknown.
Every number has a source.
CIK 1447228 · Period 2025-12-31
Data loaded 2026-09-23 · First reported 2026-02-17
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 494315465
}Take these holdings further.
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