Skip to content
Disclosery

Yiheng Capital Management, L.P.

Follow

13F filer, CIK 1447228, SAN FRANCISCO, CA

Yiheng Capital Management, L.P. reported $1,075,730,899 across 25 holdings for the quarter ended 2025-03-31, in a 13F-HR/A filed 2025-05-16. Its ten largest share positions make up 88.89% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001941040-25-000318

Period
2025-03-31
Reported value
$1.08B
Holdings
25
Top 10 weight
88.89%
New
4
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SVCOnew+1,012,332$4.62M
EDUadded+79,766$3.81M
KYMRnew+122,605$3.36M
APInew+192,580$774K
YSGadded+85,820$413K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
JDreduced-949,071-$39M
BILIreduced-1,765,114-$33.7M
TALreduced-1,878,378-$24.8M
HTHTreduced-660,737-$24.5M
RBLXreduced-290,927-$17M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR/A 0001941040-25-000318, largest first. % of portfolio is the value over $284,460,197, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NOAHNOAH HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,719,722 shares; 2024Q4: 6,719,722 shares; 2025Q1: 6,719,722 shares 6,719,722$63.5M22.32%0Timeline
BILIBILIBILI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,331,274 shares; 2024Q4: 4,908,781 shares; 2025Q1: 3,143,667 shares 3,143,667$60.1M21.12%-1,765,114Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 518,314 shares; 2024Q4: 518,314 shares; 2025Q1: 598,080 shares 598,080$28.6M10.05%+79,766Timeline
HTHTH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,603,978 shares; 2024Q4: 1,306,395 shares; 2025Q1: 645,658 shares 645,658$23.9M8.4%-660,737Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,513,184 shares; 2024Q4: 1,513,184 shares; 2025Q1: 564,113 shares 564,113$23.2M8.15%-949,071Timeline
RBLXROBLOX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,383 shares; 2024Q4: 573,265 shares; 2025Q1: 282,338 shares 282,338$16.5M5.79%-290,927Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 758,769 shares; 2024Q4: 666,145 shares; 2025Q1: 359,791 shares 359,791$14.6M5.12%-306,354Timeline
REREATRENEW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,523,258 shares; 2024Q4: 3,163,117 shares; 2025Q1: 3,163,117 shares 3,163,117$9.3M3.27%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 847,891 shares; 2024Q4: 750,261 shares; 2025Q1: 500,261 shares 500,261$6.74M2.37%-250,000Timeline
ACMRACM RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 666,304 shares; 2024Q4: 680,604 shares; 2025Q1: 280,201 shares 280,201$6.54M2.3%-400,403Timeline
DNLIDENALI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,098 shares; 2024Q4: 700,098 shares; 2025Q1: 469,981 shares 469,981$6.39M2.25%-230,117Timeline
IVAINVENTIVA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,644,926 shares; 2024Q4: 2,644,926 shares; 2025Q1: 2,644,926 shares 2,644,926$5.66M1.99%0Timeline
SVCOSILVACO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,012,332 shares 1,012,332$4.62M1.62%newTimeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 656,309 shares; 2025Q1: 656,309 shares 656,309$4.48M1.57%0Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,187,618 shares; 2024Q4: 2,187,618 shares; 2025Q1: 309,240 shares 309,240$4.09M1.44%-1,878,378Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 122,605 shares 122,605$3.36M1.18%newTimeline
BEAMBEAM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 763,760 shares; 2024Q4: 426,102 shares; 2025Q1: 69,058 shares 69,058$1.35M0.47%-357,044Timeline
APIAGORA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 192,580 shares 192,580$774K0.27%newTimeline
YSGYATSEN HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,508 shares; 2025Q1: 96,328 shares 96,328$463K0.16%+85,820Timeline
TOURTUNIU CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,437 shares; 2024Q4: 314,437 shares; 2025Q1: 314,437 shares 314,437$346K0.12%0Timeline
GENERATION BIO COGENERATION BIO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 191,530 shares; 2024Q4: 191,530 shares; 2025Q1: 191,530 shares 191,530$77.6K0.03%0

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
JDJD.COM INC ADRcall12,591,700$518M-25,882,100
BILIBILIBILI INC ADRcall10,108,700$193M-27,207,300
ALABASTERA LABS INC COMput836,300$49.9M+18,200
AKROAKERO THERAPEUTICS INC COMcall751,500$30.4Mnew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SMCISUPER MICRO COMPUTER INC900,000$27.4Mput
MBLYMOBILEYE GLOBAL INC750,000$14.9Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001941040-25-000311 superseded2025-05-15acceptance time not in the bulk data set
13F-HR/A 0001941040-25-000318 baserestatement2025-05-16acceptance time not in the bulk data set