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Yiheng Capital Management, L.P.

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13F filer, CIK 1447228, SAN FRANCISCO, CA

Yiheng Capital Management, L.P. reported $1,110,621,293 across 25 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 88.77% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001941040-25-000486

Period
2025-06-30
Reported value
$1.11B
Holdings
25
Top 10 weight
88.77%
New
3
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
JDadded+223,300$7.29M
APIadded+340,967$1.3M
SVCOadded+83,950$396K
GENERATION BIO COadded+863,739$276K

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
BILIreduced-1,225,103-$26.3M
RBLXexited-282,338-$16.5M
HTHTreduced-156,694-$5.32M
AKROreduced-60,000-$3.2M

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, Q2 2025

Share positions as resolved from 13F-HR 0001941040-25-000486, largest first. % of portfolio is the value over $276,105,614, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,719,722 shares; 2024Q4: 6,719,722 shares; 2025Q1: 6,719,722 shares; 2025Q2: 6,719,722 shares 6,719,722$80.2M29.06%0Timeline
BILIBILIBILI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,331,274 shares; 2024Q4: 4,908,781 shares; 2025Q1: 3,143,667 shares; 2025Q2: 1,918,564 shares 1,918,564$41.2M14.9%-1,225,103Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 518,314 shares; 2024Q4: 518,314 shares; 2025Q1: 598,080 shares; 2025Q2: 598,080 shares 598,080$32.3M11.69%0Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,513,184 shares; 2024Q4: 1,513,184 shares; 2025Q1: 564,113 shares; 2025Q2: 787,413 shares 787,413$25.7M9.31%+223,300Timeline
HTHTH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,603,978 shares; 2024Q4: 1,306,395 shares; 2025Q1: 645,658 shares; 2025Q2: 488,964 shares 488,964$16.6M6.01%-156,694Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 758,769 shares; 2024Q4: 666,145 shares; 2025Q1: 359,791 shares; 2025Q2: 299,791 shares 299,791$16M5.79%-60,000Timeline
REREATRENEW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,523,258 shares; 2024Q4: 3,163,117 shares; 2025Q1: 3,163,117 shares; 2025Q2: 3,163,117 shares 3,163,117$10.5M3.79%0Timeline
IVAINVENTIVA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,644,926 shares; 2024Q4: 2,644,926 shares; 2025Q1: 2,644,926 shares; 2025Q2: 2,644,926 shares 2,644,926$8.44M3.06%0Timeline
ACMRACM RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 666,304 shares; 2024Q4: 680,604 shares; 2025Q1: 280,201 shares; 2025Q2: 280,201 shares 280,201$7.26M2.63%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 847,891 shares; 2024Q4: 750,261 shares; 2025Q1: 500,261 shares; 2025Q2: 500,261 shares 500,261$6.99M2.53%0Timeline
DNLIDENALI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,098 shares; 2024Q4: 700,098 shares; 2025Q1: 469,981 shares; 2025Q2: 469,981 shares 469,981$6.58M2.38%0Timeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 656,309 shares; 2025Q1: 656,309 shares; 2025Q2: 656,309 shares 656,309$6.01M2.18%0Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 122,605 shares; 2025Q2: 122,605 shares 122,605$5.35M1.94%0Timeline
SVCOSILVACO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,012,332 shares; 2025Q2: 1,096,282 shares 1,096,282$5.17M1.87%+83,950Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,187,618 shares; 2024Q4: 2,187,618 shares; 2025Q1: 309,240 shares; 2025Q2: 309,240 shares 309,240$3.16M1.14%0Timeline
APIAGORA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 192,580 shares; 2025Q2: 533,547 shares 533,547$2.03M0.74%+340,967Timeline
BEAMBEAM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 763,760 shares; 2024Q4: 426,102 shares; 2025Q1: 69,058 shares; 2025Q2: 69,058 shares 69,058$1.17M0.43%0Timeline
YSGYATSEN HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,508 shares; 2025Q1: 96,328 shares; 2025Q2: 96,328 shares 96,328$929K0.34%0Timeline
GENERATION BIO COGENERATION BIO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 191,530 shares; 2024Q4: 191,530 shares; 2025Q1: 191,530 shares; 2025Q2: 1,055,269 shares 1,055,269$338K0.12%+863,739
TOURTUNIU CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,437 shares; 2024Q4: 314,437 shares; 2025Q1: 314,437 shares; 2025Q2: 314,437 shares 314,437$265K0.1%0Timeline

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 ADRcall16,178,900$528M+3,587,200
BILIBILIBILI INC ADRcall9,044,300$194M-1,064,400
ULSUL SOLUTIONS INC CLASS A COM SHSput841,800$61.3Mnew
PLNTPLANET FITNESS MASTER ISSUER Stockput270,000$29.4Mnew
VSATVIASAT INC COMput1,483,500$21.7Mnew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
ALABASTERA LABS INC836,300$49.9Mput
AKROAKERO THERAPEUTICS INC751,500$30.4Mcall
RBLXROBLOX CORP282,338$16.5Mshares

How Q2 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 0001941040-25-000486 base2025-08-14acceptance time not in the bulk data set