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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 $678,108,827 across 27 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 83.19% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-003340

Period
2025-09-30
Reported value
$678M
Holdings
27
Top 10 weight
83.19%
New
5
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RAREnew+225,758$6.79M
PONYnew+200,300$4.5M
CLBTnew+231,031$4.28M
GENERATION BIO COnew+105,524$646K

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-500,000-$14M
AKROreduced-108,715-$5.16M
EDUreduced-76,179-$4.04M
HTHTreduced-31,932-$1.25M
GENERATION BIO COexited-1,055,269-$338K

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, Q3 2025

Share positions as resolved from 13F-HR 0001420506-25-003340, largest first. % of portfolio is the value over $302,343,469, 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; 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; 2025Q3: 6,717,351 shares 6,717,351$77.9M25.75%-2,371Timeline
BILIBILIBILI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,418,564 shares 1,418,564$39.8M13.18%-500,000Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 518,314 shares; 2024Q4: 518,314 shares; 2025Q1: 598,080 shares; 2025Q2: 598,080 shares; 2025Q3: 521,901 shares 521,901$27.7M9.16%-76,179Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,513,184 shares; 2024Q4: 1,513,184 shares; 2025Q1: 564,113 shares; 2025Q2: 787,413 shares; 2025Q3: 787,413 shares 787,413$27.5M9.11%0Timeline
HTHTH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,603,978 shares; 2024Q4: 1,306,395 shares; 2025Q1: 645,658 shares; 2025Q2: 488,964 shares; 2025Q3: 457,032 shares 457,032$17.9M5.91%-31,932Timeline
IVAINVENTIVA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,644,926 shares 2,644,926$15.3M5.07%0Timeline
REREATRENEW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,163,117 shares 3,163,117$14.6M4.81%0Timeline
ACMRACM RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 666,304 shares; 2024Q4: 680,604 shares; 2025Q1: 280,201 shares; 2025Q2: 280,201 shares; 2025Q3: 280,201 shares 280,201$11M3.63%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 847,891 shares; 2024Q4: 750,261 shares; 2025Q1: 500,261 shares; 2025Q2: 500,261 shares; 2025Q3: 500,261 shares 500,261$10.8M3.57%0Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 758,769 shares; 2024Q4: 666,145 shares; 2025Q1: 359,791 shares; 2025Q2: 299,791 shares; 2025Q3: 191,076 shares 191,076$9.07M3%-108,715Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 122,605 shares; 2025Q2: 122,605 shares; 2025Q3: 122,605 shares 122,605$6.94M2.3%0Timeline
DNLIDENALI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,098 shares; 2024Q4: 700,098 shares; 2025Q1: 469,981 shares; 2025Q2: 469,981 shares; 2025Q3: 469,981 shares 469,981$6.82M2.26%0Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 225,758 shares 225,758$6.79M2.25%newTimeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 656,309 shares; 2025Q1: 656,309 shares; 2025Q2: 656,309 shares; 2025Q3: 656,309 shares 656,309$6.56M2.17%0Timeline
SVCOSILVACO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,012,332 shares; 2025Q2: 1,096,282 shares; 2025Q3: 1,096,282 shares 1,096,282$5.93M1.96%0Timeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,300 shares 200,300$4.5M1.49%newTimeline
CLBTCELLEBRITE DI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 231,031 shares 231,031$4.28M1.42%newTimeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,187,618 shares; 2024Q4: 2,187,618 shares; 2025Q1: 309,240 shares; 2025Q2: 309,240 shares; 2025Q3: 309,240 shares 309,240$3.46M1.15%0Timeline
APIAGORA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 192,580 shares; 2025Q2: 533,547 shares; 2025Q3: 533,547 shares 533,547$2.04M0.67%0Timeline
BEAMBEAM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 763,760 shares; 2024Q4: 426,102 shares; 2025Q1: 69,058 shares; 2025Q2: 69,058 shares; 2025Q3: 69,058 shares 69,058$1.68M0.55%0Timeline
YSGYATSEN HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,508 shares; 2025Q1: 96,328 shares; 2025Q2: 96,328 shares; 2025Q3: 96,328 shares 96,328$873K0.29%0Timeline
GENERATION BIO COGENERATION BIO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 105,524 shares 105,524$646K0.21%new
TOURTUNIU CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,437 shares; 2024Q4: 314,437 shares; 2025Q1: 314,437 shares; 2025Q2: 314,437 shares; 2025Q3: 314,437 shares 314,437$299K0.1%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
ALABASTERA LABS INC COMput1,427,500$280Mnew
JDJD.COM INC ADRcall1,814,600$63.5M-14,364,300
VSATVIASAT INC COMput735,500$21.6M-748,000
BILIBILIBILI INC ADRcall400,000$11.2M-8,644,300

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ULSUL SOLUTIONS INC841,800$61.3Mput
PLNTPLANET FITNESS MASTER ISSUER270,000$29.4Mput
GENERATION BIO COGENERATION BIO CO1,055,269$338Kshares

How Q3 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 0001420506-25-003340 base2025-11-14acceptance time not in the bulk data set