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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 $494,315,465 across 24 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 89.31% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-26-000563

Period
2025-12-31
Reported value
$494M
Holdings
24
Top 10 weight
89.31%
New
3
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PONYadded+452,915$6.57M
YMMnew+411,143$4.41M
YSGadded+272,019$1.06M
PASGnew+34,301$405K

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
IVAreduced-2,389,011-$11.1M
EDUreduced-181,272-$9.98M
AKROexited-191,076-$9.07M
VRDNreduced-291,526-$9.07M
DNLIexited-469,981-$6.82M

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, Q4 2025

Share positions as resolved from 13F-HR 0001420506-26-000563, largest first. % of portfolio is the value over $229,307,589, 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; 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; 2025Q4: 6,717,351 shares 6,717,351$67.4M29.41%0Timeline
BILIBILIBILI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,148,898 shares 1,148,898$28.3M12.32%-269,666Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 687,413 shares 687,413$19.7M8.6%-100,000Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 518,314 shares; 2024Q4: 518,314 shares; 2025Q1: 598,080 shares; 2025Q2: 598,080 shares; 2025Q3: 521,901 shares; 2025Q4: 340,629 shares 340,629$18.7M8.17%-181,272Timeline
HTHTH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 398,371 shares 398,371$18.7M8.17%-58,661Timeline
REREATRENEW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,163,117 shares 3,163,117$16.8M7.31%0Timeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 656,309 shares; 2025Q1: 656,309 shares; 2025Q2: 656,309 shares; 2025Q3: 656,309 shares; 2025Q4: 639,769 shares 639,769$12.3M5.35%-16,540Timeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,300 shares; 2025Q4: 653,215 shares 653,215$9.47M4.13%+452,915Timeline
ACMRACM RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 666,304 shares; 2024Q4: 680,604 shares; 2025Q1: 280,201 shares; 2025Q2: 280,201 shares; 2025Q3: 280,201 shares; 2025Q4: 174,447 shares 174,447$6.88M3%-105,754Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 847,891 shares; 2024Q4: 750,261 shares; 2025Q1: 500,261 shares; 2025Q2: 500,261 shares; 2025Q3: 500,261 shares; 2025Q4: 208,735 shares 208,735$6.5M2.83%-291,526Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 122,605 shares; 2025Q2: 122,605 shares; 2025Q3: 122,605 shares; 2025Q4: 73,440 shares 73,440$5.71M2.49%-49,165Timeline
SVCOSILVACO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,096,282 shares 1,096,282$4.44M1.94%0Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 411,143 shares 411,143$4.41M1.92%newTimeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 309,240 shares 309,240$3.37M1.47%0Timeline
APIAGORA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 192,580 shares; 2025Q2: 533,547 shares; 2025Q3: 533,547 shares; 2025Q4: 533,547 shares 533,547$2.17M0.95%0Timeline
YSGYATSEN HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,508 shares; 2025Q1: 96,328 shares; 2025Q2: 96,328 shares; 2025Q3: 96,328 shares; 2025Q4: 368,347 shares 368,347$1.43M0.62%+272,019Timeline
IVAINVENTIVA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 255,915 shares 255,915$1.19M0.52%-2,389,011Timeline
GENERATION BIO COGENERATION BIO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 105,524 shares; 2025Q4: 105,524 shares 105,524$599K0.26%0
BEAMBEAM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 763,760 shares; 2024Q4: 426,102 shares; 2025Q1: 69,058 shares; 2025Q2: 69,058 shares; 2025Q3: 69,058 shares; 2025Q4: 21,126 shares 21,126$586K0.26%-47,932Timeline
PASGPASSAGE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 34,301 shares 34,301$405K0.18%newTimeline
TOURTUNIU CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,437 shares; 2024Q4: 314,437 shares; 2025Q1: 314,437 shares; 2025Q2: 314,437 shares; 2025Q3: 314,437 shares; 2025Q4: 314,437 shares 314,437$195K0.09%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$237M0
VSATVIASAT INC COMput455,600$15.7M-279,900
ULSUL SOLUTIONS INC CLASS A COM SHSput150,000$11.8Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
JDJD.COM INC1,814,600$63.5Mcall
BILIBILIBILI INC400,000$11.2Mcall
AKROAKERO THERAPEUTICS INC191,076$9.07Mshares
DNLIDENALI THERAPEUTICS INC469,981$6.82Mshares
RAREULTRAGENYX PHARMACEUTICAL IN225,758$6.79Mshares
CLBTCELLEBRITE DI LTD231,031$4.28Mshares

How Q4 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 0001420506-26-000563 base2026-02-17acceptance time not in the bulk data set