Yiheng Capital Management, L.P. 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Yiheng Capital Management, L.P. disclosed 21 US equity positions worth $229.3m in its Q4 2025 13F filing. The largest position was NOAH at 29.4% of the reported book, followed by BILI and JD. Against the Q3 2025 filing, it opened 2 new positions, added to 2 and reduced 10 among the top 21 holdings.
What did Yiheng Capital Management, L.P. own in Q4 2025? Top 21 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | NOAH NOAH HLDGS LTD | 29.4% | $67.4m | 6,717,351 | 0% | held | |
| 2 | BILI BILIBILI INC | Communication Services | 12.3% | $28.3m | 1,148,898 | -19% | reduced |
| 3 | JD JD.COM INC | Consumer Cyclical | 8.6% | $19.7m | 687,413 | -13% | reduced |
| 4 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 8.2% | $18.7m | 340,629 | -35% | reduced |
| 5 | HTHT H WORLD GROUP LTD | Consumer Cyclical | 8.2% | $18.7m | 398,371 | -13% | reduced |
| 6 | RERE ATRENEW INC | 7.3% | $16.8m | 3,163,117 | 0% | held | |
| 7 | DBVT DBV TECHNOLOGIES S A | 5.3% | $12.3m | 639,769 | -3% | reduced | |
| 8 | PONY PONY AI INC | Technology | 4.1% | $9.5m | 653,215 | 226% | added |
| 9 | ACMR ACM RESH INC | Technology | 3.0% | $6.9m | 174,447 | -38% | reduced |
| 10 | VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 2.8% | $6.5m | 208,735 | -58% | reduced |
| 11 | KYMR KYMERA THERAPEUTICS INC | Healthcare | 2.5% | $5.7m | 73,440 | -40% | reduced |
| 12 | SVCO SILVACO GROUP INC | 1.9% | $4.4m | 1,096,282 | 0% | held | |
| 13 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 1.9% | $4.4m | 411,143 | – | new |
| 14 | TAL TAL EDUCATION GROUP | Consumer Defensive | 1.5% | $3.4m | 309,240 | 0% | held |
| 15 | API AGORA INC | Technology | 0.9% | $2.2m | 533,547 | 0% | held |
| 16 | YSG YATSEN HLDG LTD | 0.6% | $1.4m | 368,347 | 282% | added | |
| 17 | IVA INVENTIVA SA | 0.5% | $1.2m | 255,915 | -90% | reduced | |
| 18 | GENERATION BIO CO | 0.3% | $599.4k | 105,524 | 0% | held | |
| 19 | BEAM BEAM THERAPEUTICS INC | Healthcare | 0.3% | $585.6k | 21,126 | -69% | reduced |
| 20 | PASG PASSAGE BIO INC | 0.2% | $404.8k | 34,301 | – | new | |
| 21 | TOUR TUNIU CORP | Consumer Cyclical | 0.1% | $195.0k | 314,437 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.