Yiheng Capital Management, L.P. Long-Term Concentrated

Location: San Francisco, CA

CIK: 0001447228 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value: $678M (100.0% shares, 0.0% debt)

Holdings (27)

ALAB ASTERA LABS INC 41.2%

Value $280M Shares 1,427,500 Share Price $195.80 Est. Cost/Share — Unrealized @ Report Date —

NOAH NOAH HLDGS LTD 11.5%

Value $77.85M Shares 6,717,351 Share Price $11.59 Est. Cost/Share $31.83 Unrealized @ Report Date —

JD JD.COM INC 9.4%

Value $63.47M Shares 1,814,600 Share Price $34.98 Est. Cost/Share $32.65 Unrealized @ Report Date —

BILI BILIBILI INC 5.9%

Value $39.85M Shares 1,418,564 Share Price $28.09 Est. Cost/Share $21.59 Unrealized @ Report Date —

EDU NEW ORIENTAL ED & TECHNOLOGY 4.1%

Value $27.7M Shares 521,901 Share Price $53.07 Est. Cost/Share $24.02 Unrealized @ Report Date —

JD JD.COM INC 4.1%

Value $27.54M Shares 787,413 Share Price $34.98 Est. Cost/Share $32.65 Unrealized @ Report Date —

VSAT VIASAT INC 3.2%

Value $21.55M Shares 735,500 Share Price $29.30 Est. Cost/Share — Unrealized @ Report Date —

HTHT H WORLD GROUP LTD 2.6%

Value $17.87M Shares 457,032 Share Price $39.11 Est. Cost/Share $36.39 Unrealized @ Report Date —

IVA INVENTIVA SA 2.3%

Value $15.31M Shares 2,644,926 Share Price $5.79 Est. Cost/Share $10.94 Unrealized @ Report Date —

RERE ATRENEW INC 2.1%

Value $14.55M Shares 3,163,117 Share Price $4.60 Est. Cost/Share $3.08 Unrealized @ Report Date —

BILI BILIBILI INC 1.7%

Value $11.24M Shares 400,000 Share Price $28.09 Est. Cost/Share $21.59 Unrealized @ Report Date —

ACMR ACM RESH INC 1.6%

Value $10.96M Shares 280,201 Share Price $39.13 * Est. Cost/Share $18.86 Unrealized @ Report Date +57.4%

VRDN VIRIDIAN THERAPEUTICS INC 1.6%

Value $10.8M Shares 500,261 Share Price $21.58 * Est. Cost/Share $23.45 Unrealized @ Report Date -23.1%

— AKERO THERAPEUTICS INC 1.3%

Value $9.072M Shares 191,076 Share Price $47.48 Est. Cost/Share $24.82 Unrealized @ Report Date —

KYMR KYMERA THERAPEUTICS INC 1.0%

Value $6.939M Shares 122,605 Share Price $56.60 * Est. Cost/Share $36.45 Unrealized @ Report Date +23.7%

DNLI DENALI THERAPEUTICS INC 1.0%

Value $6.824M Shares 469,981 Share Price $14.52 Est. Cost/Share $35.75 Unrealized @ Report Date -59.8%

RARE ULTRAGENYX PHARMACEUTICAL IN 1.0%

Value $6.791M Shares 225,758 Share Price $30.08 Est. Cost/Share $29.99 Unrealized @ Report Date 0.0%

DBVT DBV TECHNOLOGIES S A 1.0%

Value $6.563M Shares 656,309 Share Price $10.00 Est. Cost/Share $3.09 Unrealized @ Report Date —

SVCO SILVACO GROUP INC 0.9%

Value $5.931M Shares 1,096,282 Share Price $5.41 * Est. Cost/Share $6.68 Unrealized @ Report Date -26.9%

PONY PONY AI INC 0.7%

Value $4.505M Shares 200,300 Share Price $22.49 Est. Cost/Share $22.49 Unrealized @ Report Date —

CLBT CELLEBRITE DI LTD 0.6%

Value $4.281M Shares 231,031 Share Price $18.53 * Est. Cost/Share $15.71 Unrealized @ Report Date 0.0%

TAL TAL EDUCATION GROUP 0.5%

Value $3.463M Shares 309,240 Share Price $11.20 Est. Cost/Share $8.42 Unrealized @ Report Date —

API AGORA INC 0.3%

Value $2.038M Shares 533,547 Share Price $3.82 Est. Cost/Share $3.89 Unrealized @ Report Date —

BEAM BEAM THERAPEUTICS INC 0.2%

Value $1.676M Shares 69,058 Share Price $24.27 * Est. Cost/Share $34.55 Unrealized @ Report Date -42.4%

YSG YATSEN HLDG LTD 0.1%

Value $873K Shares 96,328 Share Price $9.06 Est. Cost/Share $4.72 Unrealized @ Report Date —

— GENERATION BIO CO 0.1%

Value $646K Shares 105,524 Share Price $6.12 Est. Cost/Share $6.12 Unrealized @ Report Date —

TOUR TUNIU CORP 0.0%

Value $299K Shares 314,437 Share Price $0.95 Est. Cost/Share $0.84 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ALAB	ASTERA LABS INC	1,427,500	$280M	41.2%	$195.80	—	—	Put	04626A103
NOAH	NOAH HLDGS LTD	6,717,351	$77.85M	11.5%	$11.59	$31.83	—	SPON ADS	65487X102
JD	JD.COM INC	1,814,600	$63.47M	9.4%	$34.98	$32.65	—	Call	47215P106
BILI	BILIBILI INC	1,418,564	$39.85M	5.9%	$28.09	$21.59	—	SPONS ADS REP Z	090040106
EDU	NEW ORIENTAL ED & TECHNOLOGY	521,901	$27.7M	4.1%	$53.07	$24.02	—	SPON ADR	647581206
JD	JD.COM INC	787,413	$27.54M	4.1%	$34.98	$32.65	—	SPON ADS CL A	47215P106
VSAT	VIASAT INC	735,500	$21.55M	3.2%	$29.30	—	—	Put	92552V100
HTHT	H WORLD GROUP LTD	457,032	$17.87M	2.6%	$39.11	$36.39	—	SPONSORED ADS	44332N106
IVA	INVENTIVA SA	2,644,926	$15.31M	2.3%	$5.79	$10.94	—	ADS	46124U107
RERE	ATRENEW INC	3,163,117	$14.55M	2.1%	$4.60	$3.08	—	SPONSORED ADS	00138L108
BILI	BILIBILI INC	400,000	$11.24M	1.7%	$28.09	$21.59	—	Call	090040106
ACMR	ACM RESH INC	280,201	$10.96M	1.6%	$39.13 *	$18.86	+57.4%	COM CL A	00108J109
VRDN	VIRIDIAN THERAPEUTICS INC	500,261	$10.8M	1.6%	$21.58 *	$23.45	-23.1%	COM	92790C104
—	AKERO THERAPEUTICS INC	191,076	$9.072M	1.3%	$47.48	$24.82	—	COM	00973Y108
KYMR	KYMERA THERAPEUTICS INC	122,605	$6.939M	1.0%	$56.60 *	$36.45	+23.7%	COM	501575104
DNLI	DENALI THERAPEUTICS INC	469,981	$6.824M	1.0%	$14.52	$35.75	-59.8%	COM	24823R105
RARE	ULTRAGENYX PHARMACEUTICAL IN	225,758	$6.791M	1.0%	$30.08	$29.99	0.0%	COM	90400D108
DBVT	DBV TECHNOLOGIES S A	656,309	$6.563M	1.0%	$10.00	$3.09	—	SPONSORED ADS	23306J309
SVCO	SILVACO GROUP INC	1,096,282	$5.931M	0.9%	$5.41 *	$6.68	-26.9%	COM	82728C102
PONY	PONY AI INC	200,300	$4.505M	0.7%	$22.49	$22.49	—	SPONSORED ADS	732908108
CLBT	CELLEBRITE DI LTD	231,031	$4.281M	0.6%	$18.53 *	$15.71	0.0%	ORDINARY SHARES	M2197Q107
TAL	TAL EDUCATION GROUP	309,240	$3.463M	0.5%	$11.20	$8.42	—	SPONSORED ADS	874080104
API	AGORA INC	533,547	$2.038M	0.3%	$3.82	$3.89	—	ADS	00851L103
BEAM	BEAM THERAPEUTICS INC	69,058	$1.676M	0.2%	$24.27 *	$34.55	-42.4%	COM	07373V105
YSG	YATSEN HLDG LTD	96,328	$873K	0.1%	$9.06	$4.72	—	SPONSORED ADS	985194208
—	GENERATION BIO CO	105,524	$646K	0.1%	$6.12	$6.12	—	COM NEW	37148K209
TOUR	TUNIU CORP	314,437	$299K	0.0%	$0.95	$0.84	—	SPONSORED ADS	89977P106