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

CIK: 0001447228 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value ($000): $678,109 (100.0% shares, 0.0% debt)

Holdings (27)

ALAB ASTERA LABS INC 41.2%

Value ($000) $279,505 Shares 1,427,500 Est. Cost — Unrealized —

NOAH NOAH HLDGS LTD 11.5%

Value ($000) $77,854 Shares 6,717,351 Est. Cost $31.83 Unrealized —

JD JD.COM INC 9.4%

Value ($000) $63,475 Shares 1,814,600 Est. Cost $32.65 Unrealized —

BILI BILIBILI INC 5.9%

Value ($000) $39,847 Shares 1,418,564 Est. Cost $21.59 Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 4.1%

Value ($000) $27,697 Shares 521,901 Est. Cost $24.02 Unrealized —

JD JD.COM INC 4.1%

Value ($000) $27,544 Shares 787,413 Est. Cost $32.65 Unrealized —

VSAT VIASAT INC 3.2%

Value ($000) $21,550 Shares 735,500 Est. Cost — Unrealized —

HTHT H WORLD GROUP LTD 2.6%

Value ($000) $17,875 Shares 457,032 Est. Cost $36.39 Unrealized —

IVA INVENTIVA SA 2.3%

Value ($000) $15,314 Shares 2,644,926 Est. Cost $10.94 Unrealized —

RERE ATRENEW INC 2.1%

Value ($000) $14,550 Shares 3,163,117 Est. Cost $3.08 Unrealized —

BILI BILIBILI INC 1.7%

Value ($000) $11,236 Shares 400,000 Est. Cost $21.59 Unrealized —

ACMR ACM RESH INC 1.6%

Value ($000) $10,964 Shares 280,201 Est. Cost $18.86 Unrealized +57.4%

VRDN VIRIDIAN THERAPEUTICS INC 1.6%

Value ($000) $10,796 Shares 500,261 Est. Cost $23.45 Unrealized -23.1%

— AKERO THERAPEUTICS INC 1.3%

Value ($000) $9,072 Shares 191,076 Est. Cost $24.82 Unrealized —

KYMR KYMERA THERAPEUTICS INC 1.0%

Value ($000) $6,939 Shares 122,605 Est. Cost $36.45 Unrealized +23.7%

DNLI DENALI THERAPEUTICS INC 1.0%

Value ($000) $6,824 Shares 469,981 Est. Cost $35.75 Unrealized -59.8%

RARE ULTRAGENYX PHARMACEUTICAL IN 1.0%

Value ($000) $6,791 Shares 225,758 Est. Cost $29.99 Unrealized 0.0%

DBVT DBV TECHNOLOGIES S A 1.0%

Value ($000) $6,563 Shares 656,309 Est. Cost $3.09 Unrealized —

SVCO SILVACO GROUP INC 0.9%

Value ($000) $5,931 Shares 1,096,282 Est. Cost $6.68 Unrealized -26.9%

PONY PONY AI INC 0.7%

Value ($000) $4,505 Shares 200,300 Est. Cost $22.49 Unrealized —

CLBT CELLEBRITE DI LTD 0.6%

Value ($000) $4,281 Shares 231,031 Est. Cost $15.71 Unrealized 0.0%

TAL TAL EDUCATION GROUP 0.5%

Value ($000) $3,463 Shares 309,240 Est. Cost $8.42 Unrealized —

API AGORA INC 0.3%

Value ($000) $2,038 Shares 533,547 Est. Cost $3.89 Unrealized —

BEAM BEAM THERAPEUTICS INC 0.2%

Value ($000) $1,676 Shares 69,058 Est. Cost $34.55 Unrealized -42.4%

YSG YATSEN HLDG LTD 0.1%

Value ($000) $873 Shares 96,328 Est. Cost $4.72 Unrealized —

— GENERATION BIO CO 0.1%

Value ($000) $646 Shares 105,524 Est. Cost $6.12 Unrealized —

TOUR TUNIU CORP 0.0%

Value ($000) $299 Shares 314,437 Est. Cost $0.84 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALAB	ASTERA LABS INC	1,427,500	$279,505	41.2%	—	—	Put	04626A103
NOAH	NOAH HLDGS LTD	6,717,351	$77,854	11.5%	$31.83	—	SPON ADS	65487X102
JD	JD.COM INC	1,814,600	$63,475	9.4%	$32.65	—	Call	47215P106
BILI	BILIBILI INC	1,418,564	$39,847	5.9%	$21.59	—	SPONS ADS REP Z	090040106
EDU	NEW ORIENTAL ED & TECHNOLOGY	521,901	$27,697	4.1%	$24.02	—	SPON ADR	647581206
JD	JD.COM INC	787,413	$27,544	4.1%	$32.65	—	SPON ADS CL A	47215P106
VSAT	VIASAT INC	735,500	$21,550	3.2%	—	—	Put	92552V100
HTHT	H WORLD GROUP LTD	457,032	$17,875	2.6%	$36.39	—	SPONSORED ADS	44332N106
IVA	INVENTIVA SA	2,644,926	$15,314	2.3%	$10.94	—	ADS	46124U107
RERE	ATRENEW INC	3,163,117	$14,550	2.1%	$3.08	—	SPONSORED ADS	00138L108
BILI	BILIBILI INC	400,000	$11,236	1.7%	$21.59	—	Call	090040106
ACMR	ACM RESH INC	280,201	$10,964	1.6%	$18.86	+57.4%	COM CL A	00108J109
VRDN	VIRIDIAN THERAPEUTICS INC	500,261	$10,796	1.6%	$23.45	-23.1%	COM	92790C104
—	AKERO THERAPEUTICS INC	191,076	$9,072	1.3%	$24.82	—	COM	00973Y108
KYMR	KYMERA THERAPEUTICS INC	122,605	$6,939	1.0%	$36.45	+23.7%	COM	501575104
DNLI	DENALI THERAPEUTICS INC	469,981	$6,824	1.0%	$35.75	-59.8%	COM	24823R105
RARE	ULTRAGENYX PHARMACEUTICAL IN	225,758	$6,791	1.0%	$29.99	0.0%	COM	90400D108
DBVT	DBV TECHNOLOGIES S A	656,309	$6,563	1.0%	$3.09	—	SPONSORED ADS	23306J309
SVCO	SILVACO GROUP INC	1,096,282	$5,931	0.9%	$6.68	-26.9%	COM	82728C102
PONY	PONY AI INC	200,300	$4,505	0.7%	$22.49	—	SPONSORED ADS	732908108
CLBT	CELLEBRITE DI LTD	231,031	$4,281	0.6%	$15.71	0.0%	ORDINARY SHARES	M2197Q107
TAL	TAL EDUCATION GROUP	309,240	$3,463	0.5%	$8.42	—	SPONSORED ADS	874080104
API	AGORA INC	533,547	$2,038	0.3%	$3.89	—	ADS	00851L103
BEAM	BEAM THERAPEUTICS INC	69,058	$1,676	0.2%	$34.55	-42.4%	COM	07373V105
YSG	YATSEN HLDG LTD	96,328	$873	0.1%	$4.72	—	SPONSORED ADS	985194208
—	GENERATION BIO CO	105,524	$646	0.1%	$6.12	—	COM NEW	37148K209
TOUR	TUNIU CORP	314,437	$299	0.0%	$0.84	—	SPONSORED ADS	89977P106