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

Location: San Francisco, CA

CIK: 0001447228 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 17, 2026

Total Value: $494M (100.0% shares, 0.0% debt)

Holdings (24)

ALAB ASTERA LABS INC 48.0%

Value $237M Shares 1,427,500 Share Price $166.36 Est. Cost/Share — Unrealized @ Report Date —

NOAH NOAH HLDGS LTD 13.6%

Value $67.44M Shares 6,717,351 Share Price $10.04 Est. Cost/Share $31.83 Unrealized @ Report Date —

BILI BILIBILI INC 5.7%

Value $28.25M Shares 1,148,898 Share Price $24.59 Est. Cost/Share $21.59 Unrealized @ Report Date —

JD JD.COM INC 4.0%

Value $19.73M Shares 687,413 Share Price $28.70 Est. Cost/Share $32.65 Unrealized @ Report Date —

EDU NEW ORIENTAL ED & TECHNOLOGY 3.8%

Value $18.74M Shares 340,629 Share Price $55.03 Est. Cost/Share $24.02 Unrealized @ Report Date —

HTHT H WORLD GROUP LTD 3.8%

Value $18.74M Shares 398,371 Share Price $47.05 Est. Cost/Share $36.39 Unrealized @ Report Date —

RERE ATRENEW INC 3.4%

Value $16.76M Shares 3,163,117 Share Price $5.30 Est. Cost/Share $3.08 Unrealized @ Report Date —

VSAT VIASAT INC 3.2%

Value $15.7M Shares 455,600 Share Price $34.46 Est. Cost/Share — Unrealized @ Report Date —

DBVT DBV TECHNOLOGIES S A 2.5%

Value $12.26M Shares 639,769 Share Price $19.17 Est. Cost/Share $3.09 Unrealized @ Report Date —

ULS UL SOLUTIONS INC 2.4%

Value $11.83M Shares 150,000 Share Price $78.86 Est. Cost/Share — Unrealized @ Report Date —

PONY PONY AI INC 1.9%

Value $9.472M Shares 653,215 Share Price $14.50 Est. Cost/Share $16.95 Unrealized @ Report Date —

ACMR ACM RESH INC 1.4%

Value $6.882M Shares 174,447 Share Price $39.45 * Est. Cost/Share $18.86 Unrealized @ Report Date +97.5%

VRDN VIRIDIAN THERAPEUTICS INC 1.3%

Value $6.496M Shares 208,735 Share Price $31.12 * Est. Cost/Share $23.45 Unrealized @ Report Date +17.0%

KYMR KYMERA THERAPEUTICS INC 1.2%

Value $5.714M Shares 73,440 Share Price $77.81 * Est. Cost/Share $36.45 Unrealized @ Report Date +85.2%

SVCO SILVACO GROUP INC 0.9%

Value $4.44M Shares 1,096,282 Share Price $4.05 * Est. Cost/Share $6.68 Unrealized @ Report Date -25.6%

YMM FULL TRUCK ALLIANCE CO LTD 0.9%

Value $4.412M Shares 411,143 Share Price $10.73 Est. Cost/Share $10.73 Unrealized @ Report Date —

TAL TAL EDUCATION GROUP 0.7%

Value $3.374M Shares 309,240 Share Price $10.91 Est. Cost/Share $8.42 Unrealized @ Report Date —

API AGORA INC 0.4%

Value $2.172M Shares 533,547 Share Price $4.07 Est. Cost/Share $3.89 Unrealized @ Report Date —

YSG YATSEN HLDG LTD 0.3%

Value $1.433M Shares 368,347 Share Price $3.89 Est. Cost/Share $4.11 Unrealized @ Report Date —

IVA INVENTIVA SA 0.2%

Value $1.19M Shares 255,915 Share Price $4.65 Est. Cost/Share $10.94 Unrealized @ Report Date —

— GENERATION BIO CO 0.1%

Value $599K Shares 105,524 Share Price $5.68 Est. Cost/Share $6.12 Unrealized @ Report Date —

BEAM BEAM THERAPEUTICS INC 0.1%

Value $586K Shares 21,126 Share Price $27.72 * Est. Cost/Share $34.55 Unrealized @ Report Date -26.2%

PASG PASSAGE BIO INC 0.1%

Value $405K Shares 34,301 Share Price $11.80 * Est. Cost/Share $8.63 Unrealized @ Report Date 0.0%

TOUR TUNIU CORP 0.0%

Value $195K Shares 314,437 Share Price $0.62 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	$237M	48.0%	$166.36	—	—	Put	04626A103
NOAH	NOAH HLDGS LTD	6,717,351	$67.44M	13.6%	$10.04	$31.83	—	SPON ADS	65487X102
BILI	BILIBILI INC	1,148,898	$28.25M	5.7%	$24.59	$21.59	—	SPONS ADS REP Z	090040106
JD	JD.COM INC	687,413	$19.73M	4.0%	$28.70	$32.65	—	SPON ADS CL A	47215P106
EDU	NEW ORIENTAL ED & TECHNOLOGY	340,629	$18.74M	3.8%	$55.03	$24.02	—	SPON ADR	647581206
HTHT	H WORLD GROUP LTD	398,371	$18.74M	3.8%	$47.05	$36.39	—	SPONSORED ADS	44332N106
RERE	ATRENEW INC	3,163,117	$16.76M	3.4%	$5.30	$3.08	—	SPONSORED ADS	00138L108
VSAT	VIASAT INC	455,600	$15.7M	3.2%	$34.46	—	—	Put	92552V100
DBVT	DBV TECHNOLOGIES S A	639,769	$12.26M	2.5%	$19.17	$3.09	—	SPONSORED ADS	23306J309
ULS	UL SOLUTIONS INC	150,000	$11.83M	2.4%	$78.86	—	—	Put	903731107
PONY	PONY AI INC	653,215	$9.472M	1.9%	$14.50	$16.95	—	SPONSORED ADS	732908108
ACMR	ACM RESH INC	174,447	$6.882M	1.4%	$39.45 *	$18.86	+97.5%	COM CL A	00108J109
VRDN	VIRIDIAN THERAPEUTICS INC	208,735	$6.496M	1.3%	$31.12 *	$23.45	+17.0%	COM	92790C104
KYMR	KYMERA THERAPEUTICS INC	73,440	$5.714M	1.2%	$77.81 *	$36.45	+85.2%	COM	501575104
SVCO	SILVACO GROUP INC	1,096,282	$4.44M	0.9%	$4.05 *	$6.68	-25.6%	COM	82728C102
YMM	FULL TRUCK ALLIANCE CO LTD	411,143	$4.412M	0.9%	$10.73	$10.73	—	SPONSORED ADS	35969L108
TAL	TAL EDUCATION GROUP	309,240	$3.374M	0.7%	$10.91	$8.42	—	SPONSORED ADS	874080104
API	AGORA INC	533,547	$2.172M	0.4%	$4.07	$3.89	—	ADS	00851L103
YSG	YATSEN HLDG LTD	368,347	$1.433M	0.3%	$3.89	$4.11	—	SPONSORED ADS	985194208
IVA	INVENTIVA SA	255,915	$1.19M	0.2%	$4.65	$10.94	—	ADS	46124U107
—	GENERATION BIO CO	105,524	$599K	0.1%	$5.68	$6.12	—	COM NEW	37148K209
BEAM	BEAM THERAPEUTICS INC	21,126	$586K	0.1%	$27.72 *	$34.55	-26.2%	COM	07373V105
PASG	PASSAGE BIO INC	34,301	$405K	0.1%	$11.80 *	$8.63	0.0%	COM NEW	702712209
TOUR	TUNIU CORP	314,437	$195K	0.0%	$0.62	$0.84	—	SPONSORED ADS	89977P106