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

CIK: 0001447228 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $494,315 (100.0% shares, 0.0% debt)

Holdings (24)

New Positions (3)

ULS UL SOLUTIONS INC 2.4%

Value ($000) $11,829 Shares 150,000 Est. Cost — Unrealized —

YMM FULL TRUCK ALLIANCE CO LTD 0.9%

Value ($000) $4,412 Shares 411,143 Est. Cost $10.73 Unrealized —

PASG PASSAGE BIO INC 0.1%

Value ($000) $405 Shares 34,301 Est. Cost $8.63 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ULS	UL SOLUTIONS INC	150,000	$11,829	2.4%	—	—	PUT	903731107
YMM	FULL TRUCK ALLIANCE CO LTD	411,143	$4,412	0.9%	$10.73	—	SPONSORED ADS	35969L108
PASG	PASSAGE BIO INC	34,301	$405	0.1%	$8.63	0.0%	COM NEW	702712209

Increased Positions (2)

PONY PONY AI INC 1.9%

Value ($000) $9,472 (+110.3%) Shares 653,215 (+226.1%) Est. Cost $16.95 Unrealized —

YSG YATSEN HLDG LTD 0.3%

Value ($000) $1,433 (+64.2%) Shares 368,347 (+282.4%) Est. Cost $4.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PONY	PONY AI INC	653,215 (+226.1%)	$9,472 (+110.3%)	1.9%	$16.95	—	SPONSORED ADS	732908108
YSG	YATSEN HLDG LTD	368,347 (+282.4%)	$1,433 (+64.2%)	0.3%	$4.11	—	SPONSORED ADS	985194208

Exited Positions (6)

JD JD.COM INC 12.8%

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

BILI BILIBILI INC 2.3%

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

— AKERO THERAPEUTICS INC 1.8%

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

DNLI DENALI THERAPEUTICS INC 1.4%

Value ($000) $6,824 Shares 469,981 Est. Cost $35.75 Unrealized -52.8%

RARE ULTRAGENYX PHARMACEUTICAL IN 1.4%

Value ($000) $6,791 Shares 225,758 Est. Cost $29.99 Unrealized +9.7%

CLBT CELLEBRITE DI LTD 0.9%

Value ($000) $4,281 Shares 231,031 Est. Cost $15.71 Unrealized +14.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JD	JD.COM INC	1,814,600	$63,475	12.8%	$32.65	—	CALL	47215P106
BILI	BILIBILI INC	400,000	$11,236	2.3%	$21.59	—	CALL	090040106
—	AKERO THERAPEUTICS INC	191,076	$9,072	1.8%	$24.82	—	—	00973Y108
DNLI	DENALI THERAPEUTICS INC	469,981	$6,824	1.4%	$35.75	-52.8%	—	24823R105
RARE	ULTRAGENYX PHARMACEUTICAL IN	225,758	$6,791	1.4%	$29.99	+9.7%	—	90400D108
CLBT	CELLEBRITE DI LTD	231,031	$4,281	0.9%	$15.71	+14.3%	—	M2197Q107

Decreased Positions (11)

IVA INVENTIVA SA 0.2%

Value ($000) $1,190 (-92.2%) Shares 255,915 (-90.3%) Est. Cost $10.94 Unrealized —

BILI BILIBILI INC 5.7%

Value ($000) $28,251 (-29.1%) Shares 1,148,898 (-19.0%) Est. Cost $21.59 Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 3.8%

Value ($000) $18,745 (-32.3%) Shares 340,629 (-34.7%) Est. Cost $24.02 Unrealized —

JD JD.COM INC 4.0%

Value ($000) $19,729 (-28.4%) Shares 687,413 (-12.7%) Est. Cost $32.65 Unrealized —

VSAT VIASAT INC 3.2%

Value ($000) $15,700 (-27.1%) Shares 455,600 (-38.1%) Est. Cost — Unrealized —

DBVT DBV TECHNOLOGIES S A 2.5%

Value ($000) $12,264 (+86.9%) Shares 639,769 (-2.5%) Est. Cost $3.09 Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 1.3%

Value ($000) $6,496 (-39.8%) Shares 208,735 (-58.3%) Est. Cost $23.45 Unrealized +17.0%

ACMR ACM RESH INC 1.4%

Value ($000) $6,882 (-37.2%) Shares 174,447 (-37.7%) Est. Cost $18.86 Unrealized +97.5%

KYMR KYMERA THERAPEUTICS INC 1.2%

Value ($000) $5,714 (-17.7%) Shares 73,440 (-40.1%) Est. Cost $36.45 Unrealized +85.2%

BEAM BEAM THERAPEUTICS INC 0.1%

Value ($000) $586 (-65.1%) Shares 21,126 (-69.4%) Est. Cost $34.55 Unrealized -26.2%

HTHT H WORLD GROUP LTD 3.8%

Value ($000) $18,743 (+4.9%) Shares 398,371 (-12.8%) Est. Cost $36.39 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVA	INVENTIVA SA	255,915 (-90.3%)	$1,190 (-92.2%)	0.2%	$10.94	—	ADS	46124U107
BILI	BILIBILI INC	1,148,898 (-19.0%)	$28,251 (-29.1%)	5.7%	$21.59	—	SPONS ADS REP Z	090040106
EDU	NEW ORIENTAL ED & TECHNOLOGY	340,629 (-34.7%)	$18,745 (-32.3%)	3.8%	$24.02	—	SPON ADR	647581206
JD	JD.COM INC	687,413 (-12.7%)	$19,729 (-28.4%)	4.0%	$32.65	—	SPON ADS CL A	47215P106
VSAT	VIASAT INC	455,600 (-38.1%)	$15,700 (-27.1%)	3.2%	—	—	PUT	92552V100
DBVT	DBV TECHNOLOGIES S A	639,769 (-2.5%)	$12,264 (+86.9%)	2.5%	$3.09	—	SPONSORED ADS	23306J309
VRDN	VIRIDIAN THERAPEUTICS INC	208,735 (-58.3%)	$6,496 (-39.8%)	1.3%	$23.45	+17.0%	COM	92790C104
ACMR	ACM RESH INC	174,447 (-37.7%)	$6,882 (-37.2%)	1.4%	$18.86	+97.5%	COM CL A	00108J109
KYMR	KYMERA THERAPEUTICS INC	73,440 (-40.1%)	$5,714 (-17.7%)	1.2%	$36.45	+85.2%	COM	501575104
BEAM	BEAM THERAPEUTICS INC	21,126 (-69.4%)	$586 (-65.1%)	0.1%	$34.55	-26.2%	COM	07373V105
HTHT	H WORLD GROUP LTD	398,371 (-12.8%)	$18,743 (+4.9%)	3.8%	$36.39	—	SPONSORED ADS	44332N106

Unchanged Positions (8)

ALAB ASTERA LABS INC 48.0%

Value ($000) $237,479 Shares 1,427,500 Est. Cost — Unrealized —

NOAH NOAH HLDGS LTD 13.6%

Value ($000) $67,442 Shares 6,717,351 Est. Cost $31.83 Unrealized —

RERE ATRENEW INC 3.4%

Value ($000) $16,765 Shares 3,163,117 Est. Cost $3.08 Unrealized —

SVCO SILVACO GROUP INC 0.9%

Value ($000) $4,440 Shares 1,096,282 Est. Cost $6.68 Unrealized -25.6%

API AGORA INC 0.4%

Value ($000) $2,172 Shares 533,547 Est. Cost $3.89 Unrealized —

TOUR TUNIU CORP 0.0%

Value ($000) $195 Shares 314,437 Est. Cost $0.84 Unrealized —

TAL TAL EDUCATION GROUP 0.7%

Value ($000) $3,374 Shares 309,240 Est. Cost $8.42 Unrealized —

— GENERATION BIO CO 0.1%

Value ($000) $599 Shares 105,524 Est. Cost $6.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALAB	ASTERA LABS INC	1,427,500	$237,479	48.0%	—	—	PUT	04626A103
NOAH	NOAH HLDGS LTD	6,717,351	$67,442	13.6%	$31.83	—	SPON ADS	65487X102
RERE	ATRENEW INC	3,163,117	$16,765	3.4%	$3.08	—	SPONSORED ADS	00138L108
SVCO	SILVACO GROUP INC	1,096,282	$4,440	0.9%	$6.68	-25.6%	COM	82728C102
API	AGORA INC	533,547	$2,172	0.4%	$3.89	—	ADS	00851L103
TOUR	TUNIU CORP	314,437	$195	0.0%	$0.84	—	SPONSORED ADS	89977P106
TAL	TAL EDUCATION GROUP	309,240	$3,374	0.7%	$8.42	—	SPONSORED ADS	874080104
—	GENERATION BIO CO	105,524	$599	0.1%	$6.12	—	COM NEW	37148K209