Q3 2025 · 13F-HR
Yiheng Capital Management, L.P.holdings as filed
Filed 2025-11-14 · accession 0001420506-25-003340
$678.1M
Reported value
27
Positions
2025-09-30
Period end
The Brief · Yiheng Capital Management, L.P. · Q3 2025
AI · grounded in 13F
Yiheng Capital Management, L.P. established a new position in Astera Labs Inc ALAB valued at $279.5M. The fund also initiated new stakes in JD.com Inc JD for $91M and Noah Hldgs Ltd NOAH for $77.9M. Additional new positions include Bilibili Inc BILI, New Oriental Ed & Technology EDU, and Viasat Inc VSAT.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 04626A103 | ALAB | ASTERA LABS INC | $279.5M | 41.2% | 1,427,500 | PUT | SOLE |
| 65487X102 | NOAH | NOAH HLDGS LTD | $77.9M | 11.5% | 6,717,351 | Common | SOLE |
| 47215P106 | JD | JD.COM INC | $63.5M | 9.36% | 1,814,600 | CALL | SOLE |
| 090040106 | BILI | BILIBILI INC | $39.8M | 5.88% | 1,418,564 | Common | SOLE |
| 647581206 | EDU | NEW ORIENTAL ED & TECHNOLOGY | $27.7M | 4.08% | 521,901 | Common | SOLE |
| 47215P106 | JD | JD.COM INC | $27.5M | 4.06% | 787,413 | Common | SOLE |
| 92552V100 | VSAT | VIASAT INC | $21.6M | 3.18% | 735,500 | PUT | SOLE |
| 44332N106 | HTHT | H WORLD GROUP LTD | $17.9M | 2.64% | 457,032 | Common | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $15.3M | 2.26% | 2,644,926 | Common | SOLE |
| 00138L108 | RERE | ATRENEW INC | $14.6M | 2.15% | 3,163,117 | Common | SOLE |
| 090040106 | BILI | BILIBILI INC | $11.2M | 1.66% | 400,000 | CALL | SOLE |
| 00108J109 | ACMR | ACM RESH INC | $11.0M | 1.62% | 280,201 | Common | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $10.8M | 1.59% | 500,261 | Common | SOLE |
| 00973Y108 | AKRO | AKERO THERAPEUTICS INC | $9.1M | 1.34% | 191,076 | Common | SOLE |
| 501575104 | KYMR | KYMERA THERAPEUTICS INC | $6.9M | 1.02% | 122,605 | Common | SOLE |
| 24823R105 | DNLI | DENALI THERAPEUTICS INC | $6.8M | 1.01% | 469,981 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $6.8M | 1.00% | 225,758 | Common | SOLE |
| 23306J309 | DBVT | DBV TECHNOLOGIES S A | $6.6M | 0.97% | 656,309 | Common | SOLE |
| 82728C102 | SVCO | SILVACO GROUP INC | $5.9M | 0.87% | 1,096,282 | Common | SOLE |
| 732908108 | PONY | PONY AI INC | $4.5M | 0.66% | 200,300 | Common | SOLE |
| M2197Q107 | CLBT | CELLEBRITE DI LTD | $4.3M | 0.63% | 231,031 | Common | SOLE |
| 874080104 | TAL | TAL EDUCATION GROUP | $3.5M | 0.51% | 309,240 | Common | SOLE |
| 00851L103 | API | AGORA INC | $2.0M | 0.30% | 533,547 | Common | SOLE |
| 07373V105 | BEAM | BEAM THERAPEUTICS INC | $1.7M | 0.25% | 69,058 | Common | SOLE |
| 985194208 | YSG | YATSEN HLDG LTD | $872,732 | 0.13% | 96,328 | Common | SOLE |
| 37148K209 | — | GENERATION BIO CO | $645,807 | 0.10% | 105,524 | Common | SOLE |
| 89977P106 | TOUR | TUNIU CORP | $299,438 | 0.04% | 314,437 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.