Q4 2025 · 13F-HR
Yiheng Capital Management, L.P.holdings as filed
Filed 2026-02-17 · accession 0001420506-26-000563
$494.3M
Reported value
24
Positions
2025-12-31
Period end
The Brief · Yiheng Capital Management, L.P. · Q4 2025
AI · grounded in 13F
Yiheng Capital Management, L.P. established a new position in ULS valued at $11.8M. The fund closed out positions in AKRO and DNLI, reducing holdings by $9.1M and $6.8M respectively. Other activity included new capital allocated to YMM totaling $4.4M and a 282.4% increase in shares of YSG.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 04626A103 | ALAB | ASTERA LABS INC | $237.5M | 48.0% | 1,427,500 | PUT | SOLE |
| 65487X102 | NOAH | NOAH HLDGS LTD | $67.4M | 13.6% | 6,717,351 | Common | SOLE |
| 090040106 | BILI | BILIBILI INC | $28.3M | 5.72% | 1,148,898 | Common | SOLE |
| 47215P106 | JD | JD.COM INC | $19.7M | 3.99% | 687,413 | Common | SOLE |
| 647581206 | EDU | NEW ORIENTAL ED & TECHNOLOGY | $18.7M | 3.79% | 340,629 | Common | SOLE |
| 44332N106 | HTHT | H WORLD GROUP LTD | $18.7M | 3.79% | 398,371 | Common | SOLE |
| 00138L108 | RERE | ATRENEW INC | $16.8M | 3.39% | 3,163,117 | Common | SOLE |
| 92552V100 | VSAT | VIASAT INC | $15.7M | 3.18% | 455,600 | PUT | SOLE |
| 23306J309 | DBVT | DBV TECHNOLOGIES S A | $12.3M | 2.48% | 639,769 | Common | SOLE |
| 903731107 | ULS | UL SOLUTIONS INC | $11.8M | 2.39% | 150,000 | PUT | SOLE |
| 732908108 | PONY | PONY AI INC | $9.5M | 1.92% | 653,215 | Common | SOLE |
| 00108J109 | ACMR | ACM RESH INC | $6.9M | 1.39% | 174,447 | Common | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $6.5M | 1.31% | 208,735 | Common | SOLE |
| 501575104 | KYMR | KYMERA THERAPEUTICS INC | $5.7M | 1.16% | 73,440 | Common | SOLE |
| 82728C102 | SVCO | SILVACO GROUP INC | $4.4M | 0.90% | 1,096,282 | Common | SOLE |
| 35969L108 | YMM | FULL TRUCK ALLIANCE CO LTD | $4.4M | 0.89% | 411,143 | Common | SOLE |
| 874080104 | TAL | TAL EDUCATION GROUP | $3.4M | 0.68% | 309,240 | Common | SOLE |
| 00851L103 | API | AGORA INC | $2.2M | 0.44% | 533,547 | Common | SOLE |
| 985194208 | YSG | YATSEN HLDG LTD | $1.4M | 0.29% | 368,347 | Common | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $1.2M | 0.24% | 255,915 | Common | SOLE |
| 37148K209 | — | GENERATION BIO CO | $599,376 | 0.12% | 105,524 | Common | SOLE |
| 07373V105 | BEAM | BEAM THERAPEUTICS INC | $585,613 | 0.12% | 21,126 | Common | SOLE |
| 702712209 | PASG | PASSAGE BIO INC | $404,752 | 0.08% | 34,301 | Common | SOLE |
| 89977P106 | TOUR | TUNIU CORP | $194,951 | 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.