Institutional
Yiheng Capital Management, L.P.
CIK 0001447228
$230.7M
Reported AUM
24
Positions
Q1 2026
Period
2026-05-15
Filed
The Brief · Yiheng Capital Management, L.P. · Q1 2026
AI · grounded in 13F
Yiheng Capital Management, L.P. closed its position in ALAB, reducing exposure by $237.48M. The fund also exited positions in VSAT and ULS, totaling $15.7M and $11.83M respectively. To offset these sales, the fund established new positions in HNGE for $11.45M and BILL for $8.53M. Additionally, the fund increased its stake in TAL by 145.52%.
Portfolio · Q1 2026
Top holdings
| # | Stock | Issuer | Price | Day % | 1Y Gr. | 5Y Gr. | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | NOAH | NOAH HLDGS LTD | $8.49 | -1.28% | -17.34% | -64.08% | $66.5M | 28.83% | — | HELD |
| 2 | EDU | NEW ORIENTAL ED & TECHNOLOGY | $56.58 | -3.41% | 27.95% | 155.31% | $21.3M | 9.24% | — | HELD |
| 3 | JD | JD.COM INC | $32.31 | 0.34% | 7.89% | -53.22% | $17.4M | 7.53% | — | HELD |
| 4 | BILI | BILIBILI INC | $18.70 | 0.92% | -14.57% | -76.69% | $16.7M | 7.24% | — | HELD |
| 5 | HTHT | H WORLD GROUP LTD | $42.25 | -2.31% | 42.12% | 0.29% | $16.3M | 7.05% | — | HELD |
| 6 | RERE | ATRENEW INC | $4.17 | -1.42% | 36.75% | -53.78% | $14.8M | 6.43% | — | HELD |
| 7 | HNGE | HINGE HEALTH INC | $75.11 | 1.42% | 67.10% | 45.14% | $11.4M | 4.96% | — | HELD |
| 8 | TAL | TAL ED GROUP | $12.34 | 13.31% | 14.14% | 128.29% | $8.6M | 3.74% | — | HELD |
| 9 | BILL | BILL HOLDINGS INC | $45.39 | -4.26% | 13.61% | -82.72% | $8.5M | 3.70% | — | HELD |
| 10 | SVCO | SILVACO GROUP INC | $7.59 | 9.84% | 72.50% | -57.79% | $7.8M | 3.36% | — | HELD |
| 11 | PONY | PONY AI INC | $7.94 | 3.66% | -39.53% | -45.05% | $6.2M | 2.67% | — | HELD |
| 12 | KYMR | KYMERA THERAPEUTICS INC | $107.01 | 1.67% | 147.44% | 71.07% | $6.1M | 2.65% | — | HELD |
| 13 | JOYY | JOYY INC | $73.02 | -1.31% | 55.70% | 46.24% | $5.0M | 2.17% | — | HELD |
| 14 | TCOM | TRIP COM GROUP LTD | $46.48 | 1.04% | -24.45% | 50.96% | $4.4M | 1.90% | — | HELD |
| 15 | YMM | FULL TRUCK ALLIANCE CO LTD | $9.56 | -0.83% | -9.32% | -38.17% | $4.3M | 1.85% | — | HELD |
| 16 | VRDN | VIRIDIAN THERAPEUTICS INC | $19.90 | 0.10% | 14.19% | 48.58% | $4.1M | 1.77% | — | HELD |
| 17 | DBVT | DBV TECHNOLOGIES S A | $13.81 | 0.58% | 54.61% | 17.53% | $3.6M | 1.54% | — | HELD |
| 18 | API | AGORA INC | $3.98 | 0.89% | 8.31% | -88.28% | $2.6M | 1.11% | — | HELD |
| 19 | YSG | YATSEN HLDG LTD | $3.48 | 2.96% | -59.95% | -86.27% | $2.5M | 1.07% | — | HELD |
| 20 | ZEPP | ZEPP HEALTH CORPORATION | $4.42 | 1.61% | -66.00% | -89.50% | $690K | 0.30% | — | HELD |
| 21 | PASG | PASSAGE BIO INC | $4.49 | -0.66% | -22.04% | -98.14% | $676K | 0.29% | — | HELD |
| 22 | CLBT | CELLEBRITE DI LTD | $14.57 | -3.32% | 10.00% | 47.02% | $634K | 0.27% | — | HELD |
| 23 | BEAM | BEAM THERAPEUTICS INC | $26.49 | 1.81% | 37.07% | -76.73% | $503K | 0.22% | — | HELD |
| 24 | TOUR | TUNIU CORP | $4.99 | -3.48% | -22.68% | -63.68% | $242K | 0.10% | — | HELD |
Source: SEC EDGAR · accession 0001420506-26-001131. 13F discloses long positions only — shorts, foreign equities, and options are excluded.