Yiheng Capital Management L P's Q2 2025 13F: 1 exit
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 20 reported positions · accession 0001941040-25-000486
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | BILIBILI INC (BILI) | 21.1% | 14.9% | −6.2 pts | −1.23M sh | −39% |
| Exited | ROBLOX CORP (RBLX) | 5.8% | — | −5.8 pts | −282K sh | −100% |
| Increased | JD.COM INC (JD) | 8.2% | 9.3% | +1.2 pts | +223K sh | +40% |
| Reduced | H WORLD GROUP LTD (HTHT) | 8.4% | 6.0% | −2.4 pts | −157K sh | −24% |
| Reduced | AKERO THERAPEUTICS INC (AKRO) | 5.1% | 5.8% | +0.7 pts | −60,000 sh | −17% |
| Increased | AGORA INC (API) | 0.3% | 0.7% | +0.5 pts | +341K sh | +177% |
| Increased | SILVACO GROUP INC (SVCO) | 1.6% | 1.9% | +0.3 pts | +83,950 sh | +8% |
| Increased | GENERATION BIO CO (GBIO) | 0.0% | 0.1% | +0.1 pts | +864K sh | +451% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 88.8% of the equity book
Changes in the top 10 this quarter: IVA entered · RBLX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | NOAH HLDGS LTD (NOAH) | 22.3% | 29.1% | |
| 2 | BILIBILI INC (BILI) | 21.1% | 14.9% | |
| 3 | NEW ORIENTAL ED & TECHNOLOGY (EDU) | 10.1% | 11.7% | |
| 4 | JD.COM INC (JD) | 8.2% | 9.3% | |
| 5 | H WORLD GROUP LTD (HTHT) | 8.4% | 6.0% | |
| 6 | AKERO THERAPEUTICS INC (AKRO) | 5.1% | 5.8% | |
| 7 | ATRENEW INC (RERE) | 3.3% | 3.8% | |
| 8 | INVENTIVA SA (IVA) | 2.0% | 3.1% | Entered the top 10 |
| 9 | ACM RESH INC (ACMR) | 2.3% | 2.6% | |
| 10 | VIRIDIAN THERAPEUTICS INC (VRDN) | 2.4% | 2.5% | |
| — | ROBLOX CORP (RBLX) | 5.8% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | UL SOLUTIONS INC (ULS) | Put | 0 | 842K | $61.3M |
| Exited | ASTERA LABS INC (ALAB) | Put | 836K | 0 | $0 |
| Exited | AKERO THERAPEUTICS INC (AKRO) | Call | 752K | 0 | $0 |
| New | PLANET FITNESS INC (PLNT) | Put | 0 | 270K | $29.4M |
| New | VIASAT INC (VSAT) | Put | 0 | 1.48M | $21.7M |
| Increased | JD.COM INC (JD) | Call | 12.59M | 16.18M | $528M |
| Reduced | BILIBILI INC (BILI) | Call | 10.11M | 9.04M | $194M |