Yiheng Capital Management L P's Q3 2025 13F: 3 new positions
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 23 reported positions · accession 0001420506-25-003340
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | BILIBILI INC (BILI) | 14.9% | 13.2% | −1.7 pts | −500K sh | −26% |
| New | ULTRAGENYX PHARMACEUTICAL IN (RARE) | — | 2.2% | +2.2 pts | +226K sh | new |
| Reduced | AKERO THERAPEUTICS INC (AKRO) | 5.8% | 3.0% | −2.8 pts | −109K sh | −36% |
| New | PONY AI INC (PONY) | — | 1.5% | +1.5 pts | +200K sh | new |
| New | CELLEBRITE DI LTD (CLBT) | — | 1.4% | +1.4 pts | +231K sh | new |
| Reduced | NEW ORIENTAL ED & TECHNOLOGY (EDU) | 11.7% | 9.2% | −2.5 pts | −76,179 sh | −13% |
| Reduced | H WORLD GROUP LTD (HTHT) | 6.0% | 5.9% | −0.1 pts | −31,932 sh | −7% |
| Reduced | NOAH HLDGS LTD (NOAH) | 29.1% | 25.8% | −3.3 pts | −2,371 sh | 0% |
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
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- GENERATION BIO CO (GBIO): 37148K100 → 37148K209, 1.06M → 106K shares (share count change consistent with a stock split)
Top 10 positions — 83.2% of the equity book
No changes in the top 10 this quarter
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | NOAH HLDGS LTD (NOAH) | 29.1% | 25.8% | |
| 2 | BILIBILI INC (BILI) | 14.9% | 13.2% | |
| 3 | NEW ORIENTAL ED & TECHNOLOGY (EDU) | 11.7% | 9.2% | |
| 4 | JD.COM INC (JD) | 9.3% | 9.1% | |
| 5 | H WORLD GROUP LTD (HTHT) | 6.0% | 5.9% | |
| 6 | INVENTIVA SA (IVA) | 3.1% | 5.1% | |
| 7 | ATRENEW INC (RERE) | 3.8% | 4.8% | |
| 8 | ACM RESH INC (ACMR) | 2.6% | 3.6% | |
| 9 | VIRIDIAN THERAPEUTICS INC (VRDN) | 2.5% | 3.6% | |
| 10 | AKERO THERAPEUTICS INC (AKRO) | 5.8% | 3.0% |
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 |
|---|---|---|---|---|---|
| Reduced | JD.COM INC (JD) | Call | 16.18M | 1.81M | $63.5M |
| New | ASTERA LABS INC (ALAB) | Put | 0 | 1.43M | $280M |
| Reduced | BILIBILI INC (BILI) | Call | 9.04M | 400K | $11.2M |
| Exited | UL SOLUTIONS INC (ULS) | Put | 842K | 0 | $0 |
| Exited | PLANET FITNESS INC (PLNT) | Put | 270K | 0 | $0 |
| Reduced | VIASAT INC (VSAT) | Put | 1.48M | 736K | $21.6M |