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Yiheng Capital Management, L.P.

CIK:0001447228
Hedge Fund
$1B AUM
25 holdings
New York, NY, United States
Founded:2008
30 employees
Latest filing:Jun 30, 2025

Yiheng Capital Management, L.P. is a New York-headquartered hedge fund founded in 2008. The firm focuses on global investments, with a particular emphasis on China-related securities. Yiheng Capital serves institutional investors and has an employee count estimated to be between 10 and 50, based on industry sources and disclosed assets.

Investment Strategy

Yiheng Capital Management, L.P. specializes in fundamental, research-driven investing focused primarily on Greater China and China-related global equity and equity-linked securities. The firm seeks to achieve alpha through deep company research, active security selection, and tactical portfolio management, often utilizing both long and short positions. Yiheng targets companies with strong growth potential and robust fundamentals, while limiting risk through diversification and prudent capital allocation.

Latest 13F Filing Activity

Yiheng Capital Management, L.P. filed their most recent 13F report on Jun 30, 2025 disclosing 20 equity positions and 5 options positions with a total 13F market value of $1B. The fund increased holdings in Noah HLDGS LTD, New Oriental Ed & Technology, Inventiva SA among other positions. Yiheng Capital Management, L.P. reduced exposure to Bilibili Inc., Roblox Corp., H World Group LTD among others.

Top Buys
N
NOAHNOAH HLDGS LTD
+$16.7M
E
EDUNEW ORIENTAL ED & TECHNOLOGY
+$3.7M
I
IVAINVENTIVA SA
+$2.8M
J
JDJD.COM INC
+$2.5M
K
KYMRKYMERA THERAPEUTICS INC
+$2.0M
Top Sells
B
BILIBILIBILI INC
-$18.9M
R
RBLXROBLOX CORP
-$16.5M
H
HTHTH WORLD GROUP LTD
-$7.3M
T
TALTAL EDUCATION GROUP
-$924.6K
Y
YSGYATSEN HLDG LTD
+$465.3K

Top Holdings

N
NOAHNOAH HLDGS LTD
+7.2%$80.2M
B
BILIBILIBILI INC
+3.7%$41.2M
E
EDUNEW ORIENTAL ED & TECHNOLOGY
+2.9%$32.3M
J
JDJD.COM INC
+2.3%$25.7M
H
HTHTH WORLD GROUP LTD
+1.5%$16.6M

Equity Positions (20)

TickerSecurityWeightMarket ValueSharesAvg CostPriceChange (QoQ)
NOAH HLDGS LTD7.22%$80.2M6,719,722$31.91$11.94+$16.7M
BILIBILI INC3.71%$41.2M1,918,564$21.63$21.45-$18.9M
NEW ORIENTAL ED & TECHNOLOGY2.91%$32.3M598,080$24.02$53.95+$3.7M
JD.COM INC2.31%$25.7M787,413$32.64$32.64+$2.5M
H WORLD GROUP LTD1.49%$16.6M488,964$36.45$33.92-$7.3M

Options Positions (5)

TickerSecurityActionTypeNotional ValueContractsUnderlying PricePremium PaidChange (Contracts)Change (Value)
JD.COM INCBought
Call
$528.1M161,789$32.64$36.43+35,872+$10.3M
BILIBILI INCSold
Call
$194.0M90,443$21.45$18.32-10,644+$823.0K
UL SOLUTIONS INCNew
Put
$61.3M8,418$72.86$72.86+8,418+$61.3M
PLANET FITNESS INCNew
Put
$29.4M2,700$109.05$109.05+2,700+$29.4M
VIASAT INCNew
Put
$21.7M14,835$14.60$14.60+14,835+$21.7M

Industry Allocation

SEMICONDUCTORS & RELATED DEVICES
+41.2%
RETAIL-RETAIL STORES, NEC
+15.6%
INVESTMENT ADVICE
+11.5%
SERVICES-COMPUTER PROCESSING & DATA PREPARATION
+7.5%
PHARMACEUTICAL PREPARATIONS
+4.7%