Suspension of Full Truck Alliance’s Hong Kong Listing Plan Denied by Source

Reuters reported on Thursday that Full Truck Alliance, a Chinese digital freight platform, has shelved plans for a dual primary listing in Hong Kong. However, a source close to the company told local media outlet Zhitong Finance on Friday that the company is currently evaluating the feasibility of listing on the exchange and has been actively communicating with relevant departments.

Full Truck Alliance was established in November 2017 as the product of the merger of two Chinese firms: highway logistics internet information platform Huochebang and freight dispatching platform Yunmanman. Based on digital technology, Full Truck Alliance has been committed to building an efficient platform to match drivers and consignors. On June 22, 2021, the company was listed on the New York Stock Exchange.

According to Full Truck Alliance’s recent financial report, in 2021, its total net revenue was 4.657 billion yuan, a year-on-year increase of 80.4%. The adjusted net profit in 2021 was 450.5 million yuan, while the adjusted net profit in 2020 was 281.1 million yuan.

On April 25th, Full Truck Alliance announced that in the first quarter of 2022, it had completed 25.2 million orders, up 13.6% year-on-year, and its gross transaction value reached 53.6 billion yuan, up 4.2% year-on-year.

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It was reported in February that Full Truck Alliance was planning for a dual primary listing in Hong Kong. According to the report of Reuters on Thursday, the reason why Full Truck Alliance shelved the listing plan is that China’s cybersecurity regulator has not yet released the results of its investigation launched against the company on July 5, 2021.