By Julie Zhu
HONG KONG (Reuters) – Full Truck Alliance (FTA), China’s «Uber for trucks», could revisit plans for a second listing in Hong Kong in the wake of a rebound in investor sentiment and an escalation in Sino-U.S. geopolitical tensions, a company executive said.
The company, also known as Manbang in China, had initially planned a dual primary listing in Hong Kong in 2022 due to stricter audit requirements for U.S.-listed Chinese companies.
But it scrapped the plan in December that year after the U.S. audit watchdog said it gained full access to inspect and investigate firms in China for the first time ever. The development removed the risk of about 200 Chinese companies being kicked off U.S. stock exchanges.
«Regarding a (second) listing in Hong Kong, whether it was then or now, the most important consideration for us has always been to hedge against U.S. risks,» said Chief Financial Officer Simon Cai. These included the various political risks that have emerged since U.S. President Donald Trump took office.
«This is our primary objective. Beyond this, if there are any additional benefits, such as improvements in valuation and liquidity, these would be bonus points,» Cai told Reuters in an interview.
FTA, backed by big-name investors including SoftBank’s Vision Fund and Tencent Holdings, went public in New York in 2021 and is among the few U.S.-listed Chinese companies that have not yet pursued a second listing in the Asian financial hub.
Stock prices of Chinese tech firms listed in Hong Kong have rallied in recent months, boosting their liquidity and valuation, as investors’ appetite for tech stocks has been whetted by hopes of Beijing’s support for private firms and optimism about China’s artificial intelligence sector.
The Hang Seng Tech Index has risen over 30% so far this year.
«Against this broader backdrop, we will actively re-examine and consider a listing in Hong Kong again. However, no specific plans have been decided yet,» Cai added.
Formed in 2017 out of a merger between two digital freight platforms Yunmanman and Huochebang, FTA runs a mobile app that connects truck drivers with people who need to ship items within China. The company reported nearly 200 million fulfilled orders on its platform in 2024, a 24% year-on-year increase.
FTA on Wednesday posted strong earnings for 2024, with annual total revenue rising by 33% year-on-year to 11.2 billion yuan ($1.55 billion) and net income up by 40% to 3.1 billion yuan. The growth was primarily driven by increasing digital adoption, penetration rate and order volume.
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