China's Full Truck Alliance eyes Hong Kong listing, strong 2025 growth, says executive

Julie Zhu

Mon, Mar 10, 2025, 12:53 AM 3 min read

By Julie Zhu

HONG KONG (Reuters) - Full Truck Alliance (FTA), China's "Uber for trucks", could revisit plans for a 2nd listing successful Hong Kong successful the aftermath of a rebound successful capitalist sentiment and an escalation successful Sino-U.S. geopolitical tensions, a institution enforcement said.

The company, besides known arsenic Manbang successful China, had initially planned a dual superior listing successful Hong Kong successful 2022 owed to stricter audit requirements for U.S.-listed Chinese companies.

But it scrapped the program successful December that twelvemonth aft the U.S. audit watchdog said it gained afloat entree to inspect and analyse firms successful China for the archetypal clip ever. The improvement removed the hazard of astir 200 Chinese companies being kicked disconnected U.S. banal exchanges.

"Regarding a (second) listing successful Hong Kong, whether it was past oregon now, the astir important information for america has ever been to hedge against U.S. risks," said Chief Financial Officer Simon Cai. These included the assorted governmental risks that person emerged since U.S. President Donald Trump took office.

"This is our superior objective. Beyond this, if determination are immoderate further benefits, specified arsenic improvements successful valuation and liquidity, these would beryllium bonus points," Cai told Reuters successful an interview.

FTA, backed by big-name investors including SoftBank's Vision Fund and Tencent Holdings, went nationalist successful New York successful 2021 and is among the fewer U.S.-listed Chinese companies that person not yet pursued a 2nd listing successful the Asian fiscal hub.

Stock prices of Chinese tech firms listed successful Hong Kong person rallied successful caller months, boosting their liquidity and valuation, arsenic investors' appetite for tech stocks has been whetted by hopes of Beijing's enactment for backstage firms and optimism astir China's artificial quality sector.

The Hang Seng Tech Index has risen implicit 30% truthful acold this year.

"Against this broader backdrop, we volition actively re-examine and see a listing successful Hong Kong again. However, nary circumstantial plans person been decided yet," Cai added.

Formed successful 2017 retired of a merger betwixt 2 integer freight platforms Yunmanman and Huochebang, FTA runs a mobile app that connects motortruck drivers with radical who request to vessel items wrong China. The institution reported astir 200 cardinal fulfilled orders connected its level successful 2024, a 24% year-on-year increase.

FTA connected Wednesday posted beardown net for 2024, with yearly full gross rising by 33% year-on-year to 11.2 cardinal yuan ($1.55 billion) and nett income up by 40% to 3.1 cardinal yuan. The maturation was chiefly driven by expanding integer adoption, penetration complaint and bid volume.