Full Truck Alliance Announces Cybersecurity Review in China

Rhea-AI Summary

On July 5, 2021, Full Truck Alliance Co. Ltd. (NYSE: YMM) announced that the Cybersecurity Review Office of China has initiated a cybersecurity review of its Yunmanman and Huochebang apps. During this period, new user registration in China will be suspended to mitigate potential risks. The company will cooperate fully with the review and is conducting its own self-examination of cybersecurity measures. Despite this suspension, the apps will continue normal operations. Full Truck Alliance aims to enhance its cybersecurity systems while working with regulatory authorities.

Positive

• Full cooperation with Cybersecurity Review Office may enhance trust and compliance.
• Continued normal operations of the apps could mitigate user concerns.

Negative

• Suspension of new user registrations may limit user growth and revenue.
• Cybersecurity review could indicate underlying vulnerabilities in the company's systems.

GUIYANG, China, July 5, 2021 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced that pursuant to an announcement issued by the Cybersecurity Review Office ("CRO") of the Cyberspace Administration of China on July 5, 2021, CRO has initiated a cybersecurity review of FTA's Yunmanman apps and Huochebang apps. In order to facilitate the review and prevent the expansion of potential risks, these mobile apps are required to suspend new user registration in China during the review period.

FTA will fully cooperate with CRO during the cybersecurity review process. FTA is conducting a comprehensive self-examination of any potential cybersecurity risks and will continue to improve its cybersecurity systems and technology capabilities. FTA hopes its full cooperation will assist CRO to complete its review process smoothly.

Apart from the suspension of new user registration in China, FTA and its mobile applications maintain normal operation.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform, connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services including freight listing service, freight brokerage service and online transaction service. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas stations operators. With a mission to make logistics better, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect is systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: FTA@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-announces-cybersecurity-review-in-china-301325413.html

SOURCE Full Truck Alliance Co. Ltd.

FAQ

What triggered the cybersecurity review for Full Truck Alliance (YMM)?

The Cybersecurity Review Office of China initiated a review on July 5, 2021, due to potential risks associated with FTA's apps.

How long will the suspension of new user registrations for YMM last?

The duration of the suspension has not been specified and will depend on the outcome of the cybersecurity review.

What apps are affected by the review announced by Full Truck Alliance (YMM)?

The apps affected are Yunmanman and Huochebang.

Will Full Truck Alliance (YMM) continue normal operations during the review?

Yes, FTA has stated that its apps will maintain normal operations despite the suspension of new user registrations.