Full Truck Alliance (NYSE: YMM) officer Shen Kai reports initial holdings

Rhea-AI Filing Summary

Full Truck Alliance Co. Ltd. officer Shen Kai filed an initial ownership report showing significant equity exposure. He holds a stock option covering 12,000,000 Class A ordinary shares at an exercise price of $0.0000 per share, vesting 50% on June 1, 2027 and 50% on June 1, 2029, contingent on continued service.

He also holds 93,777 American Depositary Shares (ADSs) directly and 500,000 ADSs indirectly through Master Quality Group Limited, which he has dispositive power over and which serves as nominee for an employee incentive plan trust. Each ADS represents 20 Class A ordinary shares.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Shen Kai

(Last) (First) (Middle)

WANBO SCIENCE AND TECHNOLOGY PARK,

20 FENGXIN ROAD

(Street)

NANJING 210012

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Full Truck Alliance Co. Ltd. [ YMM ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American Depositary Shares(1)	500,000	I	See Footnote(2)
American Depositary Shares(1)	93,777	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	(3)	01/01/2036	Class A ordinary shares	12,000,000	$0	D

Explanation of Responses:

1. Each American Depositary Share ("ADS") represents 20 Class A ordinary shares, with a par value of $0.00001 per share, of the Issuer.

2. Represent shares directly held by Master Quality Group Limited, which the Reporting Person has dispositive power over. Master Quality Group Limited is the nominee of an employee incentive plan trust of the Issuer.

3. This option vests and becomes exercisable as follows: 50% on June 1, 2027 and the remaining 50% on June 1, 2029, subject to the Reporting Person's continued service with the Issuer.

Remarks:

Chief Public Affairs and Risk Officer Exhibit 24 - Power of Attorney

	/s/Lin Jiang, attorney-in-fact for Kai Shen	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Shen Kai report on his Form 3 for Full Truck Alliance (YMM)?

Shen Kai reports his initial ownership in Full Truck Alliance, including a large stock option and ADS holdings. This filing discloses his starting equity position as an officer rather than any recent buy or sell transaction in the company’s securities.

How many stock options does Shen Kai hold in Full Truck Alliance (YMM)?

He holds a stock option over 12,000,000 Class A ordinary shares at a nominal exercise price. The option vests in two equal tranches in 2027 and 2029, conditioned on his continued service with the company during that period.

When do Shen Kai’s stock options in Full Truck Alliance vest and expire?

The option vests 50% on June 1, 2027 and the remaining 50% on June 1, 2029, subject to continued service. It carries an expiration date of January 1, 2036, providing a long-term window for potential exercise once vested.

How many American Depositary Shares of Full Truck Alliance does Shen Kai hold?

He holds 93,777 American Depositary Shares (ADSs) directly and 500,000 ADSs indirectly through Master Quality Group Limited. Together these positions represent substantial exposure, with each ADS corresponding to 20 Class A ordinary shares of the company.

What is Master Quality Group Limited’s role in Shen Kai’s YMM holdings?

Master Quality Group Limited directly holds 500,000 ADSs for which Shen Kai has dispositive power. The entity acts as the nominee of an employee incentive plan trust of Full Truck Alliance, meaning these indirect holdings relate to incentive arrangements rather than personal open-market trading.

What does each Full Truck Alliance (YMM) ADS represent for Shen Kai’s holdings?

Each American Depositary Share represents 20 Class A ordinary shares of Full Truck Alliance. This ratio applies to both his direct and indirect ADS holdings, allowing investors to translate his ADS positions into the equivalent number of underlying ordinary shares.