[Form 3] Full Truck Alliance Co. Ltd. Initial Statement of Beneficial Ownership

Full Truck Alliance Co. Ltd. director Ma Guizhen reported initial equity holdings.

Rhea-AI Filing Summary

Full Truck Alliance Co. Ltd. director Ma Guizhen reported initial equity holdings. The filing shows a stock option covering 8,000,000 Class A ordinary shares at an exercise price of $0.00, vesting 50% on January 1, 2027 and 50% on January 1, 2029, subject to continued service.

Ma also holds American Depositary Shares, including 288,057 ADSs directly and additional indirect positions, such as 700,000 ADSs held by Master Quality Group Limited, the nominee of an employee incentive plan trust. Each ADS represents 20 Class A ordinary shares.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Ma Guizhen

Role Director

Type	Security	Shares	Price	Value
holding	Stock Option (Right to Buy)	--	--	--
holding	American Depositary Shares	--	--	--
holding	American Depositary Shares	--	--	--
holding	American Depositary Shares	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 8,000,000 contracts (Direct); American Depositary Shares — 953,045 shares (Indirect, See Footnote); American Depositary Shares — 288,057 shares (Direct)

Footnotes (4)

1. F1. Each American Depositary Share ("ADS") represents 20 Class A ordinary shares, with a par value of $0.00001 per share, of the Issuer.
2. F2. 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. F3. Represent shares held in a brokerage account maintained by the Issuer for its employee incentive plan.
4. F4. This option vests and becomes exercisable as follows: 50% on January 1, 2027 and the remaining 50% on January 1, 2029, subject to the Reporting Person's continued service with the Issuer.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Ma Guizhen report owning in Full Truck Alliance (YMM)?

Ma Guizhen reports a stock option over 8,000,000 Class A ordinary shares at a $0.00 exercise price, plus several American Depositary Share holdings, including 288,057 ADSs held directly and additional ADSs held indirectly through employee incentive plan structures.

How is the 8,000,000 share stock option for YMM structured?

The stock option covers 8,000,000 Class A ordinary shares at a $0.00 exercise price. It vests in two equal tranches: 50% on January 1, 2027 and the remaining 50% on January 1, 2029, conditioned on Ma Guizhen’s continued service with the company.

What American Depositary Share holdings are reported for YMM?

The filing lists 288,057 American Depositary Shares held directly and separate indirect holdings, including 700,000 ADSs held by Master Quality Group Limited and 253,045 ADSs in a brokerage account for the employee incentive plan, reflecting Ma’s interests in the company’s equity programs.

How many YMM ordinary shares does each ADS represent?

Each American Depositary Share represents 20 Class A ordinary shares with a par value of $0.00001 per share. This ratio helps investors understand how ADS positions relate to the underlying ordinary share count of Full Truck Alliance’s equity structure.

What role do employee incentive plans play in these YMM holdings?

Part of the reported holdings are tied to employee incentive arrangements. Master Quality Group Limited acts as nominee for an employee incentive plan trust, and another block of ADSs is held in a brokerage account maintained for the plan, reflecting equity-based compensation structures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 07:54 AM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Ma Guizhen

(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)

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

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)	700,000	I	See Footnote(2)
American Depositary Shares(1)	253,045	I	See Footnote(3)
American Depositary Shares(1)	288,057	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)	(4)	01/01/2036	Class A ordinary shares	8,000,000	$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. Represent shares held in a brokerage account maintained by the Issuer for its employee incentive plan.

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

Remarks:

Exhibit 24 - Power of Attorney

	/s/Lin Jiang, attorney-in-fact for Guizhen Ma	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)