Full Truck Alliance (YMM) director discloses indirect and restricted ADS stakes

Rhea-AI Filing Summary

Full Truck Alliance Co. Ltd. director Li Xinzhe filed an initial statement of ownership, reporting holdings of the company’s American Depositary Shares (ADSs). Li indirectly holds 216,480 ADSs through a brokerage account maintained by the company for its employee incentive plan and directly holds 11,682 restricted ADSs. These restricted ADSs will vest in three equal parts on May 1, 2026, August 1, 2026, and November 1, 2026, subject to continued service. Each ADS represents 20 Class A ordinary shares of Full Truck Alliance.

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^*

Li Xinzhe

(Last) (First) (Middle)

WANBO SCIENCE AND TECHNOLOGY PARK,

20 FENGXIN ROAD

(Street)

NANJING CHINA 210012

(City) (State) (Zip)

CHINA

(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)	216,480	I	See Footnote(2)
American Depositary Shares(3)	11,682(3)	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

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 held in a brokerage account maintained by the Issuer for its employee incentive plan.

3. Represent restricted ADSs of the Issuer, which will vest one-third each on May 1, 2026, August 1, 2026, and November 1, 2026, respectively, subject to the Reporting Person's continued service through such dates.

Remarks:

Exhibit 24 - Power of Attorney

	/s/Chen Luo, attorney-in-fact for Jennifer Xinzhe Li	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 insider ownership does Li Xinzhe report in Full Truck Alliance (YMM)?

Li Xinzhe reports beneficial ownership of American Depositary Shares of Full Truck Alliance. This includes 216,480 ADSs held indirectly via a company-maintained employee incentive plan account and 11,682 ADSs held directly as restricted shares subject to future vesting conditions.

How many Full Truck Alliance (YMM) ADSs does Li Xinzhe hold indirectly versus directly?

Li Xinzhe holds 216,480 American Depositary Shares indirectly through a brokerage account maintained by Full Truck Alliance for its employee incentive plan, and 11,682 ADSs directly as restricted shares that vest over time, reflecting both incentive-plan and personal equity exposure.

What is the vesting schedule for Li Xinzhe’s restricted ADSs in Full Truck Alliance (YMM)?

Li Xinzhe’s 11,682 restricted American Depositary Shares vest in three equal installments. One-third vests on May 1, 2026, another third on August 1, 2026, and the final third on November 1, 2026, provided he continues serving through each vesting date.

What does each Full Truck Alliance (YMM) ADS represent in underlying shares?

Each Full Truck Alliance American Depositary Share represents 20 Class A ordinary shares with a par value of $0.00001 per share. This ratio links the U.S.-traded ADSs to the company’s underlying ordinary equity issued in its home market.

Does the Form 3 for Full Truck Alliance (YMM) show any insider buying or selling by Li Xinzhe?

The Form 3 reflects holdings only and does not report any purchases or sales. It lists Li Xinzhe’s direct and indirect American Depositary Share positions as of the reporting date, serving as an initial baseline of his ownership stake.