Full Truck Alliance Co Ltd SEC Filings

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.

Full Truck Alliance reported solid 2025 growth with improving profitability. Full-year net revenues reached RMB12.49 billion, up 11.1% from 2024. Net income rose 42.8% to RMB4.46 billion, while non-GAAP adjusted net income increased 19.3% to RMB4.79 billion, supported by lower tax-related cost of revenues.

The platform handled over 236 million fulfilled orders and grew average shipper MAUs 18.6% year over year. 2025 free cash flow was RMB4.50 billion, and cash, equivalents and investments totaled RMB31.5 billion as of December 31, 2025. For Q1 2026, the company guides net revenues of RMB2.70–2.80 billion, or 13.9–19.0% growth excluding freight brokerage. A 2026 shareholder return plan targets about US$400 million via buybacks and dividends, including a US$0.0840 per ADS cash dividend (around US$87.5 million) for Q1 and US$52.4 million of repurchases completed by March 11, 2026.

First Beijing Investment Limited filed an amended Schedule 13G reporting its beneficial ownership in Full Truck Alliance Co. Ltd. It reports beneficial ownership of 1,532,331,360 Class A ordinary shares, which represent 76,616,568 ADSs, each ADS corresponding to 20 Class A ordinary shares.

This stake equals 8.16% of Full Truck Alliance’s Class A ordinary shares, based on 18,786,018,412 shares outstanding as of December 31, 2024. First Beijing has sole voting power over 710,304,800 shares (35,515,240 ADSs) and sole dispositive power over the full 1,532,331,360 shares, with no shared voting or dispositive power.

The filing is certified as being made on a passive investment basis, stating the securities were not acquired and are not held for the purpose or effect of changing or influencing control of Full Truck Alliance.

Full Truck Alliance Co. Ltd. has introduced a long-term shareholder return plan that targets distributing no less than 50% of its non-GAAP adjusted net income from the prior fiscal year through dividends and/or share repurchases each year, subject to board approval. The board will review and may adjust the plan over time based on financial performance, the business plan and other factors.

To launch the plan, the company’s board approved returning a total of US$400 million to shareholders in fiscal year 2026, with at least US$300 million to be paid as quarterly dividends and the balance via open-market share repurchases. Details of specific dividend payments and repurchase programs will be announced after further board approval.

Full Truck Alliance (YMM): SoftBank Vision Fund–affiliated entities filed Amendment No. 7 to Schedule 13G reporting beneficial ownership of 1,386,022,769 Class A Ordinary Shares, representing 7.4% of the class. The filing lists shared voting and dispositive power over the same amount and no sole power.

The ownership is presented as of March 31, 2025, based on 18,786,018,412 Class A Ordinary Shares outstanding as of December 31, 2024. SVF Truck (Singapore) Pte. Ltd. is the record holder of 1,183,520,529 shares and 202,502,240 shares represented by 10,125,112 ADSs (each ADS equals 20 Class A shares). The reporting persons include SB Investment Advisers (UK) Limited, SoftBank Vision Fund L.P., SVF Holdings (UK) LLP, SVF Holdings (Singapore) Pte. Ltd., and SVF Truck (Singapore) Pte. Ltd.

First Beijing Investment Limited filed Amendment No. 1 to Schedule 13G reporting beneficial ownership of 1,372,911,600 Class A ordinary shares of Full Truck Alliance (YMM), equal to 68,645,580 ADSs (each ADS represents 20 Class A ordinary shares). The filing lists a 7.31% stake.

The percentage is based on 18,786,018,412 Class A ordinary shares outstanding as of December 31, 2024. First Beijing reports sole voting power over 585,584,840 shares and sole dispositive power over 1,372,911,600 shares. The Date of Event is September 30, 2025, and the filer certifies the securities were not acquired to change or influence control.

Invesco Ltd. filed a Schedule 13G reporting beneficial ownership in Full Truck Alliance Co Ltd (YMM). Invesco may be deemed to beneficially own 1,084,466,979 American Depository Receipt shares, representing 5.8% of the class as of the event date 09/30/2025.

Invesco reports 913,785,619 shares with sole voting power and 1,084,466,979 with sole dispositive power; no shared voting or dispositive power. The shares are held of record by clients of Invesco’s investment advisers, and the certification states they were acquired and are held in the ordinary course and not to change or influence control. Invesco notes that no one individual has greater than 5% economic ownership.

Full Truck Alliance (YMM): FIL Limited and related reporting persons filed Amendment No. 1 to Schedule 13G reporting beneficial ownership of 1,266,827,600 Class A common shares, representing 6.8% of the class as of the event date 09/30/2025.

For FIL Limited, the filing lists sole voting power over 1,112,979,380 shares and sole dispositive power over 1,266,827,600 shares, with no shared voting or dispositive power. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing also notes one or more other persons may have rights to receive dividends or sale proceeds, with no single such interest exceeding five percent of the class.