First Beijing Investment reports 9.6% stake in Full Truck Alliance (YMM) ADSs

Rhea-AI Filing Summary

First Beijing Investment Limited reported beneficial ownership of 1,800,017,900 Class A ordinary shares of Full Truck Alliance Co. Ltd., equal to 90,000,895 ADSs (each ADS = 20 Class A shares). The filing states this equals 9.60% of Class A shares outstanding as of December 31, 2025, based on 18,752,052,944 Class A ordinary shares.

The filer reports sole voting power for 965,902,020 Class A shares and sole dispositive power for 1,800,017,900 Class A shares. The Schedule 13G/A is signed by a director on May 13, 2026.

Insights

Institutional Ownership Analyst

Large passive stake: 9.6% ownership disclosed in a Schedule 13G/A.

First Beijing Investment Limited reports owning 1,800,017,900 Class A ordinary shares, equivalent to 90,000,895 ADSs at a ratio of 20:1. The percentage is calculated on an outstanding base of 18,752,052,944 Class A shares as of December 31, 2025.

Filing lists voting and dispositive counts: 965,902,020 shares with sole voting power and 1,800,017,900 shares with sole dispositive power. Future disclosures or Schedule 13D filings would be required if the holder changes intent or control; current filing indicates reported ownership levels only.

Governance & Regulatory Specialist

Schedule 13G/A signals passive investor reporting rather than an active control bid.

The form type is a Schedule 13G amendment, which typically indicates passive investment reporting. The filing includes the ADS conversion ratio and cites the outstanding share count from a Form 20-F reference for its percentage calculation.

Reported distinctions between voting and dispositive power are explicit. Any material change in intent or acquisition of control could trigger different reporting obligations; current record shows disclosed holdings and voting/dispositive allocations without a stated change in intent.

Key Figures

Class A shares beneficially owned: 1,800,017,900 shares ADS equivalent: 90,000,895 ADSs Percent of class: 9.60% +3 more

6 metrics

Class A shares beneficially owned 1,800,017,900 shares Beneficially owned by First Beijing Investment Limited

ADS equivalent 90,000,895 ADSs Each ADS represents 20 Class A ordinary shares

Percent of class 9.60% Based on 18,752,052,944 Class A shares outstanding as of Dec 31, 2025

Sole voting power 965,902,020 shares Sole power to vote or direct the vote reported in filing

Sole dispositive power 1,800,017,900 shares Sole power to dispose or direct disposition reported in filing

Outstanding shares used for calc 18,752,052,944 shares Class A ordinary shares outstanding as of Dec 31, 2025 per Form 20-F

Key Terms

American Depositary Share (ADS), Beneficially owned, Sole dispositive power, Schedule 13G/A

4 terms

American Depositary Share (ADS) financial

"There is no CUSIP number assigned to the ordinary shares, CUSIP number 35969L108 has been assigned to the American Depositary Shares"

Beneficially owned regulatory

"These 1,800,017,900 Class A ordinary Shares represent 90,000,895 ADSs"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 1,800,017,900"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G/A regulatory

"(Amendment No. 3 ) Full Truck Alliance Co. Ltd."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

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

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Accepted by SEC EDGAR 05/13/2026 - 07:18 AM Learn about SEC filing dates

FAQ

What stake does First Beijing Investment hold in Full Truck Alliance (YMM)?

First Beijing Investment holds 1,800,017,900 Class A ordinary shares, equal to 90,000,895 ADSs (each ADS = 20 shares), representing 9.60% of Class A shares outstanding as of December 31, 2025.

How was the 9.60% ownership calculated for YMM?

The percentage uses 18,752,052,944 Class A ordinary shares outstanding as of December 31, 2025, per the issuer's referenced Form 20-F, producing the reported 9.60% figure for the filer’s holdings.

How many votes can First Beijing Investment cast for YMM shares?

The filing reports sole voting power for 965,902,020 Class A shares, representing the voting authority the filer claims. The document lists 0 shared voting power for these holdings.

Does the filing indicate active control or passive investment?

This is an amended Schedule 13G/A, which typically reflects passive investment reporting. The filing does not state a change in intent or an acquisition purpose that would indicate active control.

What is the ADS ratio and ticker for Full Truck Alliance?

Each American Depositary Share represents 20 Class A ordinary shares. The ADSs are quoted on the New York Stock Exchange under the symbol YMM, per the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Full Truck Alliance Co. Ltd.

(Name of Issuer)

Class A ordinary shares, par value $0.00001 per share

(Title of Class of Securities)

35969L108

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 35969L108

1

Names of Reporting Persons

First Beijing Investment Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 965,902,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,800,017,900.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,800,017,900.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Exempt Reporting Advisor

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Full Truck Alliance Co. Ltd.
(b)	Address of issuer's principal executive offices: BUILDING 3, WANBO R&D PARK, 20 FENGXIN ROAD, YUHUATAI DISTRICT, NANJING, CHINA, 210012.
Item 2.
(a)	Name of person filing: First Beijing Investment Limited
(b)	Address or principal business office or, if none, residence: 16th Floor, On Building, 162 Queens Road, Central, Hong Kong
(c)	Citizenship: Hong Kong
(d)	Title of class of securities: Class A ordinary shares, par value $0.00001 per share
(e)	CUSIP No.: 35969L108
Item 4.	Ownership
(a)	Amount beneficially owned: These 1,800,017,900 Class A ordinary Shares represent 90,000,895 ADSs (each representing 20 Class A ordinary shares) of the Issuer. There is no CUSIP number assigned to the ordinary shares, CUSIP number 35969L108 has been assigned to the American Depositary Shares("ADS") of the Issuer. Each ADS represents 20 Class A ordinary shares, which are quoted on the New York Stock Exchange under the symbol "YMM".
(b)	Percent of class: 9.60%. The ownership is calculated based on 18,752,052,944 Class A ordinary Shares of the Issuer outstanding as of December 31, 2025, according to the Form 20-F filed by the Issuer with Securities and Exchange Commission (the "SEC") on April 14, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: These 965,902,020 Class A ordinary shares represent 48,295,101 ADSs (each representing 20 Class A ordinary shares) of the Issuer.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,800,017,900. Same as Item 4.(a)
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

First Beijing Investment Ltd

Signature:	LI JINGWEI
Name/Title:	DIRECTOR
Date:	05/13/2026