China’s Full Truck Alliance eyes secondary Hong Kong listing as ‘hedge against US risks’
The most important consideration for a Hong Kong listing has always been to hedge against US risks after Trump’s return, CFO Simon Cai says
Full Truck Alliance (FTA), China’s “Uber for trucks”, could revisit plans for a second listing in Hong Kong following a rebound in investor sentiment and an escalation in US-China geopolitical tensions, according to a top executive.
The company, also known as Manbang in China, had initially planned a dual primary listing in Hong Kong in 2022 due to stricter audit requirements for US-listed Chinese companies.
But it scrapped the plan in December that year after the US audit watchdog said it gained full access to inspect and investigate firms in China for the first time ever. The development removed the risk of about 200 Chinese companies being kicked off US stock exchanges.
“Regarding a [second] listing in Hong Kong, whether it was then or now, the most important consideration for us has always been to hedge against US risks,” said chief financial officer Simon Cai. These include the various political risks that have emerged since US President Donald Trump took office.
“This is our primary objective. Beyond this, if there are any additional benefits, such as improvements in valuation and liquidity, these would be bonus points,” Cai said.
FTA, backed by big-name investors including SoftBank’s Vision Fund and Tencent Holdings, went public in New York in 2021 and is among the few US-listed Chinese companies that have not yet pursued a second listing in the Asian financial hub.
