China’s Full Truck Alliance seeks $1b IPO in the US, sources say

The Tencent-backed startup is working with banks Morgan Stanley and China International Capital Corp for its financial debut, the sources shared. Full Truck Alliance is aiming to raise US$1 billion to US$2 billion through the offering, but discussions are still in their early stages and details could still be changed, they added.

In a response to Bloomberg’s queries, a spokesperson for the company said it currently has no concrete IPO plans yet, adding that the information is “inaccurate, incomplete, and misleading.”

The development comes after Full Truck Alliance, also known as Manbang, posted a 135 million yuan (US$21 million) profit last year, recovering from a loss of 735 million yuan the year prior.

In November 2020, it was reported that the company raised US$1.7 billion from investors such as SoftBank, Tencent, GGV Capital, Lightspeed, Hillhouse, and Jack Ma’s Yunfeng Capital. In an interview with Bloomberg TV last year, the company’s chief financial officer Richard Zhang said Full Truck Alliance would “probably want to go for an IPO.”