Full Truck Alliance Co. Ltd. provides comprehensive services for shippers and truckers through its mobile and website platforms. The company’s principal operations and geographic markets are in the People’s Republic of China (PRC).
The company has transformed China’s road transportation industry by pioneering a digital, standardized and smart logistics infrastructure across the value chain. The company has built a vibrant ecosystem of millions of shippers and truckers. In the fourth quarter of...
Full Truck Alliance Co. Ltd. provides comprehensive services for shippers and truckers through its mobile and website platforms. The company’s principal operations and geographic markets are in the People’s Republic of China (PRC).
The company has transformed China’s road transportation industry by pioneering a digital, standardized and smart logistics infrastructure across the value chain. The company has built a vibrant ecosystem of millions of shippers and truckers. In the fourth quarter of 2023, an average number of approximately 2.24 million shippers posted shipping orders on the FTA platform each month, and 3.9 million truckers fulfilled shipping orders on the FTA platform in 2023. In 2023, the company facilitated 158.8 million fulfilled orders.
The company is committed to being an exemplary corporate citizen with positive impacts on the environment and society. The FTA platform contributes to a cleaner environment by eliminating empty miles and wasted fuel and improving efficiency of loads. Furthermore, the FTA platform promotes truckers’ welfare by increasing their earnings potential through efficient freight matching, establishing platform rules for fair dealing and undertaking social initiatives tailored to truckers.
The FTA Platform
Leveraging the proliferation of smartphones and the mobile internet, the company established nationwide infrastructure and industry standards that promote transparency, trust and efficiency across the logistics industry. In so doing, the company is contributing to China’s economic growth, improving lives of millions of shippers and truckers, and reducing carbon footprint for its planet.
The company has evolved from a directory of freight listings to an ecosystem that enables logistics transactions from end to end with data-driven technology and a comprehensive range of value-added services.
Freight Matching Services
Freight Listing Service: In 2011 and 2013, Huochebang and Yunmanman each began providing freight listing service through QQ and WeChat groups, taking the first step towards the digital transformation of China’s road transportation industry. At the end of 2013 and early 2014, Yunmanman and Huochebang each launched their mobile apps, where shippers could post shipping orders and truckers could contact them to find their next shipments in a standardized manner. After the two companies merged at the end of 2017, the company began the monetization of freight listing service in 2018 by launching its membership service for frequent shippers, allowing paying shippers to post more shipping orders than non-paying shippers.
Freight Brokerage Service: In January 2018, the company launched its freight brokerage service, going a step further from freight listing service to provide end-to-end freight matching service with a higher level of service quality assurance to shippers. As freight brokers, the company’s consolidated affiliates enter into contracts with shippers to sell shipping service and platform service and also enter into contracts with truckers to purchase shipping service. The difference between the amount the consolidated affiliates collect from shippers and the amount they pay to truckers represents the FTA platform service fee. The consolidated affiliates issue VAT invoices to shippers that they can in turn use for tax deductions, solving a significant pain point for many shippers when contracting with truckers. Shippers can track the transaction and the status of their order at each step in real-time and make payment for freight fees online. The consolidated affiliates also assume liability for cargo damages up to a specific amount per shipment, and obtain cargo insurance under certain circumstances to mitigate their risk.
Online Transaction Service: Building on the technology and operational knowhow developed from the company’s freight listing and brokerage services, it launched online transaction service to further digitalize shipping transactions and enable shippers and truckers to transact through the FTA platform. Truckers are required to make payments for freight deposits to the FTA platform to secure a shipping order, which contributes to better service quality and higher fulfillment rates. In the second half of 2020, the company began monetization of its online transaction service by collecting commissions from truckers on selected types of shipping orders originating from an initial batch of three cities, namely Hangzhou, Huzhou and Shaoxing. The FTA platform’s daily average order volume and trucker retention remained stable in these cities since then, demonstrating platform users’ acceptance of such commissions. The company has subsequently rolled out commissions in more cities and ramped up penetration. In the three months ended December 31, 2023, it collected commissions in a total of 204 cities.
Value-added Services
The company provides a range of value-added services, which cater to various essential needs of shippers and truckers and increase their stickiness and engagement on the FTA platform. Shippers can access the transportation management system, credit solutions and insurance services on the FTA platform. Truckers can access software for managing traffic ticket records, credit solutions, insurance services, electronic toll collection, or ETC, services, energy services and other services on the FTA platform.
Scale and Financial Performance
In 2023, the company facilitated 158.8 million fulfilled orders. The company is at an early stage of monetization. The company generates revenue primarily from membership fees, with the majority coming from shippers, freight brokerage fees from shippers, transaction commission from truckers, as well as interests and fees from value-added services to shippers, truckers and other ecosystem participants. The company started monetization of online transaction service in the second half of 2020.
Solutions
The company provides freight matching services by facilitating transactions between shippers and truckers and connects them with value-added service providers, such as financial institutions, highway authorities, gas stations and insurance companies. The company’s freight matching services and value-added services are accessible through Yunmanman shipper and trucker mobile apps, Huochebang shipper and trucker mobile apps, Shengsheng mobile apps and Yunmanman Cold Chain shipper and trucker mobile apps.
Freight Matching Services
The company provides a range of freight matching services that cater to the specific needs of shippers and truckers. The company started its business by operating a freight listing platform, where shippers post shipping orders and truckers contact shippers to secure their next shipping orders. In 2023, the company’s facilitated 158.8 million fulfilled orders. The company primarily serves the long-haul shipping needs within the FTL segment, and also provide intra-city and LTL logistics services. The Yunmanman and Huochebang brands primarily offer long-haul freight matching services, and the Shengsheng brand primarily offers intra-city freight matching services. Prior to April 2023, the company offered intra-city freight matching services primarily through the Shengsheng Huitouche app. Since April 2023, the company has offered intra-city freight matching services primarily through its new Shengsheng apps.
Freight Matching
Process
The key steps of the freight matching process include registration, posting shipping orders, finding and accepting shipping orders, as well as fulfillment and settlement, on the Yunmanman mobile apps. Similar functions are available on the Huochebang mobile apps, Shengsheng mobile apps and Yunmanman Cold Chain shipper and trucker mobile apps.
Registration
After shippers and truckers download the mobile apps and complete registrations, they become the company’s registered shippers or registered truckers. To promote honesty and accountability on the FTA platform, the company requires proof of personal identity from shippers and truckers during registration. The company also requires additional information, such as business license from shippers and driver’s license from truckers, for them to access a wider range of functions, such as freight brokerage service, on the FTA platform.
The freight matching process starts when a shipper posts a shipping order. As part of its efforts to digitalize logistics transactions, the company requires each shipper to fill out a standard set of cargo information, such as cargo origin, destination, type and size, as well as shipping requirements, such as truck type and loading and unloading time, on the company’s mobile apps.
Finding and Accepting Shipping Orders
Truckers find suitable shipping orders based on searches or recommendations. Truckers can search for shipping orders with specified filters, such as route and truck type. The company’s matching algorithms rank search results based on relevance to truckers. The FTA platform also sends truckers push notifications to recommend suitable shipping orders. The company’s matching algorithms analyze factors, such as truckers’ truck type, transaction records, current location and recent searches to determine their preferences as to cargo types and routes. Truckers receive recommended shipping orders when the company’s system identifies suitable cargos located on or near their preferred routes. If truckers are interested in such shipping orders, they may contact shippers through the company’s mobile apps to finalize the transaction terms. The company has rolled out several features to further streamline the transaction process.
Fulfillment and Settlement
For each shipping order, after the parties reach an agreement through direct communication or the company’s tap and go feature, the trucker pays a deposit to the FTA platform to secure the shipping order. Such deposits are kept in dedicated bank accounts and cannot be used by it. Navigation function is available on the company’s mobile apps, enabling truckers to optimize their routes based on relevant variables, such as height and width clearance, tolls, time and distance. Through GPS tracking, shippers are able to check the status of shipments in real time. After shippers and truckers both confirm fulfillment on the company’s mobile apps, depending on the terms of the relevant shipping agreement, deposits are either released back to truckers or transferred to shippers. Shippers may pay shipping fees to truckers through the company’s mobile apps. Shippers also have the option to settle shipping fees through other channels.
Freight Listing Service
The company offers freight listing service through the consolidated affiliates. The company has a freemium model where shippers can post a certain number of shipping orders on the FTA platform free of charge. Shippers are required to pay membership fees in order to post additional shipping orders. The company offers mainly two tiers of membership. The first tier requires an annual fee of RMB688 and allows a shipper to post up to 100 shipping orders each year. As of December 31, 2023, the FTA platform had 790 thousand shipper users with active paying memberships. In addition, in certain innovative businesses, the company charges truckers membership fees, which entitle them to fullfill certain number of orders on the FTA platform.
Freight Brokerage Service
Many shippers prefer to contract with the company, instead of truckers, to gain better protection from cargo damage, truckers’ demand for fee increase, delays, and cancelations, as well as to improve their regulatory compliance. The company offers freight brokerage service through the consolidated affiliates to better serve such shippers. The freight brokerage service is available on the company’s mobile apps.
Shippers who use the freight brokerage service can book shipments through freight matching process or designate truckers of their choice. As freight brokers, the consolidated affiliates enter into shipping contracts with shippers and entrust truckers matched by the FTA platform or designated by shippers, as the case may be, to fulfill the shipping orders. In order to use the freight brokerage service, shippers are required to make prepayments to their accounts on the FTA platform. After the fulfillment of shipping orders, the FTA platform transfers shippers’ shipping fees to truckers and deduct the platform’s service fees from shippers’ accounts. The platform’s service fees are based on a percentage of shipping fees.
Online Transaction Service
The company’s online transaction service further digitalizes the shipping transaction process and enables shippers and truckers to transact more efficiently through the FTA platform. The company offers online transaction service through the consolidated affiliates and one PRC subsidiary. At the inception of each transaction, the company’s system generates an electronic agreement that specifies the rights and obligations of the shipper and the trucker, including shipping fee as agreed between the shipper and the trucker. The company has established transaction rules and standards to promote honest dealings on the FTA platform. The company’s extensive industry knowledge enables it to align such rules and standards with the expectations of honest market players in order to facilitate transparent and efficient transactions. For example, truckers are required to pay deposits to the FTA platform to secure shipping orders. Deposits serve as assurance for the timeliness and quality of truckers’ services. On the other hand, truckers can avail themselves of order cancelation protection and shipping fee protection when they use the online transaction service.
In light of the significant value created by the online transaction service, the company started to monetize the service in the second half of 2020. In the three months ended December 31, 2023, for selected types of shipping orders originating from 204 cities in China, the company collected commissions from truckers for shipping transactions matched through the online transaction service. The commissions are typically based on the amount of shipping fees provided by shippers. The company may explore other revenue models to monetize its online transaction service in the future.
Value-Added Services
The company provides a range of value-added services primarily through its PRC subsidiaries and to a lesser extent, the consolidated affiliates. These services cater to various essential needs of shippers and truckers and increase their stickiness and engagement on the FTA platform, while enabling other businesses, such as financial institutions, insurance companies, gas station operators and highway authorities, to participate in its vibrant ecosystem. For shippers, the company provides a transportation management system that makes it easy and efficient to track and manage their shipments, as well as access to credit and insurance solutions to manage their risks and cash flows. The company helps truckers manage their operating costs and workflows by providing ETC and energy services, as well as software solutions for managing traffic ticket records. The company also provides access to credit and insurance solutions so the truckers can manage their risks and cash flows. As of December 31, 2023, over 4.6 million users used at least one of the company’s value-added services.
Credit Solutions
The company provides truckers with cash credit solutions and shippers with working capital loans, which are primarily funded by it through its small loan company, which is one of its PRC subsidiaries. Certain cash loans for truckers are funded by an institutional funding partner, and the company guarantees such loans through arrangements with the institutional funding partner. The term of such loans is typically less than one year. Historically, the company also funded loans through trusts established by it. Such arrangement was terminated in March 2022.
The company assigns customized credit limit based on data-driven assessment of borrowers’ creditworthiness. In response to regulatory developments in the credit industry, the company plans to take a conservative approach with respect to these business lines. The company implements a rigorous risk management system to address its credit risk exposure.
Insurance Brokerage
The company partners with insurance companies through a consolidated affiliate to offer both shippers and truckers a variety of insurance policies related to logistics transactions. For example, truckers can purchase carrier’s liability insurance, shipping fee insurance and accident insurance, and shippers can purchase cargo insurance, in each case through the company’s mobile apps. The insurance policies are underwritten by the company’s partner insurance companies, and it receives commissions from its partner insurance companies for sales brokered through the FTA platform.
Software Solutions
The company has developed a transportation management system for shippers. Shippers use the software system to, among other things, track the status of each shipping order and monitor shipping costs. The system is offered free of charge to shippers who use the freight brokerage service. In addition, the company provides software for managing traffic ticket records for truckers through its mobile apps.
ETC Services
The company provides various services related to ETC through one of its PRC subsidiaries. The industry has shifted from ETC debit card to ETC credit card in response to regulatory change. Truckers can apply for ETC cards, review historical ETC payments and top up their accounts through the company’s mobile apps. The company promotes ETC cards for highway authorities through its mobile apps. Depending on its arrangement with highway authorities, the company receives service fees from highway authorities or truckers for account openings. The company also collects service fees from truckers for account top-up based on transaction value.
Energy Services
The company provides energy services through its PRC subsidiaries. The company generates sales leads for gas stations that participate in its energy services program. In particular, the company recommend these gas stations to truckers on the FTA platform based on truckers’ locations. Truckers can enjoy discounts for diesel and natural gas through the company’s mobile apps when refueling at these gas stations. The company processes truckers’ payments on its mobile apps at gas stations and receive service fees from gas station operators as a percentage of the fuel cost paid by the truckers. In addition, the company facilitates sales of fuel to trucker or shipper customers and receive service fees from gas station operators as a percentage of the purchase price paid by truckers or shipper customers.
Nationwide Network
The company has a nationwide network of shippers and truckers and facilitate shipments across China. The company has built a vibrant ecosystem of millions of shippers and truckers. In the three months ended December 31, 2023, the company’s average shipper MAUs reached approximately 2.24 million. In 2023, 3.9 million truckers fulfilled shipping orders on the FTA platform. In 2023, the company facilitated 158.8 million fulfilled orders. The FTA platform supports a dense network of nationwide routes connecting every prefecture-level city in China with hundreds of other cities.
The company endeavors to provide one-stop solutions that address demands for road transportation services, and it plans to further expand and refine its service offerings, thereby connecting with more ecosystem participants and enhancing the network effects of the FTA platform.
Shippers
The company has an extensive shipper base across China. The company’s shipper base comprises third-party logistics companies, direct shippers, and truck brokers, covering a wide variety of industries with diverse shipping needs and cargo types. The principal categories of cargos the company matches on the FTA platform include fresh produce, grain and grain products, other agriculture produce, metals, minerals, construction materials, industrial chemicals and plastics, as well as machinery equipment. Cargos within the same principal category often vary significantly from each other and may require different types of trucks for shipments. The company provides logistic solutions to companies of all sizes, from small business owners to express delivery companies and manufacturers. The FTA platform offers shippers compelling value propositions.
Truckers
The company has a large network of reliable truckers. The principal types of trucks on the FTA platform include:
Dry Van Trucks: Equipped with a steel compartment, a dry van truck offers aerodynamic and weather protection and is typically used to carry high value consumer products.
Flatbed Trucks: A flatbed truck (including drop-deck truck) has a heavily reinforced steel platform with no roof or walls to the side. Flatbed trucks are typically used to move heavy cargo, such as steel plates and steel coils.
Stake Body Trucks: A stake body truck is a flatbed truck with stake sides. Stake body trucks are typically used to transport light cargo, such as cargo packed in cardboard boxes and consumer products.
In addition, specialized vehicles are available on the FTA platform to satisfy shippers’ various shipping needs, such as temperature-controlled trucks (including refrigerator trucks) to transport perishable goods, dump trucks to move construction materials, low-bed trucks to haul heavy equipment, wing trucks for better weather resistance and easy loading and minivans for intra-city shipping orders. The FTA platform offers truckers compelling value propositions, including access to reliable shippers, cost savings and enhanced income.
Other Ecosystem Participants
The company’s ecosystem also creates significant value for other ecosystem participants, such as financial institutions, insurance companies, gas station operators, highway authorities, automakers and dealers, by helping them better serve industry participants in the road transportation market.
Technology
Technology is critical to the company’s success and powers the dynamic and large-volume interactions on the FTA platform. The company has transformed the transaction processes in China’s road transportation market by leveraging its vast database and core technologies. The company’s research and development team and cloud-based technological infrastructure enable it to continuously introduce new innovations and offer high quality user experience. The company will continue to develop and deploy software, operating systems, and infrastructure that cater to a holistic set of shipper and trucker needs, creating value for them and enhancing their stickiness to the FTA platform. This includes infrastructure and technology that cater to the end-to-end intra-city and LTL logistics value chains.
The company serves a market that used to operate based on a massive amount of non-digitalized and non-standardized information, spanning a wide range of categories with varying degrees of accuracy and completeness. The company digitalizes and standardizes such information to efficiently match shippers with truckers. Over the course of operating its business, the company has developed a vast and comprehensive database relating to shippers, truckers, cargos, trucks, and highways, which contains basic information provided by users, as well as a massive amount of user behavioral data, transaction data and industry data. Such data offer the company valuable insights, create a high entry barrier for potential competitors and give it a significant competitive advantage. In particular, the company constantly refines its algorithms with the data collected from the FTA platform, enabling better user experience and driving user engagement. This builds up the virtuous cycle, which is self-reinforcing and underpins the sustainability of the company’s business model.
The company is committed to protecting platform users’ data privacy and security. The company’s data is used to develop and enhance its data and analytical capabilities to optimize its solutions and maximize its operational efficiency.
Core Technologies
The company’s core technologies are primarily applied to its freight matching services and form an important aspect of its competitive moat. The company has transformed the transaction processes in China’s road transportation market by leveraging its core technologies.
Data Labeling
The company’s data labeling technology systematically categorizes and structuralizes data relating to truckers, trucks, freights, routes and shippers, and the company is a pioneer in taking this approach in the industry. The company’s technology identifies data features of the underlying data such that the data labels are informative. To optimize the accuracy of data labels, the company uses a human-in-the-loop machine learning (HITL ML) approach, whereby the machine learning model uses human-provided labels to learn the underlying patterns, and human involvement is maintained to validate a machine learning model’s predictions as right or wrong at the time of training. The trained and validated model is then used to make predictions of labels on new data. Data labeling improves the company’s big data analytics capability and is essential for the training of AI models.
Big Data Analytics
The company’s big data analytics technology is capable of analyzing complex, massive datasets from numerous road transportation scenarios occurring on the FTA platform on a real time basis. Freight matching at such large scale requires the ability to process a large volume of data with numerous analytical dimensions. In addition, in contrast to regional car-hailing or intra-city freight platforms, the company’s digital freight platform has a highly dense network of nationwide routes with different transportation conditions. Management and scheduling of transportation at a national scale involves analyzing a massive amount of non-standardized and multi-dimensional data points with varying degrees of accuracy and completeness. The company’s data analytical system can efficiently handle such complex computing tasks.
AI Algorithms
The company uses AI algorithms to intelligently and accurately match truckers with shippers, as well as to accurately price shipments. The company’s AI technology enables it to deliver superior experience and innovative features to platform users.
Matching Algorithms: The company’s matching algorithms are mainly used in two scenarios: search and recommendation of shipments. With respect to searches, relevant shipments are pulled based on a trucker’s searching criteria, such as routes and truck type. The matching algorithm predicts the trucker’s probability of accepting an order based on the correlation between the freight labels and the trucker labels. The search results are then ranked taking into account such probability. With respect to recommendations, the algorithm analyzes transaction records, current location and recent searches to determine truckers’ preferences, such as freight types and routes. Truckers receive recommended shipping orders when the system identifies suitable freights located on or near truckers’ preferred routes.
Pricing Algorithms: LightGBM is a fast, distributed, high-performance gradient boosting framework based on decision tree algorithms, which is used for ranking, classification and many other machine learning tasks.
Knowledge Graph
Leveraging the strength of its big data analytics and AI technologies, the company pioneered the construction of a knowledge graph. The company’s knowledge graph is a knowledge base that uses a graph-structured data model to store and organize a massive volume of real world data. The knowledge graph is constructed by extracting semi-structured and unstructured data on the company’s systems and using intelligent model to classify such data into different entities and relationships based on real world applications in the road transportation industry. This is achieved through evaluating and analyzing a massive amount of data. Such knowledge graph transforms multi-element and multi-modal data into a holistic semantic network containing hundreds of millions of nodes and hundreds of thousands of relationships, making data easily accessible for applications in the company’s different services, particularly freight matching. Freight matching involves identifying layers of associations between different subjects, which leads to nuanced understanding of a concept, such as textual inputs a trucker uses to search for shipments on the FTA platform. The company’s knowledge graph shows the complex connections between different subjects in China’s road transportation industry, such as shippers/truckers, trucks, cargos, routes and gas stations. By doing so, the knowledge graph stores the platform’s business logics, which explain matchings made on the platform, and enables the company’s AI algorithms to use the logics or connections to deliver better search results and recommendation of shipments, resulting in better matching results. For example, by showing a connection between a trucker and his frequent routes using the company’s knowledge graph, its AI algorithm can better predict the trucker’s intent to find shipments based on location and recommend suitable orders. In addition, when a trucker searches for a particular type of cargo, the connections (such as the relationships between the trucker and his past shipments or routes) shown by the knowledge graph enable the company’s AI algorithms to provide better matching results.
IoT
The company’s innovative applications of IoT technology deliver better user experience to shippers and truckers. For example, the company’s use of IoT technology in cold chain transportation enables shippers to continuously monitor temperature-sensitive cargo effectively and economically. The company’s solution utilizes thermo sensors installed on temperature-controlled trucks; gateways that receive the sensor data and pass the data to its system; and an easy-to-use, proprietary mobile application for shippers to monitor temperature remotely and in real time.
Technological Infrastructure
The company’s technological infrastructure is deployed, and its data is maintained, on customized cloud computing services. The company relies on its two data centers, as well as third-party cloud services for its computing, storage, bandwidth, backup and other services. The robust technology infrastructure supports instant scaling with great flexibility to support traffic spikes. The company has the capability to operate and serve during outbreaks related to servers, cables and power in data center scale. Even in the extreme hypothetical situation where both of its data centers are out of service, it would be able to restore to full service with its multi-layer backup system in a relatively short time.
Customer Services
The company has established a customer services committee headed by its chief customer officer to oversee customer services and the implementation of rules and policies designed to protect the interests of the FTA platform users.
As of December 31, 2023, the company’s customer service team consisted of 933 members. The company’s users can submit inquiries and complaints through its mobile apps on a 24/7 basis or calling its customer service hotline. The company is committed to addressing user inquiries and complaints in a prompt and fair manner. The company offers AI-powered automated customer service, which can solve its customers’ problems more efficiently. The company also uses its data insights to analyze customer service needs and proactively address issues. This is complemented by the ground force who helps the company better understand user behavior and needs through personal connections and face-to-face meetings, which supplements the data insights the company accumulates through its online platform and enables it to better serve its ecosystem participants.
The company implements rules to address common bad behaviors of ecosystem participants, such as order cancelation, misrepresentation of cargo information or nonpayment of shipping fees by shippers and poor service by truckers. The company designed these rules based on its extensive industry knowledge and data insights. For example, the company sets penalty standards for order cancelation by shippers or truckers and requires deposits from truckers to secure shipping orders. Parties that violate its rules may be banned from the FTA platform in the future. The company also offers a robust ratings system that allows truckers to review shippers. Highly-rated shippers enjoy privileges, such as the right to post limited free shipping orders and priority in posting shipping orders.
The company is committed to protecting the interests of all of the FTA platform users. The company has recruited customer experience officers from its frequent users and has periodic meetings with them to collect their feedback, which it will use to adjust and/or improve its products, services, as well as features and functions on the FTA platform.
Sales and Marketing
While the company’s current scale and compelling value propositions attract shippers and truckers organically to the FTA platform through word-of-mouth referrals, it also engages in online marketing through various channels, such as app store advertising, popular search engines and social media platforms. The company supplements its online marketing efforts with the ground force’s personal connections. The company also leverages its data insights to optimize the efficiency of its marketing activities. In addition, the company engages truckers to promote its brands through placing the Group’s logo stickers on their trucks. As a result, the company is able to acquire users in a cost-effective manner.
Research and Development
The company’s research and development expenses included RMB946.6 million (US$133.3 million) in 2023.
Intellectual Property
As of December 31, 2023, the company had 234 patents, 119 pending patent applications, 1,035 registered trademarks and 271 pending trademark applications in China. As of December 31, 2023, the company also had 341 registered software copyrights in China and 131 registered domain names. As of December 31, 2023, the company had 20 registered trademarks in other countries, including India, Russia and Vietnam.
History
Full Truck Alliance Co. Ltd. was founded in 2011. The company was incorporated in 2017.
