NEW YORK, May 31, 2026, 14:03 EDT
- Full Truck Alliance ADRs on the NYSE finished at $8.82 Friday, slipping 0.3% for the day, though the stock rose about 5.5% from last Friday. The U.S. week was shortened by the holiday.
- On Friday, trading volume jumped to 96.3 million shares, well over the recent quoted average of 7.6 million shares.
- Full Truck Alliance posted more orders and higher revenue in its latest quarter, but net income fell, so investors are sizing up platform growth with softer profit.
Full Truck Alliance Co. Ltd. ADRs are coming into the week after a pickup in volume and a test up ahead. Shares finished Friday at $8.82, off 0.3%. Turnover reached 96.3 million shares. For the holiday-shortened week, the stock gained about 5.5% from last Friday’s $8.36.
Timing played a part. U.S. markets closed Monday, May 25 for Memorial Day, and with NYSE core hours set at 9:30 a.m. through 4:00 p.m. Eastern, investors got just four sessions to trade on the Chinese digital freight platform’s Q1 numbers and forecast before the weekend.
Full Truck’s Q1 numbers kept the same picture as before: orders are rising, but profit is getting squeezed as the company pushes more into new revenue streams and tech. The trade isn’t only about how the stock finished Friday.
Full Truck, known as a platform linking shippers and truckers in China, offers freight listing, brokerage, and online transactions. Other players in the sector are Didi Global’s cargo arm, GOGOX, and Huolala. Reuters said these firms, along with Full Truck, have faced attention from China’s transport ministry.
First-quarter net revenue came in at RMB2.85 billion, a 5.5% increase from last year, the company said. Fulfilled orders climbed 14.3% to 55.0 million. Average shipper MAUs, or monthly active users using the platform, rose 12.7% to 3.11 million.
Profit missed. Net income dropped to RMB994.1 million from RMB1.28 billion last year. Adjusted net income, which leaves out some items like share-based pay, slid to RMB1.20 billion from RMB1.39 billion.
CEO Peter Hui Zhang said the quarter saw “strengthening network effects.” President Langbo Guo pointed to transaction-service revenue growth, saying it showed “ongoing revenue mix improvements.” Guo said revenue excluding freight brokerage was RMB2.02 billion, a 17% rise, and transaction-service revenue climbed over 33% to RMB1.39 billion. PR Newswire
Traders are watching to see if Friday’s surge in volume was just a blip or the start of something more. The company is guiding second-quarter total net revenue between RMB3.07 billion and RMB3.17 billion, down from RMB3.24 billion last year. But it expects revenue excluding freight brokerage to increase 7.1% to 11.7%.
The board gave the green light to a $0.084 per ADS cash dividend for the second quarter, set for payment on or about July 21 to shareholders who are on the books as of July 7. Each ADS is backed by 20 Class A ordinary shares.
But risks remain. Value-added services revenue fell as credit-solutions brought in less, and the non-performing loan ratio rose to 3.2% from 2.9% at year-end. If credit risk keeps rising, freight brokerage revenue keeps falling, or competitors keep up pressure on fees, last week’s rally may not last.
Full Truck’s surge in volume stuck out since the SPDR S&P 500 ETF was up just 0.2% Friday and the Invesco QQQ Trust gained 0.4%. Broader U.S. trading left few clues for the size of the move, and the stock’s closing price hardly changed.
