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Full Truck Alliance (FTA) was formed in 2017 via a merger of Yunmanman and Huochebang, which had been operational since 2013 and 2011, respectively. It is the largest digital freight platform in China and the world, as per CIC. In 2020, 71.7m orders were fulfilled on the platform, with a gross transaction value (GTV) of RMB173.8bn (US$26.6bn), by 2.8m truckers. It had 1.3m active shippers in Dec 2020. Approximately 20% of all China’s heavy-duty and medium-duty truckers fulfilled shipping orders on its platform in 2020, according to CIC.
FTA is the leader in its category and appears to be well ahead of other competitors, as per CIC. The company has been working on various means of monetising its user base. While 2020 wasn’t a great year for revenue growth, the company did manage to turn a profit and was cash flow positive as well.
However, the company hasn’t provided clear data for one to distinguish the key metrics and revenue generating potential for its larger segments. In addition, its largest segment has been generating gross profits only owing to VAT refunds from local governments.
Full Truck Alliance Pre-IPO
Full Truck Alliance (FTU), China’s largest digital freight platform by gross transaction value, aims to raise up to US$1.5bn via a US listing. It is backed by Softbank and Sequoia.Full Truck Alliance (FTA) was formed in 2017 via a merger of Yunmanman and Huochebang, which had been operational since 2013 and 2011, respectively. It is the largest digital freight platform in China and the world, as per CIC. In 2020, 71.7m orders were fulfilled on the platform, with a gross transaction value (GTV) of RMB173.8bn (US$26.6bn), by 2.8m truckers. It had 1.3m active shippers in Dec 2020. Approximately 20% of all China’s heavy-duty and medium-duty truckers fulfilled shipping orders on its platform in 2020, according to CIC.
FTA is the leader in its category and appears to be well ahead of other competitors, as per CIC. The company has been working on various means of monetising its user base. While 2020 wasn’t a great year for revenue growth, the company did manage to turn a profit and was cash flow positive as well.
However, the company hasn’t provided clear data for one to distinguish the key metrics and revenue generating potential for its larger segments. In addition, its largest segment has been generating gross profits only owing to VAT refunds from local governments.
Underlying
Full Truck Alliance Co. Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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