HONG KONG : Plans by Full Truck Alliance Co Ltd, China's 'Uber for trucks', to raise $1 billion in a Hong Kong listing this year have been paused as a Chinese cybersecurity regulator has yet to announce findings of a probe into the company, two people with knowledge of the matter told Reuters.
Full Truck, unable to take on new customers pending the review's completion, had expected the CAC to finalise any penalties by the end of March, and was hoping to proceed with its Hong Kong listing after that, one source said. Formed in 2017 out of a merger between two digital freight platforms Yunmanman and Huochebang, Full Truck runs a mobile app that connects truck drivers to people that need to ship items within China.
Due to a long-running Sino-U.S. audit stand-off, the U.S. authorities are moving towards kicking Chinese companies off American stock exchanges if the firms' audit work papers are unavailable for inspection for three years in a row.
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