On May 12, 2026, Serenity Capital Management disclosed a buy of Full Truck Alliance (YMM +4.66%), adding 1,880,010 shares in a transaction estimated at $17.88 million based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated May 12, 2026, Serenity Capital Management increased its stake in Full Truck Alliance by 1,880,010 shares. The estimated transaction value, based on the average closing price for the first quarter of 2026, was $17.88 million. The quarter-end position value rose by $11.21 million, a figure that includes both trading activity and changes in share price.
What else to know
- The buy brings the Full Truck Alliance stake to 7.39% of the fund’s reportable U.S. equity assets.
- Top holdings after the filing:
- NYSE:ZTO: $127.28 million (30.7% of AUM)
- NYSE:TAL: $53.78 million (13.0% of AUM)
- NASDAQ:HTHT: $48.23 million (11.6% of AUM)
- NYSE:EDU: $37.20 million (9.0% of AUM)
- NASDAQ:PDD: $36.78 million (8.9% of AUM)
- As of May 11, 2026, shares were priced at $8.79, down 29.1% over the past year, underperforming the S&P 500 by 53.39 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Market Capitalization | $9.08 billion |
| Revenue (TTM) | $1.83 billion |
| Net Income (TTM) | $647.06 million |
| Dividend Yield | 2.07% |
Company Snapshot
- Offers a digital freight platform connecting shippers and truckers, with services including freight listing, matching, brokerage, online transactions, credit solutions, insurance, electronic toll collection, and energy services.
- Generates revenue through transaction fees, value-added services, and technology solutions that streamline logistics and supply chain operations.
- Serves shippers and trucking companies across China, targeting businesses seeking efficient, technology-driven freight solutions.
Full Truck Alliance operates a digital freight platform in China, facilitating connections between shippers and truckers. The company provides integrated technology and value-added services for its customer base.
What this transaction means for investors
Serenity Capital Management runs a highly concentrated China-focused portfolio — nine of their 10 holdings are Chinese companies. During Q1, they added nearly $18 million to Full Truck Alliance, bringing it to roughly 7% of their portfolio.
Full Truck Alliance operates a mobile marketplace connecting shippers with truckers across China, kind of like Uber for freight. The company announced a shareholder-friendly capital return plan in January, committing to distribute at least half of annual earnings through dividends and buybacks, starting with $400 million in 2026.
The business is growing. Transaction commission revenue is expected to surge 30% this year as the company scales its core freight-matching business. Order volumes are climbing steadily and the platform continues adding users.
For investors considering Chinese tech stocks, Full Truck Alliance represents a bet on digitizing China's fragmented trucking industry. The shareholder return plan adds income to a growth story. The risk is regulatory uncertainty and competition in a market where logistics platforms are multiplying fast.
