This China Logistics Platform Generated $1.8 Billion in Revenue Last Year, but One Investor Exited a $6 Million Stake

On February 17, 2026, Beaconlight Capital disclosed a full exit from Full Truck Alliance (YMM 1.48%), selling 458,277 shares previously worth $5.94 million.

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Beaconlight Capital sold all 458,277 shares of Full Truck Alliance during the fourth quarter. The fund reported holding zero shares of YMM at quarter end, with the position’s value declining by $5.94 million over the period.

What else to know

• Top holdings after the filing:
  • NYSE:CSTM: $25.26 million (14.8% of AUM)
  • NYSE:REZI: $24.35 million (14.2% of AUM)
  • NYSE:SXT: $12.97 million (7.6% of AUM)
  • NYSE:GPOR: $9.69 million (5.7% of AUM)
  • NYSE:TECK: $9.16 million (5.3% of AUM)
• As of February 17, 2026, shares of Full Truck Alliance were priced at $9, down roughly 25% over the past year and well underperforming the S&P 500’s roughly 20% gain in the same period.

Company overview

Company snapshot

• Full Truck Alliance offers a digital freight platform providing freight listing, matching, brokerage, online transaction services, and value-added offerings such as credit, insurance, toll collection, and energy services.
• The firm monetizes by facilitating transactions between shippers and truckers, earning fees from freight brokerage, online services, and ancillary financial and technology solutions.
• It serves shippers and truckers across China, targeting businesses and individuals requiring cargo transport over various distances and cargo types.

Full Truck Alliance operates at scale as a leading digital freight platform in China, connecting shippers and truckers through technology-driven solutions. Its integrated platform enables efficient freight matching and transaction execution, supported by a suite of value-added services.

What this transaction means for investors

Shares of Full Truck Alliance have had a rough stretch amid broader investor scrutiny around China-based stocks, but the firm continues to expand its ecosystem across China’s trucking market. In 2025, revenue climbed 11% to roughly $1.79 billion while net income jumped 43% to about $637 million, reflecting strong profitability for a marketplace-style logistics platform. Activity on the network also continued to grow, with fulfilled orders rising to more than 236 million during the year and average shipper monthly users increasing to over 3 million.

Those metrics suggest the platform’s coref engine remains healthy even as its stock has struggled. Logistics marketplaces often face cyclical pressure tied to freight demand, but their underlying networks can remain resilient as long as users keep transacting. In a statement, CEO Peter Hui Zhang acknowledged the “complex market environment” but highlighted the improvements in user experience and profitability during the quarter.

All of this to say the exit here doesn’t necessarily seem like a definitive call on the company’s prospects, perhaps more just some skepticism around its broader ecosystem.