Kontiki Capital Management (HK) Ltd. disclosed on May 15, 2026, that it sold its entire stake in Full Truck Alliance (NYSE: YMM), a China-based digital freight platform.
The SEC filing confirmed Kontiki offloaded all 20,380,969 shares, with the estimated transaction value reaching $193.84 million based on average closing prices for the first quarter of 2026.
The net position value change totaled $218.69 million, reflecting both the share sale and stock price movements during the period.
The transaction represented a 13.6% reduction in Kontiki’s 13F reportable assets under management, making it a significant portfolio shift for the fund.
Following the exit, Kontiki’s top three holdings are NYSE: NU at $469.10 million, NYSE: CPNG at $223.90 million, and NASDAQ: HTHT at $177.79 million.
Full Truck Alliance shares were priced at $8.82 as of the most recent trading session, down 24% over the past year, sharply underperforming the S&P 500’s roughly 28% gain.
Despite the stock’s poor performance, Full Truck Alliance posted first-quarter revenue of $412.9 million, a 5.5% increase year over year, with fulfilled orders climbing 14.3% to 55 million.
Average shipper monthly active users rose 12.7% to 3.11 million, and transaction service revenue surged 33% as activity shifted toward higher-value services on the platform.
Operating cash flow also jumped 33% to $202 million, though net income fell 22% year over year to $144.1 million during the same period.
Founder and CEO Peter Hui Zhang said the business delivered improvements in both scale and quality, pointing to strengthening network effects across the platform.
Management’s second-quarter revenue outlook implies another period of muted growth, raising questions about the company’s near-term earnings trajectory.
Full Truck Alliance operates a digital freight platform in China offering freight listing, matching, brokerage, online transaction services, credit, insurance, and energy solutions to shippers and truckers.
The company generates revenue primarily through transaction fees, value-added service commissions, and technology development services for logistics participants across the People’s Republic of China.
Full Truck Alliance maintains a solid balance sheet, continues returning capital through dividends at a 1.9% yield, and is investing in AI-powered logistics tools to strengthen monetization.
The key question for long-term investors remains whether the company can convert its growing network and strong operational metrics into faster and more sustained earnings growth.
