We advised the underwriters on the IPO and NYSE listing

Davis Polk advised the representatives of the underwriters on Full Truck Alliance’s initial public offering of 82,500,000 American depositary shares. The aggregate offering size of the IPO and the concurrent private placement is approximately $1.77 billion. Full Truck Alliance has granted the underwriters an option to purchase up to an aggregate of 12,375,000 additional ADSs. The ADSs are listed on the New York Stock Exchange under the symbol “YMM”. Concurrently with and subject to the completion of the IPO, each of Ontario Teachers’ Pension Plan Board and Mubadala Investment Company PJSC has agreed to purchase $100 million of Class A ordinary shares from the company at a price per share equal to the IPO price in a private placement.

This is the largest U.S. IPO by a Chinese issuer in 2021 to date.

Full Truck Alliance is a leading digital freight platform, connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. It provides freight matching services including freight listing service, freight brokerage service and online transaction service, as well as a range of value-added services.

The Davis Polk corporate team included partners Li He and James C. Lin, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyers Mendtuvshin (Mendee) Enkhtaivan and Yin Wu. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.

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