GUIYANG,
China, March 8, 2023 /PRNewswire/ -- Full Truck
Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading
digital freight platform, today announced that the Audit Committee
of the Board of Directors (the "Audit Committee") has substantially
completed an independent investigation (the "Independent
Investigation") of the key allegations raised by a report issued by
J Capital Research USA LLC, a
short seller, on January 24, 2023
(the "J Capital Report"). The Audit Committee retained professional
advisors that have no prior relationship with the Company,
including an international law firm and forensic accounting experts
from a Big-Four accounting firm, to assist in the Independent
Investigation.
Based on the Independent Investigation, the Audit Committee has
concluded that none of the key allegations in the J Capital Report
could be substantiated. The J Capital Report displays an evident
lack of understanding of the Company's business. The Independent
Investigation identified no evidence of systematic GTV inflation
through the alleged schemes. Neither is there any evidence
indicating that the key transactions of the Company with its
investees or shareholders referenced in the J Capital Report could
have violated the applicable laws or regulations.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital
freight platform connecting shippers with truckers to facilitate
shipments across distance ranges, cargo weights and types. The
Company provides a range of freight matching services, including
freight listing, freight brokerage and online transaction services.
The Company also provides a range of value-added services that
cater to the various needs of shippers and truckers, such as
financial institutions, highway authorities, and gas station
operators. With a mission to make logistics smarter, the Company is
shaping the future of logistics with technology and aspires to
revolutionize logistics, improve efficiency across the value chain
and reduce its carbon footprint for our planet. For more
information, please visit ir.fulltruckalliance.com.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements which are made pursuant to the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as "may," "will," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to," and similar statements. Statements that are not
historical facts, including statements about the Company's beliefs,
plans, and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: FTA's goal
and strategies; FTA's expansion plans; FTA's future business
development, financial condition and results of operations;
expected changes in FTA's revenues, costs or expenses; industry
landscape of, and trends in, China's road transportation
market; competition in FTA's industry; FTA's expectations regarding
demand for, and market acceptance of, its services; FTA's
expectations regarding its relationships with shippers, truckers
and other ecosystem participants; FTA's ability to protect its
systems and infrastructures from cyber-attacks; PRC laws,
regulations, and policies relating to the road transportation
market, as well as general regulatory environment in which FTA
operates in China; the results of regulatory review and the
duration and impact of any regulatory action taken against FTA; the
impact of COVID-19 outbreaks, extreme weather conditions and
production constraints brought by electricity rationing measures;
general economic and business condition; and assumptions underlying
or related to any of the foregoing. Further information regarding
these and other risks is included in the Company's filings with the
SEC. All information provided in this press release is as of the
date of this press release, and the Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: FTA@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
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SOURCE Full Truck Alliance Co. Ltd.
