In its third-quarter 13F filing, Hong Kong-based Bright Valley Capital disclosed the establishment of a new position in Full Truck Alliance Co. Ltd., acquiring 2.57 million shares valued at approximately $33.36 million as of September 30. This stake immediately became the fund’s largest U.S. equity holding, representing 19.75% of its reportable assets under management. The concentration suggests a high-conviction wager on YMM’s digital freight platform, which connects shippers and truckers across China through freight listings, matching, brokerage and a suite of value-added services.

Full Truck Alliance reported third-quarter revenue of $471.7 million, a 10.8% increase year over year, while fulfilled orders surged more than 22%. Transaction services revenue jumped 39%, and value-added services rose roughly 17%, reflecting deeper monetization of its network. On a trailing-twelve-month basis, the company generated $1.71 billion in revenue and $589 million in net income, supported by a cash and investment balance of $4.4 billion. These metrics highlight the network effects and scale advantages driving engagement and cash-flow generation within China’s technology-driven logistics sector.

Dallas-based Highlander Partners reduced its YMM stake by 260,000 shares during the same quarter, lowering the position’s value by $1.65 million to $15.93 million at period end. Despite the sale, YMM remains among the fund’s top five holdings, accounting for 5.56% of its 13F equity AUM. The modest trim followed a roughly 22% year-to-date gain in YMM shares through September and appears driven by risk management rather than a shift in conviction, as the company continues to report robust engagement gains—average shipper MAUs climbed almost 18%—even amid moderated guidance for the upcoming quarter.