Truck Alliance

Truck Alliance, known in China as Huochebang, was founded in 2011 by Dai Wenjian. Before establishing the company, Dai was a co-founder of the lighting company Osram, where he identified significant inefficiencies and high costs within the logistics sector. This experience prompted him to venture into the industry, aiming to consolidate a fragmented market that lacked a public freight capacity pool.

The company operates as a digital freight platform designed to address the inefficiencies in China's vast road logistics market. It launched its mobile application in 2013, creating a digital marketplace that directly connects shippers of all sizes with China's large population of individual truck owners. This model helps to reduce empty-load rates, which in turn saves fuel and lowers carbon emissions. The platform serves both the full truckload (FTL) and less-than-truckload (LTL) segments of the market.

A pivotal moment in the company's history was the November 2017 merger with its primary competitor, Yunmanman. This strategic consolidation formed a new entity, Manbang Group, also known as Full Truck Alliance, creating a dominant player in China's digital freight market. Following the merger, the Huochebang and Yunmanman brands continued to operate independently while leveraging shared data to enhance overall efficiency. The merged entity, now a leading global digital freight platform, successfully launched an IPO on the New York Stock Exchange (NYSE) in June 2021 under the ticker "YMM," raising approximately $1.57 billion.

Full Truck Alliance's revenue model is multifaceted. Initially, the platform focused on freight matching without charging commissions on transactions. It now generates revenue primarily through freight brokerage services, transaction fees, and membership fees for frequent shippers. The majority of its income stems from transaction-based revenues. A significant and growing portion of revenue also comes from a suite of value-added services. For truckers, these services include credit solutions, insurance, electronic toll collection (ETC), and energy services. Shippers have access to transportation management systems, credit solutions, and insurance services.

The platform has demonstrated substantial scale, with its user base growing to include millions of registered truck drivers and shippers. As of the first quarter of 2025, the platform had an average of 2.76 million active shippers posting orders monthly and 4.18 million truckers who had fulfilled orders over the preceding 12 months.

Keywords: Full Truck Alliance, Huochebang, Manbang Group, digital freight platform, logistics technology, freight matching, trucking industry, road logistics, China logistics, freight brokerage, LTL, FTL, value-added services, Dai Wenjian, Yunmanman, freight tech, supply chain technology, asset-light logistics, mobile logistics, online freight marketplace, trucker services