What to Know About This Fund's $194 Million Exit From a China Logistics Stock

On May 15, 2026, Kontiki Capital Management (HK) Ltd. disclosed it sold out its entire stake in Full Truck Alliance (NYSE:YMM), an estimated $193.84 million trade based on average quarterly pricing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, Kontiki Capital Management (HK) sold all of its 20,380,969 shares of Full Truck Alliance (NYSE:YMM), with the estimated transaction value at $193.84 million based on the average closing price for the first quarter of 2026. The net position value change totaled $218.69 million.

What else to know

• Top three holdings after the filing:
  • NYSE:NU: $469.10 million (32.9% of AUM)
  • NYSE:CPNG: $223.90 million (15.7% of AUM)
  • NASDAQ:HTHT: $177.79 million (12.5% of AUM)
• As of Friday, Full Truck Alliance shares were priced at $8.82, down 24% over the past year and well underperforming the S&P 500, which is instead up about 28%.

Company overview

Company snapshot

• Full Truck Alliance offers a digital freight platform providing freight listing, matching, brokerage, online transaction services, and value-added solutions such as credit, insurance, and energy services.
• The firm generates revenue primarily through transaction fees, value-added service commissions, and technology development for logistics participants.
• It serves shippers and truckers across the People's Republic of China, targeting businesses and individuals requiring freight transportation solutions.

Full Truck Alliance operates at scale as a leading digital freight platform in China, facilitating efficient connections between shippers and truckers. Through its technology-driven marketplace and suite of value-added services, the company enables streamlined logistics and enhanced operational transparency for its users. The platform's broad reach and diversified service offerings position it as a key player in China's evolving freight and logistics sector.

What this transaction means for investors

Over the past year, Full Truck Alliance has struggled to translate solid operating performance into shareholder returns. To that point, first-quarter revenue rose 5.5% year over year to $412.9 million, while fulfilled orders climbed 14.3% to 55 million and average shipper monthly active users increased 12.7% to 3.11 million. Founder and CEO Peter Hui Zhang said the business delivered improvements in both scale and quality, pointing to strengthening network effects across the platform.

There are other encouraging signs beneath the surface. Transaction service revenue surged 33% as more activity shifted toward higher-value services, and operating cash flow also jumped 33% to $202 million. At the same time, profitability moved in the opposite direction. Net income fell 22% year over year to $144.1 million, while management's second-quarter revenue outlook implies another period of muted growth.

For long-term investors, the key question is whether Full Truck Alliance can convert its growing network into faster earnings growth. The company has a solid balance sheet, is returning capital through dividends, and continues investing in AI-powered logistics tools. If those investments strengthen monetization, the stock's recent underperformance may eventually look more like an opportunity than a warning sign.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nu Holdings. The Motley Fool recommends Coupang. The Motley Fool has a disclosure policy.