Full Truck Alliance has put its potential $1 billion listing on the Hong Kong stock exchange on hold due to an ongoing cybersecurity investigation, reports Reuters. China’s ‘Uber for trucks,’ backed by investors including SoftBank’s Vision Fund and Tencent and known as Manbang in China, has been planning a dual primary listing in Hong Kong since at least October. It raised $1.6 billion in its New York initial public offering (IPO) in June last year.
But in July last year the Cyberspace Administration of China (CAC) said it was scrutinizing two of Full Truck’s apps as part of investigations aiming to “prevent national data security risks and safeguard national security.”
Full Truck, unable to take on new customers pending the review’s completion, had expected the CAC to finalize any penalties by the end of March, and was hoping to proceed with its Hong Kong listing after that.