This China Tech Stock Just Became a Fund’s Top Holding With a $33 Million Buy

• Hong Kong-based Bright Valley Capital initiated a new stake in YMM, purchasing 2.57 million shares in the third quarter.

• The position was worth about $33.36 million at the end of the quarter.

• YMM’s position represents 19.75% of Bright Valley’s 13F reportable assets under management (AUM).

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Hong Kong-based Bright Valley Capital established a new position in Complete Truck Alliance Co. Ltd. (NYSE: YMM)adding 2.57 million shares valued at approximately $33.36 million, according to a Nov. 13 SEC filing.

According to a Securities and Exchange Commission (SEC) filing on Nov. 13, Bright Valley Capital disclosed a new position in Complete Truck Alliance Co. Ltd. (NYSE: YMM) for a total of 2.57 million shares. The stake was valued at $33.36 million as of Sept. 30 and was not present in the previous quarterly filing.

The new position now comprises 19.75% of the fund’s US equity reportable AUM.

Main participations after the presentation:

• New York Stock Exchange: YMM: $33.36 million (26.37% of assets under management)

• NASDAQ: HTHT: $31.01 million (24.52% of assets under management)

• NASDAQ:LX: $19.07 million (15.08% of assets under management)

• NASDAQ: JOYY: $14.95 million (11.82% of AUM)

• NASDAQ: DOYU: $8.33 million (6.58% of assets under management)

As of Friday, YMM shares were trading at $11.25, up about 4% from last year and underperforming the S&P 500’s roughly 17% rise in the same period.

• Full Truck Alliance offers a digital freight platform that provides freight listing, matching, brokerage, online transactions and value-added services such as credit, insurance and electronic toll collection solutions.

• The company serves shippers and truckers throughout China, targeting companies and individual logistics providers seeking efficient freight connections.

• It employs more than 7,000 people and operates at scale within China’s technology-driven logistics sector.

Full Truck Alliance Co. Ltd. operates at scale within China’s logistics sector, leveraging technology to connect shippers with truckers and streamline freight transactions.

Allocating nearly a fifth of a portfolio to a single position suggests Bright Valley believes the market is still mispricing the durability of the underlying business. The Full Truck Alliance is at the center of China’s logistics economy, where scale and network effects combine quietly rather than explosively. In the third quarter, the company increased its revenue 10.8% year over year to $471.7 million, while fulfilled orders increased more than 22%, a reminder that usage growth continues to outpace core sales growth.

What makes the story more interesting is where that growth comes from. Transaction services revenue increased 39% year over year, and value-added services increased nearly 17%, moving the platform away from simple upload listings and deeper into monetized infrastructure. At the same time, the balance sheet remains strong, with $4.4 billion in cash and investments and steady operating cash flow generation.

Within the broader portfolio, this position sits alongside other Chinese internet and platform names, reinforcing that this is a thematic bet on digital markets rather than a one-off transaction. The stock has lagged the broader market, but for patient investors, the scale, profitability and cash may bode well.

Position: An investment or holding of a particular security or asset within a portfolio.
Assets under management (AUM): The total market value of investments that a fund or manager oversees on behalf of clients.
13F Report: A quarterly filing by institutional investment managers disclosing their holdings of U.S. stocks to the SEC.
Reportable assets: Investments that must be disclosed in regulatory filings, generally publicly traded securities in the US.
Quarter final: The last day of a fiscal quarter, often used as a reference point for financial reporting.
Bet: The amount or percentage of ownership an investor has in a company.
Overcoming: Achieve higher returns compared to a specific benchmark or index over a given period.
Digital Charging Platform: An online system that connects shippers and carriers to organize and manage freight transportation.
Brokerage: The service of arranging transactions between buyers and sellers, often in exchange for a commission.
Value added services: Additional offerings beyond core services, such as credit, insurance or toll solutions, to enhance customer value.
TTM: The 12-month period ending with the most recent quarterly report.

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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This China Tech Stock Just Became a Fund’s Top Holding With a $33 Million Buy Originally Posted by The Motley Fool