Full Truck Alliance (FTA), also known in China as Manbang, is re-evaluating its plan for a secondary listing in Hong Kong. This strategic pivot comes amid recovering investor sentiment and escalating geopolitical tensions between China and the United States. Initially conceived as a dual primary listing in Hong Kong in 2022 to meet stricter audit requirements applicable to Chinese companies traded in the U.S., the plan was later abandoned. The decision followed a U.S. regulatory agency’s unprecedented full access to review the operational practices of Chinese firms, thereby mitigating the risk of approximately 200 companies being delisted from U.S. exchanges.