Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Full Truck Alliance—a platform that connects freight shipping services and truck drivers in China (think Uber for commercial trucking)—has gone public on the NYSE. Learn more about the Full Truck Alliance IPO, and find out if investors in Canada can buy in.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
On Tuesday June 22, 2021, Full Truck Alliance Co. Ltd., a China-based commercial freight platform connecting shipping services and truckers, went public on the NYSE under the ticker symbol “YMM.”
The company offered 82.5 million American Depositary Shares (ADSs). Stocks opened on June 30 at a price of $20.10, which was slightly higher than the previously-announced IPO stock price of $19. Altogether, Full Truck Alliance raised $1.56 billion, just above its goal of $1.5 billion.
Full Truck Alliance originally filed a prospectus with the the US Securities and Exchange Commission on May 27, 2021. According to the document, Morgan Stanley & Co. LLC, China International Capital Corporation Hong Kong Securities Limited and Goldman Sachs (Asia) L.L.C. were the lead underwriters of the IPO.
Unfortunately, no. Full Truck Alliance is only selling American Depositary Shares, which are equity shares of a non-US company held by a US depository bank. Generally, only US residents can have accounts with US depository banks. So, Canadians can’t buy Full Truck Alliance stocks directly.
Depository Banks are financial institutions that hold people’s assets (money, securities etc.) for safekeeping. Where stock trading is concerned, depository banks make it relatively safe and easy for US residents to buy stocks in foreign companies that trade on US exchanges like the NYSE or the Nasdaq. This is because a depository bank act as a custodian of stocks until they’re sold, after which it transfers the stocks between investors’ accounts.
Although Canadian investors can’t buy Full Truck Alliance stocks directly, there are still 2 ways to back the company.
Although it’s a less direct investment than purchasing the Full Truck Alliance stocks outright, one option is to back its principal investors. These include:
You can buy stocks in the following commercial freight companies and trucking services using a trading platform that provides access to Canadian and international stock exchanges.
|Company||Market Capitalization||Stock info|
|TFI International Inc.||$10.566 billion||TSX: TFII|
|Mullen Group Ltd.||$1.269 billion||TSX: MTL|
|Yamato Holdings Co., Ltd.||$10.492 billion||TYO: 9064.T|
OTC Markets: YATRY
|Knight-Swift Transportation Holdings Inc.||$7.827 billion||NYSE: KNX|
|Old Dominion Freight Line Inc.||$29.517 billion||NasdaqGS: ODFL|
|Werner Enterprises, Inc.||$3.005 billion||NasdaqGS: WERN|
You’ll need a brokerage account to buy and sell shares. Here’s how it works:
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
You can compare features of stock trading platforms in the table below. Once you’ve decided on the right fit for your needs, click the “Go to site” button to get started.
We look at 6 popular stock discussion groups from Canada and overseas.Read more…
We’ve rounded up the top dividend stocks in Canada. Check out current stock prices, historical stock performance, company info and more.Read more…
Find out how to short the NASDAQ, the world’s second largest stock exchange, with inverse exchange-traded funds (ETFs) or derivatives.Read more…
Protect your international stock portfolio from currency fluctuations by hedging your investments.Read more…
Investing in renewable energy isn’t just good for the planet—it can be good for your portfolio too.Read more…
If you live in Canada, you can’t buy Dingdong Maicai American Depositary Shares (ADSs). But you can invest in similar companies.
Here are the best bank stocks to buy in Canada based on company performance.
If you live in Canada, you can’t buy Molecular Partners American Depositary Shares (ADSs). But you can invest in similar companies.
Everything we know about the AMTD Digital IPO, plus information on how to buy in.
Investors in Canada can’t buy Kanzhun Limited American Depositary Shares (ADSs). But there are still ways to back the company.
Investors in Canada can’t buy Zhangmen Education American Depository Shares (ADSs). But there are other ways to back the company.
If you live in Canada, you can’t buy Centessa Pharmaceuticals Limited American Depositary Shares (ADSs). But you can invest in similar companies.
Hello Inc. has withdrawn its plans for a US IPO. But you can invest in similar companies.
Investors in Canada can’t buy Onion Global American Depository Shares (ADSs). But there are other ways to back the company.
Investors can back WhatsApp indirectly by buying stock in its parent company, Facebook.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.