(Yicai Global) Aug. 11 -- Full Truck Alliance, which is the subject of a cybersecurity probe by Chinese regulators following its recent listing on the New York stock exchange, has posted a doubling of revenue in the second quarter from the same period last year but the Chinese road haulage platform’s losses expanded more than five-fold.

Full Truck logged losses of CNY1.9 billion (USD303.3 million) in the three months ended June 30 and revenue of CNY1.11 billion (USD173.3 million), the Guiyang, Guizhou-based firm said in its latest earnings report released yesterday.

While its freight brokerage service and transaction commissions continue to grow, the company’s expenditure on management surged more than six times in the second quarter year on year to CNY2.1 billion (USD323.7 million). Its gross transaction value increased 57.8 percent to CNY74 billion (USD11.4 billion) and it fulfilled 36 million orders, a jump of 87.9 percent.

The outlook remains good, though, and Full Truck expects revenue to jump as much as 56.2 percent in the third quarter year on year to CNY1.15 billion (USD177 million), it added.

“The ongoing cybersecurity review of our main apps and the sporadic Covid-19 outbreaks bring uncertainties in the third quarter,” said founder, Chairman and Chief Executive Officer Peter Zhang. “However, we are confident in the continued growth of China's economy and believe the robustness of our platform and its extensive network will enable us to maintain our leading position and achieve long-term business growth,” he added.

China’s cybersecurity administration started a probe of Full Truck’s Yunmanman and Huochebang apps last month as part of a crackdown on data security risks posed by Chinese firms that list abroad. During the investigation, the apps can continue operating as normal but no new users can be added.

Full Truck’s share price [NYSE:YMM] closed up 4.89 percent at USD14.02 yesterday. This is still 26.2 percent below its listing price in June.

Editor: Kim Taylor