Scott Murdoch, Julie Zhu

HONG KONG, (Reuters) – Plans of Full Truck Alliance Co Ltd (China’s Uber (NYSE:?) for trucks) to list Hong Kong this year at $1 billion have been halted by a Chinese cybersecurity regulator. Two people familiar with the matter said that the regulator had yet to release findings from a probe into Full Truck Alliance Co Ltd.

SoftBank Vision Fund and Tencent Holdings (OTC) have supported the company. Manbang is a Chinese name for Manbang. The company has planned a Hong Kong dual listing since October. The company raised $1.6 billion during its New York Initial Public Offering (IPO) last June.

However, the Cyberspace Administration of China was established in July 2013. ()It said that it is currently looking into two Full Truck apps in the context of an investigation to “prevent potential national data security threats and safeguard national security”.

Full Truck could not take on any new customers while it waited for the review to be completed. Sources said that Full Truck had expected that the CAC would have finalised the penalties by March and that Full Truck wanted to continue with its Hong Kong listing.

The regulator has not provided any updates in the last few weeks. However, it does not know when the company could receive the penalties or findings, according to the source.

Full Truck didn’t respond to Reuters’ request for comment. Faxed questions were also not answered by the CAC.

Full Truck, a mobile application that links truck drivers and people needing to ship goods within China was founded in 2017.

With increased scrutiny from U.S regulators and tighter audit requirements, the company’s Hong Kong listing could have added to an expanding list of Chinese companies that are New York-listed.

Full Truck shares have dropped to $4.95 after falling by $19 from its IPO. Full Truck has not disclosed any plans regarding its New York listing.

The U.S. is moving to kick Chinese companies from American stock markets if their audit papers cannot be inspected for the third consecutive year due to an ongoing Sino-U.S. Audit standoff.

According to people familiar with the matter, Full Truck cannot proceed with the sale of shares in Hong Kong if there is uncertainty about the future.

After Full Truck’s listing in New York, June 2016, against the wishes of regulators, the cyberspace regulator launched a similar probe.

According to a different source, Didi also has put off its plans to list in Hong Kong. It failed to get approval from Chinese regulators.

Didi has not responded to my request for comment.

The company had previously set its sights on filing for Hong Kong Listing by April, and listing in June.

Didi stated this month it would hold an extraordinary general assembly on May 23, to elect its New York Delisting Plans.