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IoT Cloud Platform Tuya Smart to Debut on Hong Kong

IoT Cloud Platform Tuya Smart to Debut on Hong Kong
Written by Techbot

Tuya Smart, an IoT cloud platform listed on the NYSE, has passed the listing hearing of HKEx and will raise capital from June 22 to June 27. CICC, BofA Securities and Morgan Stanley serve as Tuya’s joint sponsors.

Tuya Smart provides a cloud platform that can connect everything intelligently, creating a set of interconnected development standards that unite the needs of brands, OEMs, developers, retailers and industries. Its partners include Philips, Schneider Electric, Lenovo, and others.

Tuya Smart’s revenue in 2019, 2020 and 2021 were $106 million, $180 million and $302 million respectively while net losses totaled $70.48 million, $66.91 million and $175 million respectively.

The company’s revenue in the Q1 of 2022 was $55.324 million, down 2.7% from $56.868 million in the same period of 2021. Its non-GAAP operating loss in Q1 of 2022 was $37.8 million, compared with a non-GAAP operating loss of $24.5 million in the same period last year.

In March 2021, Tuya Smart was listed on the NYSE in which it raised $915 million. During the listing process of Tuya Smart, Tencent and Hillhouse Capital invested $100 million respectively into the company. At that time, the market value of Tuya hit about $14 billion.

As of today, Tuya Smart’s stock price is $2.46 and the market value is $1.377 billion, which means that the market value of Tuya Smart has shrunk by more than $12 billion in just over a year since its IPO.

SEE ALSO: IoT Services Firm Tuya Smart Denies Mass Layoffs

As more and more China concept stocks are included in the SEC’s “pre-delisting” list, more China concept stocks are beginning to seek listing in Hong Kong. In April and May 2022, Zhihu and KE Holdings have been listed in Hong Kong as dual primary listings.

A dual primary listing refers to the fact that a company has been listed on another stock exchange and is listed in the Hong Kong market in accordance with local market rules. Both capital markets are primary listing places, and even if it is delisted on one exchange, it will not affect the listing status of the company on the other exchange.

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