We advised Tuya Inc. on its HK$141 million global offering and dual primary listing on the HKEX

Davis Polk advised Tuya Inc. (NYSE: TUYA) in connection with its global offering and dual primary listing of Class A ordinary shares on the Hong Kong Stock Exchange. The gross proceeds from the global offering amounted to approximately HK$141 million (US$17.95 million) prior to the exercise of the over-allotment option. We also advised Tuya Inc. on its IPO and NYSE listing in March 2021.

Tuya Inc. is a leading global IoT cloud platform based in China that delivers a full suite of offerings, including platform-as-a-service, or PaaS, and software-as-a-service, or SaaS, to businesses and developers. Tuya Inc. established the world’s first IoT cloud development platform and it is the largest IoT PaaS provider in the global market in terms of the volume of smart devices powered in 2021, according to China Insights Consultancy.

The Davis Polk corporate team included partners Li He, Yang Chu and Ran Li, associates Enoch Wong and Calvin Lam and registered foreign lawyer Jerry Wu. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Matthew R. Silver provided investment management advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.

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