涂鸦智能-涂鸦智能上市IPO招股书（英文）-2021.3-281页_13mb

Tuya Inc. IPO Summary

Core Content

Tuya Inc. is offering an initial public offering (IPO) of American Depositary Shares (ADSs), representing its Class A ordinary shares. The offering is designed to raise up to $100,000,000, with the underwriters potentially purchasing additional ADSs within 30 days to cover over-allotments. The ADSs will be listed on the New York Stock Exchange under the symbol “tuyn.”

Main Points

• Company Overview
  Tuya Inc. is a leading provider of an IoT cloud platform that enables businesses and developers to create, launch, manage, and monetize smart devices and services. The company focuses on building an IoT developer ecosystem and enabling everything to be smart.

• Share Structure

  • Class A ordinary shares: 1 vote per share, not convertible to Class B.
  • Class B ordinary shares: 15 votes per share, convertible to Class A.
  • Mr. Xueji (Jerry) Wang and Mr. Liaohan (Leo) Chen will collectively control 100% of the voting power of Class B shares and 100% of the issued and outstanding share capital, assuming underwriters do not exercise their over-allotment option.

• Market Position

  • Tuya powers over 116.5 million smart devices in 2020, making it the largest IoT PaaS business in terms of smart device volume.
  • As of December 31, 2020, Tuya's IoT cloud platform processed over 84 billion cloud requests and 122 million AI voice interactions daily.
  • The company has over 262,000 IoT device and software developers in its ecosystem.

• Revenue and Growth

  • In 2020, Tuya's revenue reached $179.9 million, up 70% YoY.
  • Dollar-based net expansion rate for IoT PaaS was 181% in the trailing 12 months.
  • YoY revenue growth for IoT PaaS and SaaS was 101%, and overall YoY revenue growth was 70%.

• Products and Services

  • IoT PaaS: A cloud-native, developer-friendly platform that supports the development, launch, and management of IoT-enabled products.
  • Industry SaaS: Tailored software solutions for specific industry verticals such as smart hotels and consumer security.
  • Cloud-based value-added services: Includes AI virtual assistants, data analytics, IoT data storage, push messaging, and content services.

• Platform Advantages

  • Scalability: Tuya's platform allows businesses to deploy on multiple cloud infrastructures (e.g., AWS, Azure, Tencent Cloud).
  • Developer Support: Offers comprehensive APIs, integration with leading third-party technologies, and a low-code/no-code development environment.
  • Ecosystem Growth: A thriving ecosystem of brands, OEMs, developers, and end users, driven by strong network effects and user demand for a unified interface.

• Challenges in IoT Development

  • Lack of development talent and expertise.
  • High costs and complexity in building IoT platforms and applications.
  • Long time-to-market for software-enabled products.
  • Inconsistent user experiences across devices.
  • Difficulty in migrating between cloud providers and maintaining interoperability.

Key Information

• Registration Statement: Filed under Form F-1 with the SEC, effective date to be determined.
• Underwriters: Morgan Stanley, BofA Securities, and CICC.
• IPO Date: Preliminary prospectus dated in 2021.
• Registration Fee: $10,910.
• Offering Price Range: Not specified in the document.
• Risk Factors: The document emphasizes the risks associated with investing in the ADSs, including the challenges of IoT development and market competition.

Financial Highlights

• 2020 Revenue: $179.9 million.
• 2019 Net Loss: $66.9 million.
• 2020 Net Loss: $70.5 million.
• Premium IoT PaaS Customers: 188 customers contributing over 87% of IoT PaaS revenue in 2020.

Conclusion

Tuya Inc. is positioned as a key player in the IoT industry, offering a comprehensive and scalable cloud platform that enables developers and businesses to create and manage IoT-enabled products and services. The company's ecosystem and platform infrastructure are central to its growth strategy, and the IPO is aimed at expanding its global reach and capabilities.