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Who Really Owns Tuya Inc.?
Navigating the complex world of the Internet of Things (IoT) requires understanding the key players, and at the heart of many smart devices lies Tuya Inc. But who controls this global AI cloud platform provider? Unraveling the Tuya SWOT Analysis is just the beginning; understanding its ownership structure is vital for investors and strategists alike.
From its humble beginnings in Hangzhou, China, to its current status as a publicly traded company, the ownership of Tuya has evolved significantly. This deep dive into the Tuya ownership structure will uncover the key stakeholders, from the founders and early investors to the current major shareholders and board members. Understanding the dynamics of Tuya Smart ownership is key to assessing its future in the competitive AIoT market, including details about Tuya stock and the Tuya IPO.
Who Founded Tuya?
The story of Tuya's journey began in 2014, with a vision to simplify the development and market entry of Internet of Things (IoT) products. The company was founded by a team of experienced professionals, each bringing unique expertise to the table. Their combined efforts laid the foundation for what would become a significant player in the smart home and IoT platform market.
The founders of Tuya Inc. included Xueji (Jerry) Wang, Liaohan (Leo) Chen, Yi (Alex) Yang, and Luckin Zhou. Jerry Wang serves as the Co-Founder and CEO, guiding the company's strategic direction. Alex Yang is the Co-Founder, COO, and CFO, responsible for operations and financial management. Leo Chen serves as the Co-Founder and President, and Luckin Zhou is listed as a co-founder and CTO, focusing on technology and innovation.
While the exact initial ownership distribution among the founders isn't publicly available, the early stages of Tuya's growth were fueled by substantial investments. The company's ability to secure funding rounds demonstrates the confidence investors had in its potential within the rapidly expanding IoT sector. This early financial backing was crucial in supporting Tuya's product development and market expansion efforts.
Early Investors and Funding
Tuya's early success was significantly supported by several key investors. The company raised a total of $200 million across three funding rounds. The latest Series C round, which occurred on July 23, 2018, also raised $200 million. These investments played a critical role in fueling the company's growth.
- New Enterprise Associates (NEA) made its initial investment in Tuya's Series A round on September 12, 2015.
- CICC and Quadrille Capital invested in the Series B round on October 26, 2017.
- Future Fund led the Series C round in July 2018.
- As of 2024, the company continues to operate and innovate within the smart home and IoT space.
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How Has Tuya’s Ownership Changed Over Time?
The evolution of Tuya's ownership structure has been shaped by key events, starting with its initial public offering (IPO) on the New York Stock Exchange (NYSE) on March 18, 2021, under the ticker symbol 'TUYA.' The IPO raised approximately US$915.4 million, with the stock price jumping over 19% on its first trading day. This event marked the transition of Tuya from a private entity to a publicly traded company, opening it up to a broader range of investors and increasing its visibility in the market.
Further solidifying its global presence, Tuya completed a dual primary listing on the Hong Kong Stock Exchange (HKEX) in July 2022. This move, which raised approximately HK$141 million (US$17.95 million), aimed to mitigate potential risks associated with being listed solely in the U.S. market. The dual listing strategy highlighted the company's commitment to expanding its investor base and navigating the complexities of international financial markets.
| Event | Date | Impact on Ownership |
|---|---|---|
| Initial Public Offering (IPO) | March 18, 2021 | Transitioned from private to public; raised US$915.4 million. |
| Hong Kong Stock Exchange Listing | July 2022 | Raised approximately HK$141 million (US$17.95 million); expanded investor base. |
| Institutional Investment | Ongoing (as of May 2025) | Institutional investors hold a significant portion, with 20.43% ownership as of May 2025. |
As of May 2025, institutional investors hold a significant portion of Tuya's stock, accounting for 20.43% ownership. Major institutional shareholders include 65 Equity Partners Pte Ltd. (13.83%), Principal Global Investors LLC (1.369%), and others. Insiders' ownership stands at 5.11% as of May 2025. The company operates with a dual-class share structure, granting outsized voting control to holders of Class B shares, primarily the founders. This structure influences the balance of power within the company, with Class B shares holding 15 votes per share compared to Class A shares' one vote.
Key Takeaways on Tuya Ownership
Understanding the ownership structure of Tuya Inc. is crucial for investors and stakeholders.
- The IPO in 2021 and the dual listing in 2022 significantly impacted the company's ownership.
- Institutional investors play a major role, holding a substantial percentage of the shares.
- The dual-class share structure gives founders significant voting power.
- As of June 4, 2025, 114 institutional owners and shareholders have filed 13D/G or 13F forms with the SEC.
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Who Sits on Tuya’s Board?
As of November 18, 2024, the Board of Directors of Tuya Inc. consists of eight members. The executive directors include Mr. Wang Xueji (Founder and CEO), Mr. Chen Liaohan (Founder and President), Mr. Yang Yi (Co-founder, COO, and CFO since September 2024), and Ms. Zhang Yan (Vice President of Finance, appointed director in November 2024). The independent non-executive directors are Mr. Huang Sidney Xuande, Mr. Qiu Changheng, Mr. Kuok Meng Xiong, and Mr. Yip Pak Tung Jason. The addition of Ms. Zhang Yan in November 2024 helped the Board meet gender diversity requirements set by The Stock Exchange of Hong Kong Limited.
The composition of the board reflects the company's leadership and its commitment to corporate governance. The presence of both executive and independent directors aims to provide a balance of operational expertise and oversight. The inclusion of Ms. Zhang Yan highlights the company's efforts to align with evolving standards of corporate governance and diversity.
| Director Category | Director Name | Role |
|---|---|---|
| Executive Director | Wang Xueji | Founder, CEO |
| Executive Director | Chen Liaohan | Founder, President |
| Executive Director | Yang Yi | Co-founder, COO, CFO |
| Executive Director | Zhang Yan | Vice President of Finance |
| Independent Non-Executive Director | Huang Sidney Xuande | Independent Director |
| Independent Non-Executive Director | Qiu Changheng | Independent Director |
| Independent Non-Executive Director | Kuok Meng Xiong | Independent Director |
| Independent Non-Executive Director | Yip Pak Tung Jason | Independent Director |
The company utilizes a weighted voting rights (WVR) structure, which stems from its dual-class share structure. Class A ordinary shares carry one vote, while Class B ordinary shares carry 15 votes. This setup gives founders and early stakeholders, who hold Class B shares, significant control over company decisions. For instance, Tuya Group Inc., fully owned by founder Xueji (Jerry) Wang, holds Class B ordinary shares. This structure impacts Tuya's target market and strategic decisions.
Tuya Ownership and Voting Power
Tuya's ownership structure grants significant voting power to founders through a dual-class share system.
- Class B shares have 15 votes each, while Class A shares have one vote.
- This structure concentrates control in the hands of founders like Xueji Wang.
- Shareholders can propose directors, requiring at least one-tenth of the company's paid-up capital.
- The Board supports shareholder resolutions, such as the one for the June 19, 2025, Annual General Meeting.
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What Recent Changes Have Shaped Tuya’s Ownership Landscape?
Over the past few years, the ownership structure of Tuya Inc. has seen significant shifts. A major strategic move was the dual primary listing on the Hong Kong Stock Exchange in July 2022, following its initial public offering (IPO) on the New York Stock Exchange in March 2021. This dual listing was, in part, a response to the geopolitical climate, providing a hedge against potential delisting risks from U.S. exchanges.
Leadership changes have also impacted the company. In September 2024, Ms. Yao (Jessie) Liu stepped down as Chief Financial Officer and Senior Vice President. Co-founder Yi (Alex) Yang, already a director, assumed the additional role of Chief Financial Officer. These adjustments aimed to ensure continuity in financial and operational strategies. These moves show the ongoing evolution of Tuya Smart's leadership and its adaptation to both market and regulatory changes, reflecting its commitment to long-term growth and stability.
| Metric | Q1 2025 | Change (YoY) |
|---|---|---|
| Total Revenue (US$ millions) | 74.7 | +21.1% |
| IoT PaaS Revenue (US$ millions) | 53.7 | +17.9% |
| GAAP Net Profit (US$ millions) | 19.3 | +57.2% |
| Non-GAAP Net Profit (US$ millions) | 19.3 | +57.2% |
Recent financial data indicates positive momentum for Tuya. In the first quarter of 2025, total revenue increased by 21.1% year-over-year to US$74.7 million. The IoT PaaS revenue grew by 17.9% to US$53.7 million. Both GAAP and non-GAAP net profits reached US$19.3 million, marking a 57.2% increase compared to the same period in 2024. In 2024, the company achieved its first annual GAAP net profit and nearly 30% revenue growth. Institutional confidence is evident, with UBS Asset Management acquiring over 209,000 shares recently. As of May 2025, institutional ownership reached 20.43%, reflecting growing investor interest in the AIoT sector.
Tuya Ownership Trends
The company's ownership structure has evolved significantly in recent years. Strategic moves like the dual listing on the Hong Kong Stock Exchange have been implemented.
Leadership Changes
Changes in leadership, such as the CFO transition, have been made. These changes aim to ensure continuity and strategic alignment.
Financial Performance
Tuya has shown strong financial growth, with increased revenue and profits. Positive financial results are a key factor for investor confidence.
Industry and Future Outlook
The company continues to invest in AIoT development and ecosystem expansion. Management remains optimistic about long-term growth opportunities.
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