Tuya Inc. Shares Surge

Shares of Tuya Inc. surged up to 12% on Monday after the announcement that 65 Equity Partners has acquired a 13% stake in the global cloud platform provider.

The investment was made through buying shares from venture capital firm New Enterprise Associates (NEA).

65 Equity Partners, owned by Temasek, is an investment platform focused on backing high-growth businesses worldwide. The firm emphasized Tuya's leadership in the smart solution ecosystem, highlighting its innovative cloud-based software and AIoT device solutions as key strengths.

"This investment via the Anchor Fund aligns strategically with our mandate of supporting high-quality businesses seeking a listing on the SGX," said Tan Chong Lee, CEO of 65 Equity Partners. Karan Saraf also mentioned, "We are thrilled to be part of Tuya's exciting journey, where its strong leadership, brand, and ethos of innovation have attracted a diverse global customer base."

Tuya CEO Jerry Wang welcomed the investment, stating it aligns with the company's international growth strategy, especially in the Asia-Pacific region. Wang noted opportunities for a secondary listing on the Singapore Exchange (SGX) as part of Tuya’s global ambitions.

NEA, an early investor in Tuya since 2014, remains a significant shareholder. Carmen Chang, Partner and Head of Asia at NEA, expressed confidence in Tuya’s strategic direction.

The deal is set to accelerate Tuya's expansion in emerging markets like Southeast Asia while reinforcing its leadership in the AIoT and smart device industries.