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TUYA - Tuya Seeks Hong Kong IPO To Hedge U.S. Delisting Risk But Investors Are Wary
Tuya Inc. American Depositary Shares each representing one Class A
With the possibility of being forced to delist from the U.S. market by the SEC, Tuya is primarily seeking a safe harbor and only aims to raise a conservative HK$140 million.
Tuya’s failure to turn a profit and a lackluster performance of the overall share market in Hong Kong has dampened investor interest.
The first-quarter loss of the Internet of Things company widened by 35.6% year-on-year as a result of rising R&D and operational costs.