Tuya Inc. Announces Pricing of Initial Public Offering

HANGZHOU,China,March 18,2021 --Tuya Inc. ("Tuya" or the "Company") (NYSE:TUYA),a leading IoT cloud platform inChina,today announced the pricing of its initial public offering of 43,590,000 American depositary shares ("ADSs"),atUS$21.00per ADS,for a total offering size ofUS$915.4 million,before exercise of over-allotment option for underwriters to purchase any additional ADSs. Each ADS represents one Class A ordinary share of the Company. The ADSs are expected to begin trading on the New York Stock Exchange today under the ticker symbol "TUYA." The offering is expected to close onMarch 22,2021,subject to customary closing conditions.

The Company has granted the underwriters an option,exercisable within 30 days from the date of the final prospectus,to purchase up to an aggregate of 6,538,500 additional ADSs.

Morgan Stanley & Co. LLC,BofA Securities,Inc. and China International Capital Corporation Hong Kong Securities Limited are acting as joint bookrunners of the offering. Tiger Brokers (NZ) Limited and CMB International Capital Limited are acting as co-managers of the offering.

A registration statement related to these securities has been filed with,and declared effective by,the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy,nor shall there be any sale of these securities in any state or jurisdiction in which such an offer,solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This offering is being made only by means of a prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained,when available,by contacting at the following underwriters:(i) Morgan Stanley & Co. LLC,Attention: Prospectus Department,180 Varick Street,2nd Floor,New York,NY 10014,via telephone: 1-917-606-8487,or via email: prospectus@morganstanley.com; (ii)BofA Securities,Inc.,NC1-004-03-43,200 North College Street,3rd Floor,Charlotte,NC 28255-0001,United States of America,via telephone: +1-800-294-1322,or via email: dg.prospectus_requests@bofa.com;(iii) China International Capital Corporation Hong Kong Securities Limited,29th Floor,One International Finance Centre,1 Harbour View Street,Central,Hong Kong,or via email: g_prospectus@cicc.com.cn.

About Tuya Inc.

Tuya Inc.(NYSE:TUYA) isthe largest IoT PaaS business in the global market of IoT PaaS in terms of the volume of smart devices powered,according to CIC. Tuya has pioneered a purpose-built IoT cloud platform 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's IoT PaaS currently enables businesses and developers to develop smart devices in more than 1,100 categories sold across over 220 countries and regions globally. In 2020,Tuya powered over 116.5 million smart devices. As of December 31,2020,there were approximately 204.3 million smart devices powered by Tuya. Tuya is also attracting an increasing number of Industry SaaS customers. Together as a team,Tuya has a vision that in the era of Internet of Things,or IoT,every "thing" will be connected seamlessly to unleash enormous commercial opportunities through software and to create value for users. Through our IoT cloud platform,Tuya has enabled developers to activate a vibrant IoT ecosystem of brands,OEMs,partners and end users to engage and communicate through a broad range of smart devices.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts,including statements about the Company's beliefs,plans,and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release,and the Company does not undertake any obligation to update any forward-looking statement,except as required under applicable law.