New stock news | Former CFO of Graffiti Intelligence joins the star hardware company xTool, possibly preparing for its listing in Hong Kong or the United States.

According to unconfirmed reports, Tuya, Inc. Sponsored ADR Class A (02391, TUYA.US) former CFO Liu Yao has joined Shenzhen laser engraving machine company xTool, responsible for finance and some delivery work. It is reported that multiple investors have indicated that xTool is now preparing for an IPO. Liu Yao's joining may be preparation for xTool's listing in Hong Kong or the United States. Liu Yao previously served as Executive Director of Investment Banking at a Swiss bank, completing financing projects exceeding $10 billion. According to the announcement of Tuya, Inc. Sponsored ADR Class A, Liu Yao has been Senior Vice President and Chief Financial Officer of Tuya, Inc. Sponsored ADR Class A since May 2019, responsible for capital markets, investments, finance, legal affairs, internal control, strategic analysis, and planning. In 2021, Tuya, Inc. Sponsored ADR Class A was listed on the NYSE, becoming the "first stock of IoT cloud platform to go public." In July 2022, Tuya, Inc. Sponsored ADR Class A completed a dual listing on the Hong Kong Stock Exchange main board. According to the company's disclosure, Liu Yao's salary in 2023 was $7.377 million, around 50 million RMB. In August 2024, Liu Yao left Tuya, Inc. Sponsored ADR Class A for personal reasons. The xTool brand was established in 2021 and is a subsidiary of Makeblock. xTool's main products are laser engraving machines, laser cutting machines, etc., used in personal creation, education, and industrial fields. EqualOcean previously reported that xTool's revenue in 2023 exceeded 1 billion RMB. According to multiple sources, xTool's revenue in 2024 is between 2 billion and 3 billion RMB. xTool's development has also experienced ups and downs. In 2013, Wang Jianjun founded Makeblock, focusing on STEAM education and launching educational Siasun Robot&Automation and maker tools. In 2021, due to a slowdown in the education business, the company established the xTool brand, starting to transform into consumer-grade laser engraving machines and 3D printing. xTool initially focused on industrial-grade laser equipment, later transitioning to the consumer market. xTool is also exploring product paths beyond laser printers. According to Tianyancha information, xTool participated in the Series B financing of Shenzhen Fastcreate Technology Co., Ltd. (Snapmaker), which mainly produces 3D printers. Products of their collaboration have been leaked, but not yet officially confirmed.