<SEC-DOCUMENT>0001104659-23-104954.txt : 20241120
<SEC-HEADER>0001104659-23-104954.hdr.sgml : 20241120
<ACCEPTANCE-DATETIME>20230929061228
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-104954
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tuya Inc.
		CENTRAL INDEX KEY:			0001829118
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		FLOOR 7-12, BLOCK A
		STREET 2:		HUACE CENTER, XIHU DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			00000
		BUSINESS PHONE:		86 0571 8691 5981

	MAIL ADDRESS:	
		STREET 1:		FLOOR 7-12, BLOCK A
		STREET 2:		HUACE CENTER, XIHU DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			00000
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">10/F, Building A, Huace Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Xihu District, Hangzhou City</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Zhejiang, 310012<BR>
People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding: 3pt 5.4pt; width: 100%; border: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE OMITTED PORTIONS, WHICH HAVE BEEN REPLACED WITH &ldquo;[***]&rdquo; IN THE LETTER FILED VIA EDGAR.</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;29, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division of Corporation Finance<BR>
U.S. Securities&nbsp;&amp; Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tuya Inc.<BR>
    Form&nbsp;20-F for the Year Ended December&nbsp;31, 2022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed April&nbsp;26, 2023<BR>
    File No.&nbsp;001-40210</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Technology<BR>
<BR>
</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Melissa Kindelan and Christine Dietz:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter sets forth the responses of Tuya Inc.
(the &ldquo;<B>Company</B>&rdquo;) to the comments (the &ldquo;<B>Comments</B>&rdquo;) contained in a letter the Company received from
the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) on August&nbsp;15,
2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Staff&rsquo;s convenience, we have included
herein the Comments in bold, and the Company&rsquo;s responses are set forth immediately below the Comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. We note that in the responses to prior Comments 5 and 6, you
only provided legal analysis regarding &ldquo;significant subsidiaries.&rdquo; However, the prior Comments asked for such analysis as
to all subsidiaries, whether or not &ldquo;significant.&rdquo; Accordingly, please provide the same legal analysis previously requested
for each subsidiary, regardless of whether such subsidiary is categorized as &ldquo;significant.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully notes, as has been previously discussed with
the Staff, that the subsidiaries of the Company that were not included in the prior responses were not, and still are not, material to
the Investment Company Act analysis of the Company. Nonetheless, in order to respond to the Staff&rsquo;s comment and as discussed with
the Staff, we have provided below additional information regarding such other subsidiaries that demonstrates that they do not raise Investment
Company Act issues for the parent or for themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the subsidiaries of the Company other than the Significant
Subsidiaries (as defined below) (the &ldquo;Immaterial Subsidiaries&rdquo;), the analysis provided in response to Comment 2 below with
respect to Section&nbsp;3(a)(1)(A)&nbsp;also applies to the Immaterial Subsidiaries and shows that they are not investment companies thereunder
(with the exceptions discussed in the following paragraph).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Immaterial Subsidiaries are also not investment companies under
Section&nbsp;3(a)(1)(C), as each Immaterial Subsidiary holds an immaterial amount of investment securities (if any) compared to its total
assets (excluding cash items and U.S. government securities), with two exceptions.<SUP>1</SUP> The exceptions are that the assets of
two Immaterial Subsidiaries consist primarily of investment securities. The Company treats the interests in such subsidiaries as investment
securities, but that does not affect the Company&rsquo;s non-investment company act status under Section&nbsp;3(a)(1)(C), because the
value of such interests are immaterial to the Company. In particular, as of June&nbsp;30, 2023, the Company&rsquo;s interest in such subsidiaries
amounts to approximately USD11.7 million or 0.8% of the Company&rsquo;s total unconsolidated assets (exclusive of U.S. government securities
and cash items).<SUP>2</SUP> Further, as of June&nbsp;30, 2023, such subsidiaries&rsquo; holdings of investment securities amounts to
approximately USD2.3 million or 0.2% of the Company&rsquo;s total unconsolidated assets (exclusive of U.S. government securities and cash
items).<SUP>3</SUP> As such, treating the interests in such Immaterial Subsidiaries as investment securities does not cause the Company
to be an investment company under Section&nbsp;3(a)(1)(C). With respect to such Immaterial Subsidiaries&rsquo; own Investment Company
Act status, they are wholly-owned non-U.S. subsidiaries of the Company that operate outside of the United States and have not offered
securities in the United States. As such, to the extent such subsidiaries require an Investment Company Act exemption (which they may
not given their offshore nature), they could rely on Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)&nbsp;(as well as, potentially,
Section&nbsp;3(b)(3)&nbsp;or Rule&nbsp;3a-3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, in order to respond to the Staff&rsquo;s comment below
with respect to calculations assuming short-term deposits are not treated as cash items, please see footnotes below which set out the
effect of assuming short-term deposits are not cash items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. Please update all figures and calculations in the response to
prior Comments 5 and 6 to conform to your financial statements as of June&nbsp;30, 2023.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the updated response below (with respect to prior Comment
5), please see the response to Comment 3 below (with respect to prior Comment 6).<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonetheless, for purposes of the Company&rsquo;s Investment Company Act analysis
described in these responses, the Company has, for the sake of efficiency, treated the interests in the Immaterial Subsidiaries as investment
securities, which does not affect the analysis given their immaterial value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that treating short-term deposits as not being cash items &ndash; per
Comment 4 &ndash; would not change these figures as the Company does not hold any short-term deposits itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that treating short-term deposits as not being cash items &ndash; per
Comment 4 &ndash; would not change these figures as the Company does not hold any short-term deposits itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that we have added footnotes through the following discussion to show
 &ndash; per Comment 4 &ndash; the effect on the calculations of not treating short-term deposits as cash items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully submits the updated analysis below with respect
to the factors outlined in <U>Tonopah Mining Co.</U> (26 S.E.C. 426 (1947)), which demonstrates that the Company and its subsidiaries
(collectively, &ldquo;<B>Tuya</B>&rdquo;) are primarily engaged in internet-of-thing (&ldquo;<B>IoT</B>&rdquo;) related product and service
offerings, including Platform-as-a-Service and Software-as-a-Service, based on a purpose-built cloud development platform, as well as
cloud-based value-added services (collectively, &ldquo;<B>IoT Business</B>&rdquo;), and are not and do not hold themselves out as being
engaged primarily, and do not propose to engage primarily, in the business of investing, reinvesting or trading in securities. Under <U>Tonopah
Mining</U>, being &ldquo;primarily engaged&rdquo; in a business or businesses other than that of investing, reinvesting, owning, holding
or trading in securities was interpreted under the Investment Company Act to depend on a facts and circumstances review, including the
following principal factors: (1)&nbsp;an issuer&rsquo;s historical development, (2)&nbsp;its public representations of policy, (3)&nbsp;the
activities of its officers and directors and, most importantly, (4)&nbsp;the nature of its present assets and (5)&nbsp;the sources of
its present income. Any one factor is not determinative, and as interpreted by the courts, the overarching objective of the <U>Tonopah
Mining</U> analysis is to determine whether reasonable investors would view an issuer &ldquo;as an operating company rather than a competitor
with a closed-end mutual fund.&rdquo;<SUP>5</SUP> Applying such factors to Tuya, it is clear that Tuya is primarily engaged in the IoT
Business, and not in the business of investing, reinvesting or trading in securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. The Company</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Tuya
is primarily engaged in the business of providing IoT related products and services. Tuya provides a cloud platform that connects a range
of devices via the IoT. The development of Tuya&rsquo;s business supports the historical development factor, as it has been primarily
engaged in the business of providing IoT related products and services since its establishment in 2014 and Tuya does not expect to change
its primary business in the future. Following its establishment, Tuya first developed its IoT cloud development platform in May&nbsp;2015,
and as of June&nbsp;30, 2023, the Tuya IoT cloud development platform has accumulated over 846,000 registered developers from over 200
countries and regions cumulatively serving more than 7,600 customers. Additionally, smart devices powered by Tuya are available in approximately
120,000 stores worldwide. Since its establishment, Tuya has continued to focus on optimizing its existing platform and incubating various
applications in the IoT cloud development platform field.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tuya has historically maintained significant cash amounts required
for its working capital needs, which Tuya has generally held as cash in bank demand deposits and short-term bank time deposits maturing
in one year or less. Tuya also holds small amounts of long-term and short-term equity and debt securities which, as further discussed
in our response to Comment 6 below, Tuya has treated as &ldquo;investment securities&rdquo; for purposes of the analysis under Section&nbsp;3(a)(1)(C)&nbsp;set
out below. In addition, as further discussed in our response to Comment 6 below, the amount of Tuya&rsquo;s long-term and short-term equity
and debt securities is not significant enough to cause the Company to be deemed an investment company under Section&nbsp;3(a)(1)(C).<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SEC
v. Nat'l Presto Indus.</I>, 486 F.3d 305 at 26 (7th Cir. 2007) (citing <I>Tonopah Mining</I> (26 S.E.C. 426 (1947)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company owns a portion of such securities through its indirect wholly-owned subsidiary, Zhejiang Tuya Smart Electronics Co., Ltd. (&ldquo;<B>Zhejiang
Smart Electronics</B>&rdquo;). Zhejiang Smart Electronics is a wholly-owned subsidiary of Tuya (HK), which is a wholly-owned subsidiary
of the Company and, as further discussed below, is not an investment company under Section 3(a)(1)(C). As a majority of Zhejiang Smart
Electronics&rsquo; assets are long-term and short-term equity and debt securities, the Company has treated Tuya (HK)&rsquo;s interest
in Zhejiang Smart Electronics as an investment security for purposes of this analysis. As of June 30, 2023, on an amortised cost basis,
Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics amounts to approximately USD39.6 million or 7.6% of Tuya (HK)&rsquo;s total
unconsolidated assets (exclusive of U.S. government securities and cash items) which amounts to approximately USD518.0 million. The Company
notes that on Tuya (HK)&rsquo;s unconsolidated balance sheet as of June 30, 2023, its interest in Zhejiang Smart Electronics would have
zero value due to share of losses, and therefore on a balance sheet basis, amounts to 0% of Tuya (HK)&rsquo;s total unconsolidated assets
(exclusive of U.S. government securities and cash items). If the Company&rsquo;s short-term deposits were not treated as cash items,
as of June 30, 2023, on an amortised cost basis, Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics amounts to approximately USD39.6
million or 3.0% of Tuya (HK)&rsquo;s total unconsolidated assets (exclusive of U.S. government securities and cash items, assuming short-term
deposits are not cash items) which amounts to approximately USD1,321.4 million. The Company notes that on Tuya (HK)&rsquo;s unconsolidated
balance sheet as of June 30, 2023, assuming short-term deposits are not cash items, its interest in Zhejiang Smart Electronics would
have zero value due to share of losses, and therefore on a balance sheet basis, amounts to 0% of Tuya (HK)&rsquo;s total unconsolidated
assets (exclusive of U.S. government securities and cash items).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thus, Tuya&rsquo;s historical development has not focused on investing,
reinvesting or trading in securities, but instead has been marked by a significant growth in Tuya&rsquo;s IoT Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
terms of the public representation factor, since Tuya&rsquo;s establishment in 2014, Tuya has consistently described itself as the provider
of IoT cloud software solutions. For example, Tuya&rsquo;s press releases typically refer to Tuya as &ldquo;<FONT STYLE="color: #0a0a0a; background-color: white">a
global leading IoT cloud development platform with a mission to build an IoT developer ecosystem and enable everything to be smart</FONT>.&rdquo;
Tuya has never represented that it is involved in any business other than the development and operation of IoT cloud software solutions.
Tuya has consistently stated in its filings with the Commission, press releases, other public statements, website and advertising and
marketing materials that it is in the business of providing IoT related products and services as described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, Tuya has consistently emphasized its operating results,
and has never emphasized either its investment income, or the possibility of significant appreciation from its cash management activities,
as a material factor in its business or future growth. In addition, investors and the investment media outlets do not evaluate Tuya based
on its cash management or investment activities. Instead, research reports and analysis of Tuya focus on its financial results from its
ongoing operations and the development of its business in the IoT cloud development platform field.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
allocation of Tuya&rsquo;s officers&rsquo; and directors&rsquo; time supports the activities factor. All of Tuya&rsquo;s most senior executive
officers and directors generally spend approximately 99.9% of their time on general corporate matters and the development and management
of Tuya&rsquo;s IoT cloud software solutions business, and 0.1% or less of their time on matters related to Tuya&rsquo;s investment securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, as of June&nbsp;30, 2023, Tuya had approximately 1,694
employees, of which only 2 employees are responsible for managing Tuya&rsquo;s investment securities. As such, approximately 99.9% of
Tuya&rsquo;s employees are dedicated to Tuya&rsquo;s operating business and general support services for the corporate group, and approximately
0.1% of Tuya&rsquo;s employees are responsible for managing Tuya&rsquo;s investment securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
terms of the assets factor, as discussed in detail below in response to Comment 6 of the Staff&rsquo;s comments, the Company is not an
investment company under the assets test under Section&nbsp;3(a)(1)(C). Thus, the composition of the Company&rsquo;s assets also demonstrates
that it is not primarily engaged in the business of investing, reinvesting or trading in securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
terms of the sources of the Company&rsquo;s present income, the Company&rsquo;s net loss of approximately USD99.3 million for the four
fiscal quarters ended June&nbsp;30, 2023 combined, consolidated with its wholly-owned subsidiaries, was mainly driven by large operating
revenues of approximately USD194.8 million, large cost of revenue of USD107.3 million and operating expenses of approximately USD223.8
million. For that period, interest income amounting to approximately USD41.5 million was attributable to cash items such as bank demand
deposits and short-term bank time deposits maturing in one year or less<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT>
(which, as discussed in our response to Comment 6 below, the Company treats as cash items for purposes of the 40% Test (as defined below)).
The only potential investment income or loss of the Company for that time period was investment loss in the amount of USD0.9 million related
to the Company&rsquo;s short-term and long-term equity and debt securities, representing 0.9% of the Company&rsquo;s net loss for that
time period. Such amounts are clearly outweighed by the large amounts of operating revenues for that period and thus, the primary contributors
to the Company&rsquo;s net loss also demonstrate that it is not primarily engaged in the business of investing, reinvesting or trading
in securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As <U>Tonopah Mining</U> makes clear, whether an issuer is primarily
engaged in investing in securities depends on all of the facts and circumstances. The analysis under each <U>Tonopah Mining</U> factor
demonstrates that the Company is not primarily engaged in the business of investing, reinvesting or trading in securities. The Company
is thus primarily engaged in the IoT Business, and is not an investment company under Section&nbsp;3(a)(1)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note that a portion of this interest income is classified by the Company as &ldquo;investment income&rdquo; for accounting purposes,
as such income relates to the Company&rsquo;s short-term bank time deposits that mature in greater than three months but less than one
year. For the four fiscal quarters ended June 30, 2023 combined, interest income amounting to approximately USD3.5 million was attributable
to cash items such as bank demand deposits and interest income and investment income amounting to approximately USD38.0 million was attributable
to short-term bank time deposits maturing in one year or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Subsidiaries</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
historical development of the significant subsidiaries (and certain other subsidiaries) of the Company<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
(&ldquo;<B>Significant Subsidiaries</B>&rdquo;) demonstrates that such subsidiaries, like Tuya, are primarily engaged in the business
of providing IoT products and services, and not investing, reinvesting or trading in securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tuya Market Inc. (&ldquo;<B>Tuya Market</B>&rdquo;) and Tuya Global Inc. (&ldquo;<B>Tuya Global</B>&rdquo;) were established in 2020
and 2015, respectively, as operating businesses in the United States. Since its establishment, Tuya Global has been primarily engaged
in IoT Business development activities, and does not expect to change its primary business in the future. Tuya Market has not yet conducted
any business activity since its establishment, and when it commences operations, it will be primarily engaged in IoT Business development
activities, and does not expect to change its primary business in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tuya (HK) Limited (&ldquo;<B>Tuya (HK)</B>&rdquo;) was established in 2014 primarily as a holding company for Tuya&rsquo;s indirect
wholly-owned subsidiaries listed below and, like Tuya, has been primarily engaged in the business of providing IoT related products and
services, and does not expect to change its primary business in the future. Since their establishment, each of the following subsidiaries
has been primarily engaged in IoT Business development activities or the provision of IoT related products and services, and does not
expect to change its primary business in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Tuya France</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Tuya UK Limited</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Tuya Smart Australia Pty Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Tuyasmart (Colombia) S.A.S.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Tuya GmbH</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Tuya Japan Co.,&nbsp;Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Tuyasmart (India) Private Limited</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Xiamen Tuya Technology Co.,&nbsp;Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Guangdong Tuya Smart Information Technology Co.,&nbsp;Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Shanghai Tuya Information Technology Co.,&nbsp;Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Ningbo Tuya Smart Electronics Co.,&nbsp;Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Hangzhou Tuya Information Technology Co.,&nbsp;Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Zhejiang Tuya Smart Electronics Co.,&nbsp;Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Hefei Tuya Smart Technology Co.,&nbsp;Ltd.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The historical development of the Company&rsquo;s Significant Subsidiaries
supports the historical development factor because such subsidiaries have been primarily engaged in the IoT Business since their establishment,
and have not been engaged in investing, reinvesting or trading in securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporate structure chart setting out the Company&rsquo;s significant subsidiaries, as well as Hangzhou Tuya Technology Co., Ltd. (the
 &ldquo;<B>VIE</B>&rdquo;) and certain other subsidiaries, is included in Item 3 of the Company&rsquo;s Form 20-F. The VIE is not material
to the Company&rsquo;s Investment Company Act status under Section 3(a)(1) and thus is treated as an Immaterial Subsidiary for purposes
of this response and is covered by the discussion of Immaterial Subsidiaries in our response to Comment 1 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hefei
Tuya Smart Electronics Co., Ltd. is a wholly-owned subsidiary of Hangzhou Tuya Information Technology Co., Ltd., which is an indirect
wholly-owned subsidiary of Tuya (HK).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
terms of the public representation factor, the Company generally does not separately describe its subsidiaries individually, but rather
represents its group of companies as operating as a whole. Thus, the public representation factor with respect to the Company&rsquo;s
Significant Subsidiaries is similar to the discussion above regarding Tuya and public representations of its primary business as the provider
of an IoT development platform who offers IoT related products and services. As discussed above, the Company has consistently represented
Tuya, including its Significant Subsidiaries, as being primarily engaged in the development and operation of its IoT Business, and has
not represented its Significant Subsidiaries as being engaged in investing, re-investing or trading in securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
activities factor with respect to the Company&rsquo;s Significant Subsidiaries is similar to the discussion above regarding the Company
and the allocation of its employees&rsquo;, officers&rsquo; and directors&rsquo; time. The most senior executive officers, directors and
employees of the Company&rsquo;s Significant Subsidiaries generally spend approximately 99.9% or more of their time on general corporate
matters and the development and management of Tuya&rsquo;s IoT Business, and 0.1% or less of their time on matters related to Tuya&rsquo;s
investment securities, which supports the activities factor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
terms of the assets factor, as discussed in detail below in response to Comment 3, the Company&rsquo;s Significant Subsidiaries are not
deemed to be investment companies under Section&nbsp;3(a)(1)(C)&nbsp;with the exception of Zhejiang Smart Electronics. <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
Thus, the composition of such subsidiaries&rsquo; assets also demonstrates that such subsidiaries are not primarily engaged in the business
of investing, reinvesting or trading in securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zhejiang Smart Electronics is a wholly-owned subsidiary of Tuya (HK),
which is an indirect wholly-owned subsidiary of the Company and, as further discussed below, is not an investment company under Section&nbsp;3(a)(1)(C).
As a majority of Zhejiang Smart Electronics&rsquo; assets are long-term and short-term equity and debt securities, the Company has treated
Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics as an investment security for purposes of the analysis under Section&nbsp;3(a)(1)(C).<SUP>11</SUP>
As of June&nbsp;30, 2023, on an amortised cost basis, Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics amounts to approximately
USD39.6 million or 7.6% of Tuya (HK)&rsquo;s total unconsolidated assets (exclusive of U.S. government securities and cash items) which
amounts to approximately USD518.0 million. The Company notes that on Tuya (HK)&rsquo;s unconsolidated balance sheet as of June&nbsp;30,
2023, its interest in Zhejiang Smart Electronics would have zero value due to share of losses, and therefore on a balance sheet basis,
amounts to 0% of Tuya (HK)&rsquo;s total unconsolidated assets (exclusive of U.S. government securities and cash items).<SUP>12</SUP>
As such, the value of Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics is not significant enough to cause Tuya (HK) or the Company
to be deemed an investment company under Section&nbsp;3(a)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also owns 100% of the equity interests in Tuya Smart Inc. (&ldquo;<B>Tuya Smart</B>&rdquo;). Tuya Smart and Tuya (HK) respectively
hold a 1% and 99% interest in Tuyasmart (India) Private Ltd., another indirectly wholly-owned subsidiary of the Company, in connection
with the Company&rsquo;s primary operating business, because the Company has been informed by the registration agency that Indian regulations
require an Indian company to have a minimum of two shareholders. The Company does not believe that Tuya Smart must rely on Sections 3(c)(1)
or 3(c)(7) of the Investment Company Act, but even assuming, arguendo, that Tuya Smart did have to rely on Sections 3(c)(1) or 3(c)(7),
the value of the Company&rsquo;s interest in Tuya Smart is not material to the Company&rsquo;s Investment Company Act analysis and therefore,
is not included in the discussion below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of June 30, 2023, approximately 18.5% of the Company&rsquo;s total assets, consolidated with its wholly-owned subsidiaries (exclusive
of U.S. government securities and cash items), consists of long-term and short-term equity and debt securities held by Zhejiang Smart
Electronics. If short-term deposits were not treated as cash items, as of June 30, 2023, approximately 1.8% of the Company&rsquo;s total
assts, consolidated with its wholly-owned subsidiaries (exclusive of U.S. government securities and cash items, assuming short-term deposits
are not cash items), consists of long-term and short-term equity and debt securities and short-term deposits held by Zhejiang Smart Electronics.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If short-term deposits were not treated as cash items, as of June 30, 2023, on
an amortised cost basis, Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics amounts to approximately USD39.6 million or 3.0% of
Tuya (HK)&rsquo;s total unconsolidated assets (exclusive of U.S. government securities and cash items, assuming short-term deposits are
not cash items) which amounts to approximately USD1,321.4 million. The Company notes that on Tuya (HK)&rsquo;s unconsolidated balance
sheet as of June 30, 2023, assuming short-term deposits were not treated as cash items, its interest in Zhejiang Smart Electronics would
have zero value due to share of losses, and therefore on a balance sheet basis, amounts to 0% of Tuya (HK)&rsquo;s total unconsolidated
assets (exclusive of U.S. government securities and cash items, assuming short-term deposits are not cash items).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
sources of Company&rsquo;s Significant Subsidiaries&rsquo; net income also demonstrates that such subsidiaries are not primarily engaged
in the business of investing, reinvesting or trading in securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than Zhejiang Smart Electronics, none of the Company&rsquo;s
Significant Subsidiaries have any investment income related to investment securities. All investment income and interest income of all
other Significant Subsidiaries relates to demand deposits and time deposits maturing in one year or less.<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thus, the primary contributors to the Company&rsquo;s Significant Subsidiaries&rsquo;
net income demonstrate that they are not primarily engaged in the business of investing, reinvesting or trading in securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As <U>Tonopah Mining</U> makes clear, whether an issuer is primarily
engaged in investing in securities depends on all of the facts and circumstances. The analysis under each <U>Tonopah Mining</U> factor
demonstrates that the Company&rsquo;s Significant Subsidiaries are not primarily engaged in the business of investing, reinvesting or
trading in securities. Such subsidiaries are primarily engaged in the IoT Business, and therefore are not investment companies under Section&nbsp;3(a)(1)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
short-term deposits were not considered cash items, and as such were treated as investment securities, certain of the Significant Subsidiaries,
as well as Tuya Smart, the VIE and the other subsidiaries of the Company would have income derived from investment securities, though
operating revenue derived from the operation of the IoT Business would be significantly larger than such income derived from investment
securities. Even if short-term deposits were not considered cash items, such deposits are held for working capital purposes in support
of the IoT Business. As such, &ldquo;no investor would perceive such a firm as a substitute for a closed-end mutual fund; its stock returns
would continue to depend on its operating profits and losses.&rdquo; <I>See </I><U>Nat&rsquo;l Presto</U>. Thus treating short-term deposits
as investment securities would not change the analysis under Section 3(a)(1)(A) described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3. Your response to prior Comment 6 about whether the Company
meets the definition of an &ldquo;investment company&rdquo; under section 3(a)(1)(C)&nbsp;of the Investment Company Act of 1940 (the
 &ldquo;Company Act&rdquo;) was not fully responsive. Accordingly, please provide all relevant calculations under
Section&nbsp;3(a)(1)(C)&nbsp;to support the analysis provided, identifying each constituent part of the numerator(s)&nbsp;and
denominator(s)&nbsp;and the legal basis for your treatment of each such component under Section&nbsp;3(a)(1)(C).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the below updated response, please see Appendix A, attached
hereto, which provides additional information regarding the assets of the Company and the Significant Subsidiaries.<SUP>14</SUP> Appendix
A also includes a column describing how the Company treats such assets for purposes of the Investment Company Act analysis. Please see
further information on the basis for such treatment in responses 3.C. and 5 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. The Company</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully submits that it is primarily engaged in the
business of providing IoT related products and services and is not an investment company under Section&nbsp;3(a)(1)(C)&nbsp;of the Investment
Company Act. Under Section&nbsp;3(a)(1)(C)&nbsp;of the Investment Company Act, an entity generally will be deemed to be an &ldquo;investment
company&rdquo; if: (a)&nbsp;it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading
securities and (b)&nbsp;it owns or proposes to acquire investment securities (other than U.S. government securities, securities issued
by employees&rsquo; securities companies and securities issued by qualifying majority owned subsidiaries of such entity) having a value
exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis (&ldquo;<B>40%
Test</B>&rdquo;). On an unconsolidated basis, as of June&nbsp;30, 2023, at least 60% of the value of the Company&rsquo;s total assets
(exclusive of U.S. government securities and cash items) consists: (i)&nbsp;direct equity interests in and/or loans to Tuya Market, Tuya
(HK) and Tuya Global, its majority-owned subsidiaries and (ii)&nbsp;loans to Tuya HK Subs (as defined below), its direct or indirect wholly-owned
subsidiaries.<SUP>15 16</SUP> Each of Tuya Market, Tuya (HK), Tuya Global and each Tuya HK Sub is a qualifying majority-owned subsidiary
for purposes of the 40% Test because each such subsidiary is primarily engaged in the business of providing IoT related products and services
and, as discussed in section B below, is not an investment company under Section&nbsp;3(a)(1)(C)&nbsp;of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully notes that the information contained in the appendix:
(i) is unaudited; (ii) is derived from the management accounts that the Company keeps internally; (iii) has been provided solely for
the convenience of the Staff in reviewing the Investment Company Act calculations; and (iv) are not presented in US GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
short-term deposits were not treated as cash items, such figures would not change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in our response to Comment 2 above, the Company treats its interests in Zhejiang Smart Electronics as investment securities
for purposes of this analysis.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of the 40% Test, as applied to the Company and each of
its Significant Subsidiaries, the Company treats as cash items: (a)&nbsp;cash held in bank demand deposits and time deposits maturing
in three months or less (which are categorized as &ldquo;cash and cash equivalents&rdquo; on the Company&rsquo;s consolidated balance
sheet), (b)&nbsp;restricted cash and (c)&nbsp;bank time deposits maturing in one year or less that can be liquidated to support the Company&rsquo;s
operating business (which are characterized as &ldquo;short-term investments&rdquo; on the Company&rsquo;s consolidated balance sheet).
Although the Investment Company Act does not explicitly define &ldquo;cash items,&rdquo; the Commission noted that for purposes of determining
compliance under Rule&nbsp;3a-1, the term broadly encompasses certain cash items, including bank demand deposits. <U>Certain Prima Facie
Investment Companies</U>, SEC Release No.&nbsp;10937 (Nov.&nbsp;13, 1979) (&ldquo;<B>Release 10937</B>&rdquo;), at n.29. With respect
to bank time deposits, the Commission stated that certificates of deposits and time deposits may be treated as cash items if, as demonstrated
by the surrounding facts and circumstances, such instruments are &ldquo;purchased as an integral part of an operating business.&rdquo;
<SUP>17</SUP> For example, in the context of an entity whose only business activity is investing in certificates of deposit, with no
other operating business, the Commission Staff has taken the position that such certificates of deposit are investment securities for
purposes of determining the entity&rsquo;s status as an investment company. <SUP>18</SUP> In the Company&rsquo;s case however, the Company
is primarily engaged in the operating business described above, and deposits its excess cash in bank time deposits as an integral part
of such operating business (i.e., serving the Company&rsquo;s need for liquid assets to support its business of providing IoT related
products and services). Furthermore, the Company treats as cash items only those bank time deposits with remaining maturities of one year
or less, in line with the <U>SEC v. Fifth Avenue Coach Lines</U> case cited by the Commission in Release 10937. In such case, the court
treated a certificate of deposit and a time deposit with maturity dates of ninety days and six months, respectively, as cash items, but
treated a time deposit that matured in over one year as an investment security. <U>SEC v. Fifth Avenue Coach Lines</U>, 289 F. Supp. 3
at 31 and n.16 (1968).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thus, the Company does not fall within the 40% Test, and therefore
is not an investment company under Section&nbsp;3(a)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Release
10937</I>, at n.29. The Commission clarified that whether certificates of deposits are to be treated as cash items or investment securities
under Rule 3a-1 depends on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">. . . the purpose for which such interests are held, the
circumstances under which they were acquired, the length of the period for which they are held, the amount held in comparison with the
company&rsquo;s other assets, and any other &ldquo;special circumstances.&rdquo; See, SEC v. Fifth Avenue Coach Lines, [289 F. Supp. 3
(1968)] at 31. For example, certificates of deposit purchased as an integral part of an operating business &mdash; such as during a transition
between lines of business or as a result of seasonal liquidity requirements &mdash; may be treated as cash items. When it cannot be shown
conclusively that the operating business requires substantial liquid assets, however, such deposits may be considered investment securities
for purposes of section 3(a)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Release 10937</I>, at n.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Merrill,
Lynch, Pierce, Fenner &amp; Smith Inc.</I>, SEC No-Action Letter (Oct. 28, 1982).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Subsidiaries</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully submits the analysis below under Section&nbsp;3(a)(1)(C)&nbsp;with
respect to the Company&rsquo;s Significant Subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tuya Market, Tuya (HK), Tuya Global, Tuya France, Tuya UK Limited,
Tuya Smart Australia Pty Ltd., Tuyasmart (Colombia) S.A.S., Tuya GmbH, Tuya Japan Co. Ltd., Tuyasmart (India) Private Limited, Xiamen
Tuya Technology Co. Ltd., Guangdong Tuya Smart Information Technology Co. Ltd., Shanghai Tuya Information Technology Co. Ltd., Ningbo
Tuya Smart Electronics Co. Ltd., Hangzhou Tuya Information Technology Co. Ltd. and Hefei Tuya Smart Technology Co. Ltd., are not investment
companies under Section&nbsp;3(a)(1)(C)&nbsp;of the Investment Company Act because each such subsidiary passes the 40% Test. <SUP>19</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On an unconsolidated basis, as of June&nbsp;30, 2023, Tuya Market does
not have any assets (other than U.S. government securities and cash items). Thus, Tuya Market Inc. does not fall within the 40% Test,
and therefore is not an investment company under Section&nbsp;3(a)(1)(C).<SUP>20</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On an unconsolidated basis, as of June&nbsp;30, 2023, at least 60%
of the value of Tuya Global&rsquo;s total assets (exclusive of U.S. government securities and cash items) consists of prepayments including
prepaid expenses and prepayments to vendors, guarantee deposits to vendors, accounts receivable, fixed assets and right-of-use assets.
Thus, Tuya Global does not fall within the 40% Test, and therefore is not an investment company under Section&nbsp;3(a)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On an unconsolidated basis, as of June&nbsp;30, 2023, at least 60%
of the value of Tuya (HK)&rsquo;s total assets (exclusive of U.S. government securities and cash items) consists of its interests in:
Tuya France, Tuya UK Limited, Tuya Smart Australia Pty Ltd, Tuyasmart (Colombia) S.A.S., Tuya GmbH, Tuya Japan Co. Ltd., Tuyasmart (India)
Private Limited, Xiamen Tuya Technology Co. Ltd., Guangdong Tuya Smart Information Technology Co. Ltd., Shanghai Tuya Information Technology
Co.,&nbsp;Ltd., Ningbo Tuya Smart Electronics Co. Ltd. and Hangzhou Tuya Information Technology Co. Ltd. (the &ldquo;<B>Tuya HK Subs</B>&rdquo;),
its majority-owned subsidiaries.<SUP>21</SUP> Each of the Tuya HK Subs is a qualifying majority-owned subsidiary for purposes of the
40% Test because each is primarily engaged in the business of providing IoT related products and services and, as discussed below, is
not an investment company under Section&nbsp;3(a)(1)(C)&nbsp;of the Investment Company Act. Thus, Tuya (HK) does not fall within the 40%
Test, and therefore is not an investment company under Section&nbsp;3(a)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On an unconsolidated basis, as of June&nbsp;30, 2023, with respect
to each Tuya HK Sub, either: (i)&nbsp;at least 60% of the value of the Tuya HK Sub&rsquo;s total assets (exclusive of U.S. government
securities and cash items) consists of business related assets such as account and other receivables (whether from affiliates or third
parties) related to goods sold or services rendered, prepayments, including prepaid expenses, prepayments to vendors and guarantee deposits
to vendors, fixed assets, right-of-use assets, inventories, VAT and income tax recoverable and intangible assets that are not securities;
or (ii)&nbsp;such Tuya HK Sub has no assets.<SUP>22</SUP> Thus, the Tuya HK Subs do not fall within the 40% Test, and therefore are
not investment companies under Section&nbsp;3(a)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
n.10 above regarding Tuya Smart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
short-term deposits were not treated as cash items, these figures would not change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
an unconsolidated basis, if short-term deposits were not treated as cash items, as of June 30, 2023, approximately 34% of the value of
Tuya (HK)&rsquo;s total assets (exclusive of U.S. government securities and cash items, assuming short-term deposits are not cash items)
consists of its interests in the Tuya HK Subs, its majority-owned subsidiaries. Although Tuya (HK) may not pass the 40% Test if short-term
deposits are considered investment securities, as further discussed below in response to Comment 4, we believe that these short-term
deposits are cash items, and therefore, as noted above, Tuya (HK) passes the 40% Test. In any event, Tuya (HK) is not an investment company
under Section 3(b)(1) of the Investment Company Act, based on the <U>Tonopah Mining</U> factors discussed in this response.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
an unconsolidated basis, if short-term deposits were not treated as cash items, as of June 30, 2023, with respect to each Tuya HK Sub
(other than Tuya UK Limited, Xiamen Tuya Technology Co., Ltd. and Ningbo Tuya Smart Electronics Co., Ltd.), either: (i) at least 60%
of the value of the Tuya HK Sub&rsquo;s total assets (exclusive of U.S. government securities and cash items, assuming short-term deposits
are not cash items) consists of account and other receivables (whether from affiliates or third parties) related to goods sold or services
rendered, prepayments including prepaid expenses and prepayments to vendors, guarantee deposits to vendors, fixed assets, right-of-use
assets, inventories, VAT and income tax recoverable, intangible assets that are not securities and construction in progress; or (ii)
such Tuya HK Sub has no assets. On an unconsolidated basis, if short-term deposits were not treated as cash items, as of June 30, 2023,
approximately 3.0% and 47.4%, respectively, of the value of Xiamen Tuya Technology Co., Ltd.&rsquo;s and Ningbo Tuya Smart Electronics
Co., Ltd.&rsquo;s total assets (exclusive of U.S. government securities and cash items, assuming short-term deposits are not cash items)
consists of account and other receivables (whether from affiliates or third parties) related to goods sold or services rendered, prepayments
including prepaid expenses and prepayments to vendors, guarantee deposits to vendors, fixed assets, right-of-use assets and VAT and income
tax recoverable. Tuya UK Limited had no assets as of March 31, 2023, but as of June 30, 2023 only holds cash and short-term deposits.
Although Tuya UK Limited, Xiamen Tuya Technology Co., Ltd. and Ningbo Tuya Smart Electronics Co., Ltd may not pass the 40% Test if short-term
deposits are considered investment securities, as further discussed below, we believe that these short-term deposits are cash items,
and therefore, Tuya UK Limited, Xiamen Tuya Technology Co., Ltd. and Ningbo Tuya Smart Electronics Co., Ltd pass the 40% Test. Furthermore,
regardless, Tuya UK Limited, Xiamen Tuya Technology Co., Ltd. and Ningbo Tuya Smart Electronics Co., Ltd. are not investment companies
under Section 3(b)(1) of the Investment Company Act, based on the <U>Tonopah Mining</U> factors discussed in this response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s remaining Significant Subsidiary is Zhejiang Smart
Electronics. As discussed in our response to Comment 2 above, on an unconsolidated basis, as of June&nbsp;30, 2023, a majority of Zhejiang
Smart Electronics&rsquo; assets are long-term and short-term equity and debt securities.<SUP>23</SUP> As such, the Company has treated
Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics as an investment security for purposes of the analysis under Section&nbsp;3(a)(1)(C).
Nonetheless, the value of Tuya (HK)&rsquo;s interest in Zhejiang Smart Electronics is not significant enough to cause Tuya (HK) or the
Company to be deemed an investment company under Section&nbsp;3(a)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed above, even with the Company treating its interests in
Zhejiang Smart Electronics, Tuya Smart and the Immaterial Subsidiaries (including the VIE) as investment securities, the Company still
does not fall within the 40% Test, and therefore would not be an investment company under Section&nbsp;3(a)(1)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>C. Appendix A Asset Treatment Information for Company and Significant
Subsidiaries</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below, please find further information regarding the treatment of assets
presented in Appendix A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Notes Receivable:</U> The Company does not treat notes receivable as &ldquo;investment securities&rdquo; for purposes of the Investment
Company Act. Notes receivable represent the amount due to the Company (or its subsidiaries) under bill acceptances it has received as
part of its operating business. The Company (or its subsidiaries) generally receives bill acceptances when it sells goods or services
to customers and, instead of paying in cash, they instruct their bank to issue a bill acceptance to the Company (or its subsidiaries),
which represents an obligation of the bank to pay the amount due on a certain maturity date, which is generally less than twelve months
from issuance. The Company&rsquo;s (or subsidiaries&rsquo;) bill acceptances relate only to goods and services sold by the Company (or
its subsidiaries); the Company and its subsidiaries do not purchase bill acceptances from other companies. The notes receivables represent
regular and ordinary course entitlements to receive payment for sales of goods or provision of services by the Company (or its subsidiaries)
to its customers and do not arise in an investment context.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
an unconsolidated basis, as of June 30, 2023, a majority of Zhejiang Smart Electronics&rsquo; assets are long-term and short-term equity
and debt securities, regardless of the treatment of short-term deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">While notes in some cases may be a security, <SUP>24</SUP>
here they are not. The U.S. Supreme Court has stated that &ldquo;notes are used in a variety of settings, not all of which involve investments[,]&rdquo;<SUP>25</SUP>
recognizing that notes issued in a commercial or consumer context are typically not securities for purposes of the securities laws. The
Court cites with approval that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">[a] majority of the Courts of Appeals that have considered
the issue have adopted, in varying forms, &lsquo;investment versus commercial&rsquo; approaches that distinguish, on the basis of all
of the circumstances surrounding the transactions, notes issued in an investment context (which are &lsquo;securities&rsquo;) from notes
issued in a commercial or consumer context (which are not).<SUP>26</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Indeed, the Court in <U>Reves</U> specifically stated that
a note &ldquo;which simply formalizes an open-account debt incurred in the ordinary course of business&rdquo; is &ldquo;not properly viewed
as a &lsquo;security&rsquo;&rdquo; for purposes of the securities laws.<SUP>27</SUP> The Company&rsquo;s (or subsidiaries&rsquo;) notes
receivable would fall squarely within this category, as they represent notes issued in respect of open-account debts owed by customers
for goods sold and services rendered in the ordinary course of the Company&rsquo;s (or subsidiaries&rsquo;) business. As such, in accordance
with the Court&rsquo;s guidance in <U>Reves</U>, the notes receivable are not &ldquo;securities&rdquo; under Section&nbsp;2(a)(36), and
therefore are not &ldquo;investment securities&rdquo; under Section&nbsp;3(a)(2)&nbsp;of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Security&rdquo; is defined as any note, stock, treasury stock, security
future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust
certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate
of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege
on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based
on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign
currency, or, in general, any interest or instrument commonly known as a &lsquo;&lsquo;security&rsquo;&rsquo;, or any certificate of
interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or
purchase, any of the foregoing.&rdquo; <I>See Investment Company Act Section 2(a)(36)</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reves v. Ernst &amp; Young, </I>494 U.S. 56 (1990).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>26
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id. </I>at 63.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>27
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id. </I>at 65.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Restricted Cash:</U> Restricted cash relates to cash balances on deposit required by the Company&rsquo;s or subsidiaries&rsquo;
commercial banks. Such restricted cash is held in demand deposits. As such, the Company treats such restricted cash as a cash item.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Interest Receivable:</U> Interest receivable relates to interest from bank demand deposits that has been accrued but not yet received.
As such, the Company treats such receivables as cash items.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Inventories:</U> The Company does not treat inventories as &ldquo;investment securities&rdquo; for purposes of the Investment Company
Act. Inventories relate to finished goods, work in process, raw materials and low value consumables and spare parts, all integral to the
operation of the IoT Business. Such inventories do not meet the definition of &ldquo;security&rdquo; in the Investment Company Act, <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>28</SUP></FONT>
and as such, are not &ldquo;investment securities&rdquo; under Section&nbsp;3(a)(2).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Fixed Assets:</U> The Company does not treat fixed assets as &ldquo;investment securities&rdquo; for purposes of the Investment
Company Act. Fixed assets relate to leasehold improvements, computers and electronic equipment, office equipment and purchased software,
all integral to the operation of the IoT Business. Such fixed assets do not meet the definition of &ldquo;security&rdquo; in the Investment
Company Act, <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>29</SUP></FONT> and as such, are not &ldquo;investment securities&rdquo;
under Section&nbsp;3(a)(2).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Operating Lease Right-of-Use Assets:</U> The Company does not treat operating lease right-of-use assets as &ldquo;investment securities&rdquo;
for purposes of the Investment Company Act. Operating lease right-of-use assets relate to operating leases for offices and warehouses
of which the Company (or its subsidiary) is the lessee and represent the Company&rsquo;s (or subsidiary&rsquo;s) right to use an underlying
asset for the lease term, which are integral to the operation of the IoT Business. Such operating lease right-of-use assets do not meet
the definition of &ldquo;security&rdquo; in the Investment Company Act, <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>30</SUP></FONT>
and as such, are not &ldquo;investment securities&rdquo; under Section&nbsp;3(a)(2).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Other Non-Current Assets:</U> The Company does not treat other non-current assets as &ldquo;investment securities&rdquo; for purposes
of the Investment Company Act. Other non-current assets consist of refundable rental deposits. They are not securities for the same reasons
discussed in our response to Comment 5 below with respect to prepayments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See n.24 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>29
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See n.24 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>30
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See n.24 above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Long-Term Equity Investments:</U> The Company does not treat such long-term equity investments as &ldquo;investment securities&rdquo;
for purposes of the Investment Company Act because they represent the respective entity&rsquo;s equity investment in one or more majority-owned
subsidiaries of such entity that are not investment companies (or relying on Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>31</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Long-Term Prepaid Expenses:</U> The Company does not treat long-term prepaid expenses as &ldquo;investment securities&rdquo; for
purposes of the Investment Company Act. Long-term prepaid expenses relate to re-decoration and improvement costs for rental properties
such as leased office for the Company&rsquo;s daily operation. They are not securities for the same reasons discussed in our response
to Comment 5 below with respect to prepayments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Equity Securities With Readily Determinable Fair Value:</U> Equity securities with readily determinable fair value relate to the
Company&rsquo;s equity interest in an A-share listed company in the PRC. The Company treats such investment as an &ldquo;investment security&rdquo;
under Section&nbsp;3(a)(2).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Other Equity Instrument Investments:</U> Other equity instrument investments relate to the Company&rsquo;s equity interest in several
private companies. The Company treats such investments as &ldquo;investment securities&rdquo; under Section&nbsp;3(a)(2).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Other Receivables, which consist of:</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><U>Amounts due from the Company&rsquo;s intergroup companies</U>: The Company does not treat such amounts due as &ldquo;investment
securities&rdquo; for purposes of the Investment Company Act. Such receivables relate to: (i)&nbsp;goods sold or services rendered in
the ordinary course of the Company&rsquo;s business; or (ii)&nbsp;loans to majority-owned subsidiaries for use in daily business operations.
The amounts due in (i)&nbsp;above are not securities for the same reasons discussed in our response to Comment 5 below with respect to
accounts and other receivables. The amounts due in (ii)&nbsp;above are not securities for the same reasons discussed in our response to
Comment 5 below with respect to loans from the Company to Tuya Market, Tuya (HK) and the Tuya HK Subs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><U>Deposits paid to third parties for daily operating matters</U>: The Company does not treat such deposits as &ldquo;investment securities&rdquo;
for purposes of the Investment Company Act. Such deposits relate to rental and other business related receivables in relation to the Company&rsquo;s
and its subsidiaries&rsquo; operating business. They are not securities for the same reasons discussed in our response to Comment 5 below
with respect to prepayments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><U>Prepayments made for share repurchase program</U>: The Company does not treat such prepayments as &ldquo;investment securities&rdquo;
for purposes of the Investment Company Act. Such prepayments relate to the Company prepaying for the repurchase of its own shares. They
are not securities for the same reasons discussed in our response to Comment 5 below with respect to prepayments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>31
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Investment Company Act Section 3(a)(2)</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><U>Receivables from third party payment platforms</U>: The Company does not treat such receivables as &ldquo;investment securities&rdquo;
for purposes of the Investment Company Act. Such receivables are from third party payment platforms, such as PayPal, which collect payment
from customers for purchase of the Company&rsquo;s and its subsidiaries&rsquo; value-added services. They are not securities for the same
reasons discussed in our response to Comment 5 below with respect to accounts and other receivables.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><U>Receivables from employees, representing outstanding consideration of their equity incentive awards</U>: The Company does not treat
such receivables as &ldquo;investment securities&rdquo; for purposes of the Investment Company Act. Such receivables relate to shares
issued to employee stock options plans. They are not securities for the same reasons discussed in our response to Comment 5 below with
respect to accounts and other receivables.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><U>Other Current Assets:</U> Other current assets are comprised of VAT and income tax recoverable. They are not securities for the
same reasons discussed in our response to Comment 5 below with respect to VAT and income tax recoverable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4. We note from the response to prior Comment
6 that you treat &ldquo;short-term deposits&rdquo; with maturities of one year or less as cash items in the context of the analysis under
Section&nbsp;3(a)(1)(C)&nbsp;of the Investment Company Act. Please address the following:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Provide a detailed legal analysis of why such &ldquo;short-term deposits&rdquo; should be treated as
cash items for purposes of section 3(a)(1)(C)&nbsp;of the Company Act in light of (i)&nbsp;the 1982 amendments to the definition of &ldquo;security&rdquo;
(see, e.g., Public Law 97-303, 96 Stat. 1409 (October&nbsp;13, 1982) and associated Senate report) and (ii)&nbsp;Revisions to Rules&nbsp;Regulating
Money Market Funds, SEC Release Nos. 33-6882 and IC-18005 (February&nbsp;20, 1991) (see, e.g., section II.B.1.c and fn. 28).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For purposes of the 40% Test, as applied to the Company and
each of its subsidiaries, the Company treats as cash items: (a)&nbsp;&ldquo;Cash and cash equivalents&rdquo; which consist entirely of
cash held in bank demand deposits, (b)&nbsp;restricted cash and (c)&nbsp;for the reasons discussed below, &ldquo;Short-term deposits&rdquo;
which consist entirely of bank time deposits with a maturity of one year or less that were acquired and can be liquidated to support the
Company&rsquo;s operating business. Although the Investment Company Act does not explicitly define &ldquo;cash items,&rdquo; the Commission
noted that for purposes of determining compliance under Rule&nbsp;3a-1, the term broadly encompasses certain cash items, including bank
demand deposits.<SUP>32</SUP> With respect to bank time deposits, the Commission stated that certificates of deposits and time deposits
may be treated as cash items if, as demonstrated by the surrounding facts and circumstances, such instruments are &ldquo;purchased as
an integral part of an operating business.&rdquo; <SUP>33</SUP> For example, in the context of an entity whose only business activity
is investing in certificates of deposit, with no other operating business, the Commission Staff has taken the position that such certificates
of deposit are investment securities for purposes of determining the entity&rsquo;s status as an investment company. <SUP>34</SUP> In
the Company&rsquo;s case however, the Company is primarily engaged in the operating business described above, and deposits its excess
cash in bank time deposits as an integral part of such operating business (i.e., serving the Company&rsquo;s need for liquid assets to
support its business of providing an IoT development platform and related services). Furthermore, the Company treats as cash items only
those bank deposits with maturities of one year or less, in line with the <U>SEC v. Fifth Avenue Coach Lines</U> case cited by the Commission
in Release 10937. In such case, the court treated a certificate of deposit and a time deposit with maturity dates of ninety days and six
months, respectively, as cash items, but treated a time deposit that matured in over one year as an investment security.<SUP>35</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>32</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Release
10937</I>, at n.29.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>33</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Release
10937</I>, at n.29. The Commission clarified that whether certificates of deposits are to be treated as cash items or investment securities
under Rule 3a-1 depends on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">. . . the purpose for which such interests are held, the
circumstances under which they were acquired, the length of the period for which they are held, the amount held in comparison with the
company&rsquo;s other assets, and any other &ldquo;special circumstances.&rdquo; See, SEC v. Fifth Avenue Coach Lines, [289 F. Supp. 3
(1968)] at 31. For example, certificates of deposit purchased as an integral part of an operating business &mdash; such as during a transition
between lines of business or as a result of seasonal liquidity requirements &mdash; may be treated as cash items. When it cannot be shown
conclusively that the operating business requires substantial liquid assets, however, such deposits may be considered investment securities
for purposes of section 3(a)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Release 10937</I>, at n.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>34</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Merrill,
Lynch, Pierce, Fenner &amp; Smith Inc.</I>, SEC No-Action Letter (Oct. 28, 1982).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>35
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SEC v. Fifth Avenue Coach Lines, </I>289 F. Supp. 3 at 31 and n.16 (1968)<I>.</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company acknowledges that in the 1982 amendment to the
definition of &ldquo;security&rdquo; under the Investment Company Act, the discussion in the associated Senate report, as well as Release
18005 from 1991<SUP>36</SUP>, indicate that bank time deposits can be treated as securities for Investment Company Act purposes. Nonetheless,
that bank certificates of deposits may be securities is not dispositive of whether they may also be treated as cash items for purposes
of Section&nbsp;3(a)(1). As the Staff has recognized, a security may still be a cash item, <SUP>37</SUP> and, moreover, even an instrument
expressly included in the Section&nbsp;2(a)(36) definition of &ldquo;security&rdquo; would not be a security, if, as provided by Section&nbsp;2(a),
the &ldquo;context otherwise requires.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In this case, there is no indication that either Congress,
in enacting the 1982 amendment, or the Commission in adopting Release 18005, intended to change the Commission&rsquo;s existing position
in Release 10937 of the circumstances in which a bank time deposit may be treated as a cash item for purposes of Section&nbsp;3(a)(1).
Although Congress enacted the 1982 amendment several years after the Commission&rsquo;s guidance in Release 10937, and many years after
<U>Fifth Avenue Coach Lines</U>, Congress took no action to amend the Investment Company Act to further clarify that bank time deposits
may not be treated as cash items, nor does the associated Senate report express such a view. In addition, in the discussion of bank time
deposits in Release 18005, the Commission did not seek to retract or amend its existing position in Release 10937. Indeed, it continues
to be a well-established principle that such position, i.e., that bank time deposits may be treated as cash items if, as demonstrated
by the surrounding facts and circumstances, such time deposits were &ldquo;purchased as an integral part of an operating business,&rdquo;<SUP>38
</SUP>still applies notwithstanding the 1982 amendment and Release 18005. The leading treatise on status determination under the Investment
Company Act, in its updated 2003 edition published many years after the 1982 amendment and Release 18005, continues to describe the Commission&rsquo;s
existing position in Release 10937 as the current authority on this topic.<SUP>39</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>36
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revisions to Rules Regulating Money Market Funds, </I>SEC Release No. 18005
(Feb. 20, 1991).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>37
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Willkie, Farr &amp; Gallagher</I>, SEC No-Action Letter (Oct. 23, 2000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>38
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Release 10937, </I>at n.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>39
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>See Rosenblum</I>, <I>Investment Company Determination under the 1940 Act:
Exemptions and Exceptions</I>, at Section 2.3: &ldquo;Although the Commission and Staff take the position that a certificate of deposit
may be a security under the 1940 Act, they do not take the position that all certificates of deposit are securities under the Act&hellip;Thus,
a certificate of deposit held by an operating company for business purposes may not be a security.&rdquo; (discussing the factors set
out in Release 10937).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Further, the Staff&rsquo;s determination in the <U>International
Venture Finance</U> no-action letter, which was cited in footnote 28 (referenced in the Staff&rsquo;s comment above) of Release 18005,
was consistent with, and did not indicate any retraction of, the Commission&rsquo;s existing position in Release 10937.<SUP>40</SUP>
In such no-action letter, the Staff determined that the venture capital lending corporation in question was an investment company because
it proposed to &ldquo;engage primarily in the business of investing and reinvesting in [certificates of deposit]&rdquo; and presumably
did not purchase such certificates of deposit as an integral part of an operating business.<SUP>41</SUP> Moreover, the certificates
of deposit in question all had maturities of at least five years, <SUP>42</SUP> which under the analysis in Release 10937 and <U>Fifth
Avenue Coach Lines</U> would generally not be treated as cash items. The Staff&rsquo;s determination in that case, therefore, is consistent
with the Commission&rsquo;s existing position in Release 10937, and the venture capital lending corporation is distinguishable from the
Company in that the Company, as discussed above, <SUP>43</SUP> is primarily engaged in operating an IoT development platform and providing
related services, and deposits its excess cash in short-term deposits as an integral part of its operating business, and is not primarily
engaged in the business of investing and reinvesting in bank deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>40
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>International Venture Finance, </I>SEC No-Action Letter (June 2, 1983).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>41
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>42
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>International Venture Finance</I>, SEC No-Action Letter (incoming letter dated
March 9, 1983) (stating that the maturity dates of the certificates of deposit in question would be the same as the redemption dates
of the associated series of preferred stock being issued by the issuer, which had redemption dates from 5 &ndash; 15 years from issuance).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>43
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see discussion of the <I>Tonopah Mining</I> factors in our response to
Comment 2 above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Furthermore, as noted above, in a no-action letter issued
after the 1982 amendments and Release 18005, the Staff took the position that certain instruments (e.g., money market funds) can be treated
as cash items for purposes of the 40% Test and Rule&nbsp;3a-1 tests even though such instruments are also securities.<SUP>44</SUP> In
the case of money market fund shares, the Staff clarified that a company&rsquo;s holdings of such instruments &ldquo;&mdash;even though
they are securities&mdash;usually are not determinative of an investment company business, because money market fund shares generally
are equivalent to cash items.&rdquo; The Staff noted its belief that treating money market fund shares as cash items &ldquo;provides operating
companies with appropriate flexibility in managing their cash holdings.&rdquo;<SUP>45</SUP> The Staff&rsquo;s discussion in this no-action
letter further demonstrates that whether bank deposits are securities does not preclude a determination that such time deposits can be
treated as cash items, and not investment securities, for purposes of the 40% Test. As such, treating the Company&rsquo;s short-term deposits
as cash items, based on the surrounding facts and circumstances discussed in our prior response and the additional discussion below, is
consistent with and is not altered by the 1982 amendments and Release 18005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>While we note you state that the &ldquo;short-term deposits&rdquo; were held for working capital purposes,
explain in additional detail whether, and to what extent, the Company and its subsidiaries have or had any investment intent with respect
to the &ldquo;short-term deposits&rdquo; (addressing, in appropriate detail, the factors referenced in fn. 4 and 29 of Certain Prima Facie
Investment Companies, SEC Release No.&nbsp;IC-10937 (Nov.&nbsp;13, 1979) (&ldquo;3a-1 Release&rdquo;)). In this regard, we note that the
Rule&nbsp;3a-1 Release states that &ldquo;[c]ertificates of deposits and time deposits typically would not be considered cash items absent
convincing evidence of no investment intent.&rdquo;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company holds excess cash in short-term
bank deposits as a temporary measure to meet the cash needs of its operations, and does not hold such deposits with investment intent.
Their use is entirely focused on business arrangements and long-term development plans. The Company considers such short-term deposits
to be standard bank cash savings products, along with demand deposits. In terms of the factors referenced in footnotes 4 and 29 of Release
10937:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Purpose of holding short-term deposits</I> &ndash; The Company conducted its initial public offering
of American Depositary Shares on the New York Stock Exchange in March&nbsp;2021 and raised approximately USD904.7 million (in addition
to proceeds from pre-IPO financing) to meet the Company&rsquo;s ongoing liquid cash needs and execute its business strategies and plans
for geographic expansion. The Company&rsquo;s operating business typically has significant ongoing liquid cash needs such as: capital
expenditures for the purchase of intangible assets (e.g., software), fixed assets (e.g., computers), purchase of inventories, employee
salaries and payments to vendors for services rendered. The Company also needs to distribute cash to its various geographic operations
to execute its business strategies and plans for geographic expansion. Due to a shift in the macroeconomic environment in 2022, the Company&rsquo;s
operations shifted from expansion to a more conservative approach, and the deployment of cash became slower than anticipated. However,
the Company expects that as the economy recovers, its cash demands will increase, which is why it needs to keep assets accessible for
ongoing working capital needs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>44</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Willkie,
Farr &amp; Gallagher</I>, SEC No-Action Letter (Oct. 23, 2000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>45
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Circumstances under which short-term deposits were acquired</I> &ndash; Please see bullet above for
information regarding the circumstances under which short-term deposits were acquired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Length of the time short-term deposits are held</I> &ndash; The Company&rsquo;s short-term deposits
have a maturity of one year or less. As described above, the purpose of holding such deposits is to meet the Company&rsquo;s ongoing liquid
cash needs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Amount of short-term deposits held in comparison to other assets</I> &ndash; On the Company&rsquo;s
consolidated balance sheet as of June&nbsp;30, 2023, short-term deposits were approximately 82.2% of the Company&rsquo;s total assets.
Although short-term deposits are currently a large portion of the Company&rsquo;s assets, they resulted from the Company&rsquo;s recent
IPO and the change in macroeconomic environment, and do not reflect an intent by the Company to focus on investments as opposed to operations.
The Company&rsquo;s short-term deposits are held for use in the Company&rsquo;s operating business and are expected to be deployed more
rapidly in the operating business once economic conditions improve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Based on the factors above, it is clear
that the Company&rsquo;s operating business has substantial cash needs and that the Company holds its short-term deposits as an integral
part of its operating business, and not for investment purposes. As such, the Company&rsquo;s short-term deposits are consistent with
the types of deposits that may be treated as cash items for purposes of the Investment Company Act as described in footnotes 4 and 29
of Investment Company Act Release No.&nbsp;10937.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Provide a detailed explanation of the facts and circumstances surrounding the relative increase in
assets categorized as &ldquo;short-term investments&rdquo;, and relative decrease in assets categorized as &ldquo;cash and cash equivalents,&rdquo;
in your Consolidated Balance Sheets between December&nbsp;31, 2021 and December&nbsp;31, 2022.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As noted above, the Company conducted
its initial public offering of American Depositary Shares on the New York Stock Exchange in March&nbsp;2021 and raised approximately USD904.7
million (in addition to proceeds from pre-IPO financing). At the end of 2021, the Company had a large amount of cash in demand deposits
and short-term time deposits maturing in three months or less. A decline in the macroeconomic environment in 2022 resulted in a shift
in Company operations from expansion to a more conservative approach, and as such, cash items were shifted into instruments treated as
short-term investments (i.e., time deposits with less than one year but more than three months of maturity) to preserve their value in
the face of increasing inflation pending future development in the Company&rsquo;s business, given the longer time horizon for the expected
use of cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Recalculate all relevant calculations in the response to prior Comment 5 and 6 relating to Section&nbsp;3(a)(1)(A)&nbsp;of
the Company Act, (i)&nbsp;as of June&nbsp;30, 2023 (as noted above) and (ii)&nbsp;under the assumption that such &ldquo;short-term deposits&rdquo;
are not cash items.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully directs the
Staff&rsquo;s attention to the updated response to Comments 2 and 3 above, which include footnotes setting out the effect of assuming
short-term deposits are not cash items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5. Without limiting the generality of the foregoing comment,
please provide factual details and a detailed legal analysis regarding whether you view the following assets of the Company and its
subsidiaries identified in response to prior Comment 6 as &ldquo;investment securities&rdquo; as defined under
Section&nbsp;3(a)(2)&nbsp;of the Investment Company Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Account and other receivables (whether from affiliates or third parties) related to goods sold or services rendered;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully submits that it does not treat account
and other receivables (whether from affiliates or third parties) related to goods sold or services rendered as &ldquo;investment securities&rdquo;
for purposes of the Investment Company Act. The account and other receivables represent regular and ordinary course entitlements to receive
payment for sales of goods or provision of services by the Company to its customers. Such receivables like the Company&rsquo;s typically
arise in the context of regular course dealings between service providers or sellers of merchandise or services and their customers, as
opposed to an investment context, and as such, these types of receivables are not commonly perceived to be securities. In addition, such
account and other receivables are not documented as a note, loan or other instrument of indebtedness, and do not incur interest or other
types of return, and therefore do not fall within the types of instruments that are listed in the definition of a &ldquo;security&rdquo;
under Section&nbsp;2(a)(36) of the Investment Company Act.<SUP>46</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nonetheless, even if the Company&rsquo;s account and other
receivables were considered a form of note (e.g., since they represent an obligation of the Company&rsquo;s customers to make payment
for goods sold and services rendered), the U.S. Supreme Court has stated that &ldquo;notes are used in a variety of settings, not all
of which involve investments[,]&rdquo;<SUP>47</SUP> recognizing that notes issued in a commercial or consumer context are not securities
for purposes of the securities laws. The Court cited with approval that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">[a] majority of the Courts of Appeals that have considered
the issue have adopted, in varying forms, &lsquo;investment versus commercial&rsquo; approaches that distinguish, on the basis of all
of the circumstances surrounding the transactions, notes issued in an investment context (which are &lsquo;securities&rsquo;) from notes
issued in a commercial or consumer context (which are not).<SUP>48</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>46
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See n.24 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>47
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reves v. Ernst &amp; Young, </I>494 U.S. 56 (1990).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>48
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id. </I>at 63.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Indeed, the Court in <U>Reves</U> specifically stated that
a note &ldquo;which simply formalizes an open-account debt incurred in the ordinary course of business&rdquo; is &ldquo;not properly viewed
as a &lsquo;security&rsquo;&rdquo; for purposes of the securities laws.<SUP>49</SUP> The Company&rsquo;s account and other receivables,
even if evidenced by a note, would fall squarely within this category, as they represent open-account debt owed by the Company&rsquo;s
customers for goods sold and services rendered by the Company in the ordinary course of its business dealings with customers. As such,
in accordance with the Court&rsquo;s guidance in <U>Reves</U>, the Company&rsquo;s account and other receivables are not &ldquo;securities&rdquo;
under Section&nbsp;2(a)(36), and therefore are not &ldquo;investment securities&rdquo; under Section&nbsp;3(a)(2)&nbsp;of the Investment
Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Prepayments;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully submits that it does not treat prepayments
as &ldquo;investment securities&rdquo; for purposes of the Investment Company Act. The prepayments consist mainly of expenses paid in
advance by the Company for goods, services or rental properties. Prepayments are not expressly listed in the definition of a &ldquo;security&rdquo;
under Section&nbsp;2(a)(36) of the Investment Company Act. <SUP>50</SUP> For the reasons discussed below, prepayments also do not fall
within the definition of a &ldquo;security&rdquo; as an &ldquo;investment contract&rdquo; which has been interpreted by the U.S. Supreme
Court to require the following elements: &ldquo;an investment in a common venture premised on a reasonable expectation of profits to be
derived from the entrepreneurial or managerial efforts of others.&rdquo;<SUP>51</SUP> The Court in <U>Forman</U> interpreted a reasonable
expectation of profits to be present when an &ldquo;investor is &lsquo;attracted solely by the prospects of a return&rsquo; on his investment&hellip;By
contrast, when a purchaser is motivated by a desire to use or consume the item purchased&hellip;the securities laws do not apply.&rdquo;<SUP>52</SUP>
In <U>Forman</U>, the Court determined that shares in a cooperative apartment corporation, purchased by tenants of the apartment complex,
were not securities because the investors &ldquo;were attracted solely by the prospect of acquiring a place to live, and not by financial
returns on their investments.&rdquo;<SUP>53</SUP> With respect to the Company&rsquo;s prepayments, like the tenants in <U>Forman</U>,
the Company, in making such prepayments, is motivated by its desire to use or consume the goods, services or rental properties acquired
with such prepayments, and not by any financial returns on such prepayments (which do not earn interest or any other return for the Company).
As such, under the guidance provided by the Court in <U>Forman</U>, the Company&rsquo;s prepayments do not satisfy the &ldquo;reasonable
expectation of profits&rdquo; element of investment contracts, and therefore are not securities for purposes of Section&nbsp;3(a)(1)(C).
This position is consistent with the position the Staff has taken in the context of prepaid funeral contracts, which like the Company&rsquo;s
prepayments, also involve a prepayment for goods and services to be used or consumed, with no reasonable expectation of profits. In such
case, the Staff took a no-action position based on the analysis that the prepaid contracts did not involve a security within the meaning
of the securities laws, including Section&nbsp;2(a)(36) of the Investment Company Act.<SUP>54</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>49
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id. </I>at 65.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>50
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See n.24 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>51
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>United Housing Foundation v. Forman</I>, 421 U.S. 387 (1975).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>52
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>53
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>54
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Michigan Funeral Directors Ass&rsquo;n, Inc.</I>, SEC No-Action Letter (Aug.
27, 1987). The Staff has found that the issuance of a trust certificate, where the trust invested in US government bonds and certificate
holders could only use the proceeds of the certificates for funeral and medical expenses, did involve the issuance of a security. <I>Provident
Benefit Foundation, Inc.</I>, SEC No-Action Letter (Apr. 7, 1979). However, the facts are distinguishable from the Company&rsquo;s prepayments.
In that no-action letter, the Staff based its conclusion on the fact that the sponsor of the trust was not a funeral service provider,
and that the issuance of the trust certificate did not involve any agreement to &ldquo;provide clients with funerals for which the clients
pay in advance with the payments being held in trust until the services are rendered or the interests are redeemed.&rdquo; <I>Id</I>.
The Company&rsquo;s prepayments are distinguishable from the trust certificates in that case because the Company clearly makes such prepayments
to suppliers in exchange for goods, services or rental properties to be provided by such suppliers.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>VAT and income tax recoverables;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company does not treat VAT and income tax recoverable
as &ldquo;investment securities.&rdquo; Under certain tax regulations, certain tax payments arising from eligible taxable income are subject
to refund by the tax authorities. The income related to such recoverables is derived from the normal operation of the IoT Business. Such
tax recoverables do not meet the definition of &ldquo;security&rdquo; in the Investment Company Act, <SUP>55</SUP> and as such, are
not &ldquo;investment securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Loans from the Company to Tuya Market, Tuya (HK) and the Tuya HK Subs;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company does not treat loans from the Company to Tuya
Market, Tuya (HK) and the Tuya HK Subs as &ldquo;investment securities.&rdquo; As the Company group operates as a unified organization
in the IoT Business, each of Tuya Market, Tuya (HK) and the Tuya HK Subs assumes its own functions within its respective region, such
as sales, procurement and business development. The daily operations of these subsidiaries require financial support, leading to situations
of intercompany borrowing within the group. Since the Company is the lender and the Company&rsquo;s majority-owned subsidiaries (Tuya
Market, Tuya (HK) and the Tuya HK Subs) are the borrowers, the loans &ndash; to the extent securities &ndash; would be securities issued
by majority-owned subsidiaries of the Company. Given that Tuya Market, Tuya (HK) and the Tuya HK Subs are not investment companies themselves
(nor do they rely on Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)), the loans from the Company to Tuya Market, Tuya (HK) and the
Tuya HK Subs are not investment securities under Section&nbsp;3(a)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>55
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See n.24 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Intangible assets; and</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company does not treat &ldquo;intangible assets&rdquo;
as &ldquo;investment securities.&rdquo; The intangible assets relate to software purchased for use in the operation of the IoT Business.
Such intangible assets do not meet the definition of &ldquo;security&rdquo; in the Investment Company Act, <SUP>56</SUP> and as such,
are not &ldquo;investment securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>The contractual arrangements between Hangzhou Tuya Information Technology Co. Ltd. and Hangzhou Tuya Technology Co. Ltd. (</B>the
<B>&ldquo;VIE&rdquo;).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company does not believe the contractual arrangements
between Hangzhou Tuya Information Technology Co. Ltd. and Hangzhou Tuya Technology Co. Ltd. (the VIE) are &ldquo;investment securities.&rdquo;<SUP>57</SUP>
Hangzhou Tuya Information Technology Co. Ltd. does not hold debt or equity securities issued by the VIE. Instead, Hangzhou Tuya Information
Technology Co. Ltd. holds certain contractual arrangements through which Hangzhou Tuya Information Technology Co. Ltd. exerts primary
control over, and is the primary beneficiary of, the VIE. These contractual arrangements are entered into between Hangzhou Tuya Information
Technology Co. Ltd., on the one hand, and the VIE and its registered shareholders, on the other hand. Such arrangements allow the Company
to receive substantially all of the economic benefit from the VIE and provide the Company with exclusive options to purchase all or part
of the equity interests in or all or part of the assets of or fund registered capital into the VIE when and to the extent permitted by
PRC law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The definition of &ldquo;security&rdquo; under Section&nbsp;2(a)(36)
of the Investment Company Act does not expressly include the type of contractual arrangements Hangzhou Tuya Information Technology Co.
Ltd. has with respect to the VIE.<SUP>58</SUP> The definition does, however, include &ldquo;investment contracts,&rdquo; and thus it
must be considered whether these arrangements would constitute an investment contract. Under the U.S. Supreme Court&rsquo;s decision in
<U>SEC v. W.J. Howey Co.</U>, 328 U.S. 293 (1946), and the cases that follow, an arrangement would be deemed to be an investment contract,
and therefore a security, if it represents an investment in a common venture &ldquo;premised on a reasonable expectation of profits to
be derived from the entrepreneurial or managerial efforts of others&rdquo;. <U>United Housing Foundation,&nbsp;Inc. v. Forman</U>, 421
U.S. 837 (1975).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>56
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>57
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonetheless, because the VIE is an Immaterial Subsidiary, for purposes of the
Investment Company Act calculations described in these responses, the Company, for the sake of efficiency, has treated the contractual
arrangements in the VIE as investment securities. As discussed above, treating these arrangements and the interests in the other Immaterial
Subsidiaries as investment securities does not change the Company&rsquo;s status under Section 3(a)(1), given the immaterial value of
such arrangements and interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>58
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See n.24 above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONFIDENTIAL TREATMENT REQUESTED BY TUYA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Under the <U>Howey</U> test, Hangzhou Tuya Information Technology
Co. Ltd.&rsquo;s contractual arrangements with respect to the VIE would not be considered an investment contract, and therefore a security,
because Hangzhou Tuya Information Technology Co. Ltd., which exercises primary control over the VIE, does not rely on the efforts of others
to manage the VIE profitably. Hangzhou Tuya Information Technology Co. Ltd. has the power to direct the activities of the VIE, primarily
through its control of the voting rights of 100% of the VIE&rsquo;s equity, and its involvement in the management and operations of the
VIE&rsquo;s business through shared executive officers. In addition, Hangzhou Tuya Information Technology Co. Ltd. has been granted an
irrevocable power of attorney by 100% of the shareholders of the VIE entitling Hangzhou Tuya Information Technology Co. Ltd. to exercise
all shareholder rights under local law and the relevant articles of association, including but not limited to, attending shareholder meetings
and voting on behalf of shareholders on all matters requiring shareholder approval. Each shareholder of the VIE has also granted Hangzhou
Tuya Information Technology Co. Ltd. an exclusive option to purchase all or any portion of such shareholder&rsquo;s equity pursuant to
an exclusive equity option agreement, under which each shareholder of the VIE and such VIE must refrain from conducting any action that
may materially or adversely affect its assets, business, obligations, rights or operation without the prior written consent of Hangzhou
Tuya Information Technology Co. Ltd. The obligations owed to Hangzhou Tuya Information Technology Co. Ltd. under such exclusive equity
option agreement are secured by a pledge of each shareholder&rsquo;s equity interest in the VIE. Hangzhou Tuya Information Technology
Co. Ltd. and the VIE have also entered into an exclusive business cooperation agreement, under which the VIE agrees to engage Hangzhou
Tuya Information Technology Co. Ltd. as its exclusive provider of technical support, consulting services and other services on an exclusive
basis in relation to the business conducted by the VIE currently and any time in exchange for a service fee, payable on a regular basis.
Through these contractual arrangements, Hangzhou Tuya Information Technology Co. Ltd. and its executive officers and directors are directly
involved in the management and operation of the VIE&rsquo;s business, and Hangzhou Tuya Information Technology Co. Ltd. controls the voting
rights of 100% of the VIE&rsquo;s equity. As such, Hangzhou Tuya Information Technology Co. Ltd. does not rely on others to manage the
VIE&rsquo;s business and operations and, under the <U>Howey</U> test, Hangzhou Tuya Information Technology Co. Ltd.&rsquo;s contractual
arrangements with respect to the VIE would thus not be considered securities for purposes of Section&nbsp;3(a)(1)(C).<SUP>59</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6. In Footnote 9 of the response to prior Comment 5, you state
that &ldquo;As of March&nbsp;31, 2023 and December&nbsp;31, 2022, respectively, approximately 1.6% and 1.5% of the Company&rsquo;s
total assets, consolidated with its wholly-owned subsidiaries, consists of long-term equity and debt securities held by Zhejiang
Smart Electronics.&rdquo; Please confirm whether these figures are presented exclusive of U.S. government securities and cash items
and, if not, please provide such figures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company advises that the previously provided figures were not presented
exclusive of U.S. government securities and cash items. The Company notes that, as of March&nbsp;31, 2023 and December&nbsp;31, 2022,
respectively, approximately 16.1% and 15.3% of the Company&rsquo;s total assets, consolidated with its wholly-owned subsidiaries (exclusive
of U.S. government securities and cash items), consists of long-term equity and debt securities held by Zhejiang Smart Electronics.<SUP>60</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>59
</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted above, for the sake of efficiency, the Company has treated the contractual
arrangements in the VIE and the interests in the other Immaterial Subsidiaries as investment securities, and doing so does not change
the Company&rsquo;s status under Section 3(a)(1), given the immaterial value of such arrangements and interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>60</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company&rsquo;s short-term deposits were not treated as cash items, as of March 31, 2023 and December 31, 2022, respectively, approximately
1.7% and 1.7% of the Company&rsquo;s total assets, consolidated with its wholly-owned subsidiaries (exclusive of U.S. government securities
and cash items, assuming short-term deposits are not cash items), consists of long-term and short-term equity and debt securities and
short-term deposits held by Zhejiang Smart Electronics.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONFIDENTIAL TREATMENT REQUESTED BY TUYA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have further questions or comments regarding,
or require further information or clarification of, any of the responses provided in this letter or if the Commission has any questions
with respect to Tuya Inc.&rsquo;s Annual Report on Form&nbsp;20-F, please contact the undersigned or Li He (+852-2533-3306) of Davis Polk&nbsp;&amp;
Wardwell LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely yours,</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tuya Inc.</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 47%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Yao (Jessie)
    Liu</P></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Yao (Jessie) Liu<BR>
Title: Chief Financial Officer</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="width: 94%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Li He <BR>
Davis Polk&nbsp;&amp; Wardwell LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONFIDENTIAL TREATMENT REQUESTED BY TUYA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Appendix A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[***]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
