According to 36kr, Liu Yao, the former CFO of Tuya Smart (02391.TUYA.US), has joined laser engraving machine company xTool, where he will oversee finance and some delivery-related tasks. Multiple investors have indicated that xTool is currently in the process of preparing for an IPO, and Liu Yao’s appointment could be a step toward a potential listing in Hong Kong or the U.S.
Liu Yao previously served as an Executive Director in the investment banking division of UBS, where he worked on investment and financing projects worth over $10 billion. He joined Tuya Smart in May 2019 as Senior Vice President and CFO, responsible for capital markets, investments, finance, legal affairs, internal controls, and strategic planning. In 2021, Tuya Smart successfully listed on the New York Stock Exchange, becoming the first IoT cloud platform to do so, and completed a dual listing on the Hong Kong Stock Exchange in 2022.
Founded in 2021, xTool is a laser engraving machine brand under Makeblock, which is known for its products in the areas of education and personal creativity. xTool’s main products include laser engravers and cutters, serving industries such as personal creation, education, and manufacturing. According to EqualOcean, xTool’s revenue exceeded 1 billion RMB in 2023. Industry sources suggest that the company’s revenue could reach between 2 billion and 3 billion RMB in 2024.
xTool’s development has faced challenges. Makeblock, founded in 2013, initially focused on STEAM education, offering educational robots and maker tools. However, as the education sector slowed down, the company established xTool in 2021, shifting its focus to consumer-grade laser engraving machines and 3D printing. Originally, xTool specialized in industrial-grade laser equipment before transitioning to the consumer market.
In addition to laser printers, xTool is exploring new product lines. According to Tianyancha, xTool has participated as an investor in Snapmaker’s Series B funding round. Snapmaker focuses on 3D printers, and leaked images suggest potential collaborative products between the two companies, although these have not been officially confirmed.
References:
xTool & Snapmaker Launch 3D Printer – A Competitor to Bambu Lab H2D?
