The substrate is an ester . When heated with alkali, the ester group is hydrolyzed (as in saponification reaction). Thus, the compound ′X′ is a triol. This triol ′X′ on oxidation with periodic acid (HIO4) gives two moles of formaldehyde (HCHO) and one mole of formic acid (HCOOH).
Note: In case of triol, the central carbon atom is oxidized to acid and the terminal carbon atoms are oxidized to carbonyl group.