RAAS Stock Price, News & Analysis

Cloopen Group Holding Limited (traded over-the-counter under the symbol RAASY and historically on the New York Stock Exchange under the symbol RAAS) is described as a multi-capability, cloud-based communications solution provider in China. The company focuses on cloud-based communications solutions for enterprises, and its business is classified in the information sector, within software publishers.

According to the company, Cloopen offers a full suite of cloud-based communications solutions that covers three main categories: communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaborations (cloud-based UC&C). These offerings are aimed at enhancing enterprise communication and supporting day-to-day operational needs.

Cloopen states that its mission is to enhance the daily communication experience and operational productivity for enterprises. In its public descriptions, the company explains that it aspires to contribute to the transformation of the enterprise communications industry by providing marketing and operational tactics and SaaS-based tools. This positions Cloopen within the broader area of cloud communications and enterprise software, with an emphasis on communications infrastructure and related applications.

The company has been the subject of several notable corporate and regulatory developments. In May 2023, Cloopen announced that it had received a notice from the New York Stock Exchange regarding the commencement of delisting proceedings for its American depositary shares (ADSs). The notice cited the company's failure to file certain required reports, including annual reports on Form 20-F for the years ended December 31, 2021 and December 31, 2022, and a current report on Form 6-K for the half year ended June 30, 2022, by the deadline specified under the NYSE's rules. Trading in the ADSs on the NYSE was suspended on May 17, 2023, and Cloopen indicated that it intended to appeal the NYSE Regulation staff's delisting decision. The company also stated that, following the trading suspension, it understood that its ADSs would become eligible for trading on the over-the-counter market in the United States.

Subsequent company announcements indicate that Cloopen has filed annual reports on Form 20-F with the U.S. Securities and Exchange Commission (SEC) for multiple fiscal years. Press releases dated February 27, 2024, August 27, 2024, March 24, 2025, and September 3, 2025 state that Cloopen filed annual reports on Form 20-F for the fiscal years ended December 31, 2021, 2022, 2023, and 2024, respectively. Each of these announcements notes that the annual report on Form 20-F contains the company's audited financial statements and is accessible via the SEC's website.

In February 2024, Cloopen announced that it had reached a settlement with the U.S. Securities and Exchange Commission related to employee misconduct and transaction irregularities previously disclosed by the company. Cloopen stated that, in resolving this matter, the SEC considered the company's prompt self-reporting, its cooperation during the investigation, and remedial measures such as terminating or disciplining individuals involved in the misconduct, reorganizing departments, strengthening accounting controls, and recruiting new finance and accounting staff with expertise in U.S. GAAP. Under the terms of the settlement described in the press release, the company consented to an SEC order to cease and desist from committing or causing certain violations of federal securities laws, and the SEC did not impose civil penalties on the company in light of its self-reporting, cooperation, and remediation.

Cloopen has also reported changes in its corporate governance. In December 2023, the company announced changes in the composition of its board of directors. Several directors submitted resignation letters effective November 30, 2023, for personal reasons that the company stated were not the result of any disagreement regarding operations, policies, or practices. The announcement also described the appointment of a new chairman of the board and the addition of new directors, as well as changes in committee memberships. In that press release, Cloopen reiterated the same business description and mission related to its cloud-based communications solutions.

In earlier communications from 2023, Cloopen disclosed actions related to its listing status on the NYSE. In March 2023, the company announced a change in the ratio of its American depositary shares to Class A ordinary shares, from one ADS representing two Class A ordinary shares to one ADS representing six Class A ordinary shares. The company explained that this ratio change would have the same effect as a 1-for-3 reverse ADS split for ADS holders, with no change to the underlying Class A ordinary shares. In April 2023, Cloopen reported that it had regained compliance with the NYSE's minimum share price requirement, following the implementation of the ADS ratio change and confirmation from the NYSE that the average ADS price over a specified period was above the minimum threshold.

More recently, in December 2025, Cloopen announced that its board of directors received a preliminary non-binding proposal from a buyer group consisting of the company's founder and chief executive officer, together with Trustbridge Partners VII, L.P. The proposal contemplates acquiring all outstanding Class A and Class B ordinary shares of the company, including those represented by ADSs, that are not already beneficially owned by the buyer group or their affiliates, in a going private transaction. The proposed consideration is described in the press release as a specified cash amount per ordinary share and per ADS, and the company notes that the proposed price represents a premium to the company's recent trading prices over several time periods. The board stated that it intends to form a special committee of independent and disinterested directors to evaluate the proposal, and that there is no assurance that any definitive offer or agreement will result or that any transaction will be completed.

Throughout these announcements, Cloopen consistently characterizes itself as a cloud-based communications solution provider in China with offerings spanning CPaaS, cloud-based contact centers, and cloud-based unified communications and collaborations. The company emphasizes its focus on enterprise customers, with the stated aim of improving communication experiences and operational productivity through SaaS-based tools and related tactics.

Business focus and solution areas

Based on the company's own descriptions, Cloopen's activities center on:

• Communications platform as a service (CPaaS), which the company identifies as part of its cloud-based communications solutions.
• Cloud-based contact centers (cloud-based CC), supporting enterprise communication with customers and users.
• Cloud-based unified communications and collaborations (cloud-based UC&C), addressing internal and external enterprise communication and collaboration needs.
• SaaS-based tools that the company associates with marketing and operational tactics for enterprise communications.

These solution areas place Cloopen within the cloud communications and enterprise software space, with an emphasis on software and platform services delivered in a cloud environment.

Regulatory and listing context

Cloopen's public communications highlight several aspects of its regulatory and listing history:

• The company has issued multiple announcements regarding its annual reports on Form 20-F filed with the SEC for fiscal years 2021, 2022, 2023, and 2024, each containing audited financial statements.
• In a February 2024 press release, Cloopen discussed its settlement with the SEC related to employee misconduct and transaction irregularities, including the SEC's consideration of the company's self-reporting, cooperation, and remedial measures.
• In May 2023, the company disclosed that the NYSE commenced delisting proceedings for its ADSs due to delayed SEC filings and that trading of its ADSs on the NYSE was suspended. The company indicated that it intended to appeal the delisting decision and that it understood its ADSs would become eligible for trading on the over-the-counter market in the United States.
• Earlier, in March and April 2023, Cloopen reported an ADS ratio change and subsequent regaining of compliance with the NYSE minimum share price requirement, based on notifications from the NYSE.

These disclosures provide context for investors and observers regarding Cloopen's regulatory interactions, its reporting obligations, and the evolution of its trading venue from the NYSE to the over-the-counter market.

Corporate governance developments

The company's December 2023 announcement on board composition changes details resignations of several directors, the continued service of certain executives in management roles, and the appointment of new directors and committee members. The company notes that the resignations were for personal reasons and not due to disagreements about operations, policies, or practices. This information illustrates changes in the company's governance structure while reaffirming the continuity of its executive management team.

Frequently asked questions about Cloopen Group Holding Limited (RAAS/RAASY)