If You Invested in Cloopen Group Holding Limited (RAASY)

Cloopen Group Holding Limited (OTC: RAASY) is a multi-capability cloud-based communications solution provider in China. According to the company’s public statements, Cloopen offers a full suite of cloud-based communications solutions that span 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 services are aimed at enhancing the daily communication experience and operational productivity for enterprises.

Cloopen’s stated mission is to improve enterprise communications and productivity. The company describes its approach as driving the transformation of the enterprise communications industry by offering marketing and operational tactics and SaaS-based tools. This positions Cloopen within the broader software and information sector, with a focus on cloud communications and software-based enterprise tools.

Business focus and solutions

Based on its disclosures in press releases and SEC filings, Cloopen’s business centers on three main solution categories:

• CPaaS (Communications Platform as a Service) – a cloud-based communications platform referenced by the company as part of its solution set.
• Cloud-based contact centers (cloud-based CC) – tools and services for contact center operations delivered via the cloud.
• Cloud-based unified communications and collaborations (cloud-based UC&C) – unified communications and collaboration solutions offered through the cloud.

The company characterizes these offerings collectively as a full suite of cloud-based communications solutions, delivered using a SaaS-based model and intended for enterprise customers.

Regulatory and listing context

Cloopen is identified in SEC filings as a foreign private issuer filing annual reports on Form 20-F. The company has announced the filing of Form 20-F annual reports for multiple fiscal years with the U.S. Securities and Exchange Commission. In an October 2023 press release, Cloopen reported that it received the final delisting determination from the New York Stock Exchange and that it expected the NYSE to file a Form 25 to strike its American depositary shares from listing and registration. In the same announcement, Cloopen stated that its ADSs remain quoted and traded on the over-the-counter market in the United States under the symbol RAASY.

Subsequent press releases and related Form 6-K filings show that Cloopen continues to report as a foreign private issuer and to make public announcements regarding corporate governance and potential transactions.

Corporate governance and special committee activity

In December 2025, Cloopen disclosed that its board of directors received a preliminary non-binding “going private” proposal from a buyer group that includes the company’s founder and chief executive officer and an investment fund. The proposal contemplates acquiring all outstanding ordinary shares and American depositary shares not already owned by the buyer group in a privatization transaction, subject to conditions. The board stated that it intended to form a special committee of independent and disinterested directors to evaluate the proposal.

Later in December 2025, Cloopen announced that its board had formed a special committee consisting of three independent directors to evaluate and consider the proposal. In January 2026, the company reported that this special committee had retained an independent financial advisor and U.S. legal counsel as part of its review process. In each of these announcements, Cloopen cautioned shareholders that no decision had been made regarding the proposal and that there could be no assurance that any definitive offer, agreement, or transaction would result.

Regulatory matters and remediation

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. According to the press release, the SEC considered Cloopen’s prompt self-reporting, cooperation, and remedial measures, which included terminating or disciplining individuals involved in the misconduct, reorganizing departments, strengthening accounting controls, and recruiting new finance and accounting staff with U.S. GAAP expertise. Under the settlement, the company consented to an SEC order to cease and desist from certain violations of federal securities laws, and the SEC did not impose civil penalties against the company based on its self-reporting, cooperation, and remediation.

Board composition developments

In December 2023, Cloopen reported changes in the composition of its board of directors. Several directors resigned from the board for personal reasons, while continuing in certain executive roles, and new directors were appointed. The company also reported changes in committee memberships and the appointment of a new chairman of the board. Biographical information for the newly appointed directors, as disclosed by the company, highlights backgrounds in finance, investment, accounting, law, and technology-related roles.

Use of SEC filings

Cloopen’s SEC filings, including Form 20-F annual reports and Form 6-K current reports, provide audited financial statements, details on its business and risk factors, and updates on material events such as governance changes, regulatory matters, and transaction proposals. Investors and analysts can refer to these filings on the SEC’s EDGAR system for formal, detailed disclosures.

FAQs about Cloopen Group Holding Limited (RAASY)

• What does Cloopen Group Holding Limited do?
  Cloopen Group Holding Limited describes itself as a multi-capability cloud-based communications solution provider in China. It offers a full suite of cloud-based communications solutions, including CPaaS, cloud-based contact centers, and cloud-based unified communications and collaborations for enterprises.
• Where does Cloopen operate?
  Cloopen identifies itself as a cloud-based communications solution provider in China. Its principal executive offices, as referenced in SEC filings, are located in Beijing, People’s Republic of China.
• What stock symbol does Cloopen trade under?
  Cloopen has stated that its American depositary shares are quoted and traded on the over-the-counter market in the United States under the symbol RAASY.
• What happened to Cloopen’s New York Stock Exchange listing?
  In October 2023, Cloopen announced that it received the final delisting determination from a committee of the NYSE’s board of directors after earlier delisting proceedings. The company stated that it expected the NYSE to file a Form 25 with the SEC to strike its ADSs from listing and registration, and noted that its ADSs remained quoted and traded on the over-the-counter market under RAASY.
• What cloud-based solutions does Cloopen highlight?
  In its public communications, Cloopen highlights three main categories of solutions: communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaborations (cloud-based UC&C).
• What is Cloopen’s stated mission?
  Cloopen states that its mission is to enhance the daily communication experience and operational productivity for enterprises, and that it aspires to drive the transformation of the enterprise communications industry using marketing and operational tactics and SaaS-based tools.
• Has Cloopen been involved in any SEC enforcement matters?
  Cloopen announced in February 2024 that it reached a settlement with the U.S. Securities and Exchange Commission regarding employee misconduct and transaction irregularities previously disclosed by the company. The company reported that it consented to a cease-and-desist order and that the SEC did not impose civil penalties, citing Cloopen’s self-reporting, cooperation, and remedial measures.
• What is the “going private” proposal mentioned by Cloopen?
  In December 2025, Cloopen announced that its board received a preliminary non-binding proposal from a buyer group, including its founder and chief executive officer and an investment fund, to acquire all outstanding ordinary shares and ADSs not already owned by the buyer group in a going private transaction. The company emphasized that the proposal is non-binding and subject to conditions, and that no decision has been made.
• How is Cloopen evaluating the going private proposal?
  Cloopen reported that its board formed a special committee of independent directors to evaluate and consider the proposal. The special committee has retained an independent financial advisor and U.S. legal counsel. The company has cautioned that there is no assurance any definitive offer, agreement, or transaction will result.
• Where can investors find Cloopen’s financial statements and detailed disclosures?
  Cloopen has announced the filing of its annual reports on Form 20-F with the U.S. Securities and Exchange Commission for multiple fiscal years. These filings, which include audited financial statements and other disclosures, can be accessed through the SEC’s website.