On May 12, 2026, Cloopen Group Holding Limited (OTC: RAASY), a leading multi-capability cloud communications service provider in China, announced that it had entered into an Agreement and Plan of Merger with a buyer consortium comprising the Company's founder and investors including Trustbridge Partners and Dmall Inc. (2586.HK). Pursuant to the Agreement and Plan of Merger, Cloopen will merge with a subsidiary established by the buyer consortium for the transaction (the "Going-Private Transaction"). Upon completion of the Going-Private Transaction, Cloopen will continue its operations as a private company owned by the buyer consortium, and its American depositary shares (ADSs) will no longer be quoted on the OTC market.
In this Going-Private Transaction, Han Kun acted as lead counsel and U.S. legal counsel to the buyer consortium, providing legal services to the client in respect of, among other matters, transaction structuring, negotiation and execution of transaction documents, acquisition financing arrangement and SEC disclosure documents.