Director Gao Ziguang filed a Form 4 with the SEC on October 29, 2026, reporting the disposition of 36,666 American depositary shares of Cloopen Group Holding Ltd upon completion of a going-private merger effective October 28, 2026.

Key Highlights

  • Security disposed: 36,666 American depositary shares (each ADS represents six class A ordinary shares) were cancelled on October 28, 2026.
  • Merger cash consideration: Each ADS was cancelled in exchange for the right to receive US$2.9641 in cash per ADS, without interest, according to the filing.
  • Merger parties: The transaction was executed under an Agreement and Plan of Merger dated May 12, 2026, among the issuer, SpringX Holdings Limited, AutumnX Holdings Limited, and SummerX Holdings Limited.
  • Post-transaction ownership: Following the disposal, Gao Ziguang beneficially owns 0 ADSs indirectly through the reported vehicle.
  • Holding structure: The disposed ADSs were held indirectly by Marnik Ltd., described in the filing as a family trust with Gao Ziguang and his wife as co-beneficiaries and trustees.
  • Company status: According to the filing, upon completion of the merger, the issuer became a privately-held company as a wholly-owned subsidiary of AutumnX Holdings Limited.

Cloopen Going-Private Merger Triggers Director's ADS Cancellation

According to the Form 4 filed on October 29, 2026, Gao Ziguang, a director of Cloopen Group Holding Ltd (RAASY), reported the disposal of 36,666 American depositary shares on October 28, 2026. The filing identifies the transaction code as "D" (disposed), and attributes the disposition entirely to the completion of a going-private merger transaction rather than an open-market sale.

The filing states that the disposal was made under the Agreement and Plan of Merger dated May 12, 2026, among the issuer, SpringX Holdings Limited ("Parent"), AutumnX Holdings Limited ("Holdco," a wholly-owned subsidiary of Parent), and SummerX Holdings Limited ("Merger Sub," a wholly-owned subsidiary of Holdco). Pursuant to the merger agreement, Merger Sub was merged with and into the issuer, with the issuer surviving as a wholly-owned subsidiary of Holdco. The filing notes that, upon completion, "the Issuer became a privately-held company."

At the effective time of the merger, each ADS, which the filing specifies represents six class A ordinary shares, "was cancelled and ceased to exist in exchange for the right to receive US$2.9641 in cash per ADS without interest, subject to the terms and conditions of the Merger Agreement." The 36,666 ADSs were held indirectly through Marnik Ltd., described in the filing as a family trust with Gao Ziguang and his wife serving as co-beneficiaries and trustees. Following the reported transaction, Gao Ziguang's indirect beneficial ownership in the issuer stands at 0 shares.

What Was Disclosed

The filing reports that director Gao Ziguang disposed of 36,666 ADSs of Cloopen Group Holding Ltd on October 28, 2026, at US$2.9641 per ADS as part of a going-private merger, leaving him with zero beneficial ownership in the issuer.