Cloopen announced that it has entered into a subscription agreement for a private placement of 44,659,956 series C preferred shares at $1.343485 per share for gross proceeds of $59,999,980.98666 on June 10, 2016. Returning investor Main Access Limited, a wholly-owned subsidiary of Hi Sun Technology (China) Ltd. (SEHK:818) subscribed 7,443,326 shares and will hold 29.8% stake in the company upon conversion of preferred shares. All the investors will acquire 25% stake in the company upon conversion of preferred shares.