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07:21aCloopen Announces Changes in Independent Directors
05/04Hi Sun's NYSE-listed Associate Cloopen Probes Misconduct Issues Flagged by Auditor; Shares Slide 4%
05/03Cloopen Announced Formation of Independent Special Committee for Internal Investigation
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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Cloopen Group Holding Limited (RAAS) on Behalf of Investors

12/14/2021 | 01:01pm EDT

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Cloopen Group Holding Limited (“Cloopen” or the “Company”) (NYSE: RAAS) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Cloopen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at to learn more about your rights.

In February 2021, Cloopen conducted its initial public offering (“IPO”), selling 23 million American Depositary Shares (“ADSs” or “shares”) at $16 per ADS.

On March 26, 2021, Cloopen released its 2020 fourth quarter financial results for the period ending December 31, 2020 – more than a month before the IPO. Cloopen reported revenues of $39.6 million, $2 million short of analysts’ consensus, as well as net losses of $46.8 million (a 466.9% year-over-year increase), and operating expenses of $27.6 million (a 30% year-over-year increase).

On this news, Cloopen’s shares fell $14.42, or 18.5%, to close at $11.75 per ADS on March 26, 2021.

On May 10, 2021, Cloopen filed its 2020 annual report, revealing that its dollar-based net customer retention rate for recurring solutions fell from 102.7% in 2019 to 86.8% in 2020, which meant that Cloopen’s purportedly “loyal” customer base was not “expand[ing]” into additional solutions and the Company’s growth strategy was not effective.

On this news, Cloopen’s shares closed at $8.97 per ADS on May 12, 2021. Since the IPO, Cloopen’s ADSs have traded as low as $2.70 per ADS, an 80% decline from the $16 IPO price.

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Whistleblower Notice: Persons with non-public information regarding Cloopen should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

© Business Wire 2021
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Analyst Recommendations on CLOOPEN GROUP HOLDING LIMITED
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Sales 2021 1 046 M 155 M 155 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 810 M 120 M 120 M
Capi. / Sales 2021 0,77x
Capi. / Sales 2022 0,57x
Nbr of Employees 1 194
Free-Float 92,2%
Duration : Period :
Cloopen Group Holding Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends CLOOPEN GROUP HOLDING LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 2
Last Close Price 4,93 CNY
Average target price 46,71 CNY
Spread / Average Target 848%
Managers and Directors
Chang Xun Sun Chairman & Chief Executive Officer
Yi Peng Li Chief Financial Officer & Director
Xie Gang Xiong Director, Chief Technology & Product Officer
Ching Chiu Independent Director
Yunhao Liu Independent Director
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