Baker McKenzie acted as US legal adviser to Cloopen Group Holding Limited (“Cloopen”) on the successful completion of its going-private transaction, advising on the US securities law aspects of the privatization and related disclosures and filings with the US Securities and Exchange Commission (SEC).
The privatization was undertaken by a buyer consortium comprising Cloopen’s founder and a number of financial and strategic investors. Dmall Inc., a company listed in Hong Kong, participated in the investment through its wholly owned subsidiary. As a result of the merger, Cloopen became a wholly owned subsidiary of AutumnX Holdings Limited and ceased to be a publicly traded company. Cloopen has filed a Form 15 with the SEC to deregister its registered securities and terminate its related reporting obligations.
Cloopen is a leading multi-capability cloud-based communications solution provider in China, offering a full suite of cloud-based communications solutions covering communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaboration (cloud-based UC&C).
The deal team was led by Dan Ouyang, partner and co-chair of Baker McKenzie’s Asia Pacific and China Capital Markets practices, and Ronnie Li and Zhenzhen Bao from FenXun’s International Capital Markets Practice.* The core team member was Chelsea Wang.
Dan Ouyang commented: “We are pleased to have once again assisted a Chinese company in successfully completing a going-private transaction in the US capital markets. Transactions of this nature involve complex deal arrangements and US securities law and regulatory requirements. Drawing on our team’s extensive experience in US securities law, SEC disclosure and cross-border capital markets transactions, we were honored to support Cloopen on this important strategic transaction.”
This transaction builds on the Firm’s strong track record advising on going-private transactions involving US-listed Chinese companies and on cross-border capital markets transactions.
*Baker McKenzie established a joint operation office with FenXun in China as Baker McKenzie FenXun, approved by the Shanghai Justice Bureau in 2015.
The privatization was undertaken by a buyer consortium comprising Cloopen’s founder and a number of financial and strategic investors. Dmall Inc., a company listed in Hong Kong, participated in the investment through its wholly owned subsidiary. As a result of the merger, Cloopen became a wholly owned subsidiary of AutumnX Holdings Limited and ceased to be a publicly traded company. Cloopen has filed a Form 15 with the SEC to deregister its registered securities and terminate its related reporting obligations.
Cloopen is a leading multi-capability cloud-based communications solution provider in China, offering a full suite of cloud-based communications solutions covering communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaboration (cloud-based UC&C).
The deal team was led by Dan Ouyang, partner and co-chair of Baker McKenzie’s Asia Pacific and China Capital Markets practices, and Ronnie Li and Zhenzhen Bao from FenXun’s International Capital Markets Practice.* The core team member was Chelsea Wang.
Dan Ouyang commented: “We are pleased to have once again assisted a Chinese company in successfully completing a going-private transaction in the US capital markets. Transactions of this nature involve complex deal arrangements and US securities law and regulatory requirements. Drawing on our team’s extensive experience in US securities law, SEC disclosure and cross-border capital markets transactions, we were honored to support Cloopen on this important strategic transaction.”
This transaction builds on the Firm’s strong track record advising on going-private transactions involving US-listed Chinese companies and on cross-border capital markets transactions.
*Baker McKenzie established a joint operation office with FenXun in China as Baker McKenzie FenXun, approved by the Shanghai Justice Bureau in 2015.
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