On the evening of February 9, Beijing time, CLOOPEN, the largest cloud communications company in China, successfully landed on the New York Stock Exchange, becoming the first Chinese SaaS stock to go public in the US. By the close of trading, CLOOPEN's share price was <7.5, up 200% compared to the offering price of '6 per share, with a market value of nearly 7.6 billion dollars. V Fund participated in CLOOPEN's E financing round in 2019. After becoming a shareholder of CLOOPEN, V Fund has spared no effort to contribute to the company's development and become one of its staunch investors.

V Fund × CLOOPEN

In 2013,Cloopen Group Holding Limited (hereinafter referred to as "CLOOPEN") was established in Beijing. The founder, Sun Changxun, is an expert of the communications industry, having previously served as Chief Engineer and Vice President of R&D at Hi Sun Technology (China) Limited, a listed communications company in China. At that time, domestic communications had just emerged, but Sun was keenly aware of the huge business opportunities in it. Under Sun's leadership, along with the start and development of communication cloud in China, CLOOPEN has achieved consecutive years of leapfrogging growth.

Today, CLOOPEN is the largest provider of cloud communications solutions in China, with revenues reaching 500 million dollars, 650 million dollars and 510 million dollars in the first nine months of 2018, 2019 and 2020 respectively. As at 30 September 2020, it had an active customer base of over 12,000 enterprises, with over 1,170 employees, 34.2% of whom were R&D-related, and a net customer retention rate of 95%. It has served leading companies in China's finance/energy/industry/education/Internet fields including Bank of China, PING AN INSURANCE (GROUP) COMPANY OF CHINA, Haier, Lianjia, Tencent, DiDi, Eleme, Xiaomi, XDF and Xueersi.

Based on cloud computing and artificial intelligence technology ,CLOOPEN provides comprehensive communication and digital services for enterprise and government customers. Its core business includes CPaaS communication capabilities (voice, SMS, etc.), CC (intelligent cloud customer service and cloud contact center), UC&C (IM and enterprise mobile portal, dual recording, enterprise live streaming) and CV (visual intelligence industry solutions). It helps customers to realize the full digital upgrade and integration of production management, marketing and operation services systems.

V Fund completed its investment in CLOOPEN in 2019 E financing round. After becoming a shareholder of the company, V Fund spared no effort to contribute to the development of the company, for example, V Fund actively promoted the business cooperation between the company and government & enterprise customers such as Guizhou-Cloud Big Data Industry Development Co., Ltd., and made numerous supports for the company to introduce subsequent strategic shareholders meanwhile connect to the capital market.

“Enhance the daily communication experience and operational productivity for enterprises”。

Just like the company’s wishing prospect “Enhance the daily communication experience and operational productivity for enterprises”.

We expect after CLOOPEN’s IPO, it will continue to consolidate its products, deepen its R&D, lead the development of China's communication cloud industry, and provide the most reliable infrastructure for Chinese enterprises to communicate in the cloud.