# EDGAR Filing Document

**Accession Number:** 0001483503
**File Stem:** 0001193125-25-335956
**Filing Date:** 2025-12
**Character Count:** 32560
**Document Hash:** b21b8550e02612e7de8f015c60a65c2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335956.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-335956

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cloopen Group Holding Ltd
- **CENTRAL INDEX KEY:** 0001804583
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93371
- **FILM NUMBER:** 251611349

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 16/F, TOWER A, FAIRMONT TOWER
- **STREET 2:** 33 GUANGSHUN N AVENUE, CHAOYANG DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100102
- **BUSINESS PHONE:** 861052823178

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 16/F, TOWER A, FAIRMONT TOWER
- **STREET 2:** 33 GUANGSHUN N AVENUE, CHAOYANG DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100102
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TB Alternative Assets Ltd.
- **CENTRAL INDEX KEY:** 0001483503

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **BUSINESS PHONE:** 852-3727-0300

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2001, AGRICULTURAL BANK OF CHINA TOWER
- **STREET 2:** 50 CONNAUGHT ROAD CENTRAL, CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

**Attachment 2:** `ck0000000000-ex99_2.pdf`

_No text found in this document._

**Attachment 3:** `ck0000000000-ex99_3.pdf`

_No text found in this document._

**Attachment 4:** `ck0000000000-ex99_4.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Cloopen Group Holding Limited**

*(Name of Issuer)*

**Class A Ordinary Shares, par value US$0.0001 per share**

*(Title of Class of Securities)*

**18900M203**

*(CUSIP Number)*

**Yipeng Li, CFO**<br>16/F, Tower A, Fairmont Tower<br>33 Guangshun North Main Street<br>Chaoyang District, Beijing F4 100102<br>(86) 10-6477-5680

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/22/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **18900M203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TB Alternative Assets Ltd.** | Name of reporting person<br>**TB Alternative Assets Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.19%** | Percent of class represented by amount in Row (11)<br>**12.19%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Row 7, 9, and 11.  Represents 38,474,611 Class A ordinary shares, including 1,921,164 ADSs, held by Trustbridge Partners V, L.P..

Row 13.  Percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person. Does not include certain ordinary shares that the Reporting Person may be deemed to beneficially own pursuant to its membership in a Rule 13d-5 group. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share. Accordingly, based on the foregoing, the ordinary shares beneficially owned by TB Alternative Assets Ltd. represent approximately 7.04% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

| **CUSIP No.** | **18900M203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Trustbridge Partners V, L.P.** | Name of reporting person<br>**Trustbridge Partners V, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.19%** | Percent of class represented by amount in Row (11)<br>**12.19%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Row 7, 9, and 11.  Represents 38,474,611 Class A ordinary shares, including 1,921,164 ADSs, held by Trustbridge Partners V, L.P..

Row 13.  Percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person. Does not include certain ordinary shares that the Reporting Person may be deemed to beneficially own pursuant to its membership in a Rule 13d-5 group. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share. Accordingly, based on the foregoing, the ordinary shares beneficially owned by Trustbridge Partners V, L.P. represent approximately 7.04% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

| **CUSIP No.** | **18900M203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Trustbridge Partners VII, L.P.** | Name of reporting person<br>**Trustbridge Partners VII, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**38474611.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.19%** | Percent of class represented by amount in Row (11)<br>**12.19%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Row 8, 10, and 11.  Represents 38,474,611 Class A ordinary shares, including 1,921,164 ADSs, held by Trustbridge Partners V, L.P..

Row 13.  Percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person. Does not include certain ordinary shares that the Reporting Person may be deemed to beneficially own pursuant to its membership in a Rule 13d-5 group. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share. Accordingly, based on the foregoing, the ordinary shares beneficially owned by Trustbridge Partners VII, L.P. represent approximately 7.04% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

| **CUSIP No.** | **18900M203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TB Partners GP5 Limited** | Name of reporting person<br>**TB Partners GP5 Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.19%** | Percent of class represented by amount in Row (11)<br>**12.19%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 7, 9, and 11.  Represents 38,474,611 Class A ordinary shares, including 1,921,164 ADSs, held by Trustbridge Partners V, L.P..

Row 13.  Percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person. Does not include certain ordinary shares that the Reporting Person may be deemed to beneficially own pursuant to its membership in a Rule 13d-5 group. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share. Accordingly, based on the foregoing, the ordinary shares beneficially owned by TB Partners GP5 Limited represent approximately 7.04% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

| **CUSIP No.** | **18900M203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TB Partners GP7 Limited** | Name of reporting person<br>**TB Partners GP7 Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**38474611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**38474611.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | Aggregate amount beneficially owned by each reporting person<br>**38474611.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.19%** | Percent of class represented by amount in Row (11)<br>**12.19%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 8, 10, and 11.  Represents 38,474,611 Class A ordinary shares, including 1,921,164 ADSs, held by Trustbridge Partners V, L.P..

Row 13.  Percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person. Does not include certain ordinary shares that the Reporting Person may be deemed to beneficially own pursuant to its membership in a Rule 13d-5 group. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share. Accordingly, based on the foregoing, the ordinary shares beneficially owned by TB Partners GP7 Limited represent approximately 7.04% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

| **CUSIP No.** | **18900M203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Changxun Sun** | Name of reporting person<br>**Changxun Sun** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**27649839.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**27649839.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27649839.00** | Aggregate amount beneficially owned by each reporting person<br>**27649839.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.76%** | Percent of class represented by amount in Row (11)<br>**8.76%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Row 7, 9, and 11.  Represents (i) 25,649,839 Class B ordinary shares held by Cloopen Co., Ltd., a company wholly-owned by Mr. Changxun Sun, and (ii) 2,000,000 Class A ordinary shares held by Flawless Success Limited, a nominee of an employee incentive trust that holds such shares for and on behalf of the grantees under the Issuer's share incentive plans issued due to exercise of options under the 2016 Share Incentive Plan.

Row 13.  Percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person. Does not include certain ordinary shares that the Reporting Person may be deemed to beneficially own pursuant to its membership in a Rule 13d-5 group. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share. Accordingly, based on the foregoing, the ordinary shares beneficially owned by Changxun Sun represent approximately 47.3% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

| **CUSIP No.** | **18900M203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cloopen Co., Ltd.** | Name of reporting person<br>**Cloopen Co., Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**25649839.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**25649839.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**25649839.00** | Aggregate amount beneficially owned by each reporting person<br>**25649839.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.13%** | Percent of class represented by amount in Row (11)<br>**8.13%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 7, 9, and 11.  Represents 25,649,839 Class B ordinary shares held by Cloopen Co., Ltd., a company wholly-owned by Mr. Changxun Sun.

Row 13.  Percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person. Does not include certain ordinary shares that the Reporting Person may be deemed to beneficially own pursuant to its membership in a Rule 13d-5 group. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to ten votes per share. Accordingly, based on the foregoing, the ordinary shares beneficially owned by Cloopen Co., Ltd. represent approximately 46.94% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Ordinary Shares, par value US$0.0001 per share

**(b) Name of Issuer:**
Cloopen Group Holding Limited

**(c) Address of Issuer's Principal Executive Offices:**
16/F, Tower A, Fairmont Tower, 33 Guangshun North Main Street, Chaoyang District, Beijing, F4, 100102

This statement on Schedule 13D (this "Statement") relates to the Class A ordinary shares, par value $0.0001 per share (the "Class A Ordinary Shares"), of Cloopen Group Holding Limited, an exempted company incorporated under the laws of the Cayman Islands (the "Issuer"), whose principal executive office is located at 16/F, Tower A, Fairmont Tower, 33 Guangshun North Main Street, Chaoyang District, Beijing, the People's Republic of China.

The Issuer's ordinary shares consist of Class A Ordinary Shares and Class B ordinary shares, par value $0.0001 per share (the "Class B Ordinary Shares" and, together with the Class A Ordinary Shares, the "Ordinary Shares").

The Issuer's ADSs are quoted on the OTC market under the symbol "RAASY".

**Item 4. Purpose of Transaction**

On December 22, 2025, Trustbridge VII (the "Initial Sponsor") and Cloopen Co (collectively, the "Initial Members") entered into a consortium agreement (the "Consortium Agreement"), pursuant to which all parties agreed to cooperate in good faith to acquire all of the outstanding Ordinary Shares and ADSs representing the Ordinary Shares other than those already beneficially owned by the Consortium Members or their affiliates, through a going-private transaction (the "Proposed Transaction"). Pursuant to the Consortium Agreement, the Initial Sponsor may decide at its sole discretion to admit one or more additional member(s) to the Consortium (as defined in the Consortium Agreement) as additional sponsor(s) (the "Additional Sponsors", and together with the Initial Members, the "Consortium Members").

On the same date, the Initial Sponsor and Mr. Sun jointly submitted a preliminary non-binding proposal to the Issuer's board of directors related to the proposed acquisition of all of the outstanding Ordinary Shares and ADSs not already beneficially owned by the Initial Sponsor, Mr. Sun or their affiliates, valuing the Company at approximately the US dollar equivalent of RMB 1,100 million, with proposed purchase price at US$0.4940 per Share (or US$2.9641 per ADS) in cash (the "Proposal").

The Proposed Transaction is subject to a number of conditions, including, among other things, the negotiation and execution of definitive agreements mutually acceptable in form and substance to the Issuer and the Consortium Members. Neither the Issuer nor the Consortium Members is obligated to complete the Proposed Transaction, and a binding commitment with respect to the Proposed Transaction will result only from the execution of definitive documents, and then will be on the terms provided in such documents.

If the Proposed Transaction is completed, the Issuer's ordinary shares would become eligible for termination of registration pursuant to Section 12(g)(4) of the Act and would cease to be quoted on the OTC market and the Issuer's obligation to file periodic reports under the Act would terminate.

References to the Consortium Agreement and the Proposal in this Statement are qualified in their entirety by reference to the Consortium Agreement and the Proposal, a copy of each is attached hereto as Exhibit 99.2 and Exhibit 99.3, respectively, and incorporated herein by reference in its entirety.

Except as set forth in this Item 4, the Reporting Persons currently have no plans or proposals that relate to or would result in any of the matters listed in Items 4(a)-(j) of Statement. The Reporting Persons may, however, depending on the factors discussed herein, change their purpose or develop different plans or proposals at any time.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information set forth in Items 2, 3, and 4 of this Statement is incorporated herein by reference.

See Items 11 and 13 of the cover pages to this Statement for the aggregate number and percentage of Ordinary Shares that are beneficially owned by each Reporting Person as of the date hereof (with the percentage calculated based on 315,620,745 ordinary shares, comprising 289,970,906 Class A ordinary shares and 25,649,839 Class B ordinary shares issued and outstanding as of December 22, 2025, as advised by the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage of ownership of the Reporting Person.

**(b)**
See Items 7 through 10 of the cover pages to this Statement for the number of Ordinary Shares that are beneficially owned by each Reporting Person as of the date hereof as to which there is sole or shared power to vote or direct the vote, and sole or shared power to dispose or direct the disposition.

**(c)**
To the best knowledge of each of the Reporting Persons, there have been no transactions in the securities of the Issuer effected by the Reporting Persons within the last 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Items 2, 3, 4 and 5 of this Statement is incorporated herein by reference.

To the best knowledge of the Reporting Persons, except as set forth herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** TB Alternative Assets Ltd.

**Signature:** /s/ Shujun Li

**Name/Title:** Shujun Li, Director

**Date:** 12/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Trustbridge Partners V, L.P.

**Signature:** /s/ Verity Priest

**Name/Title:** Verity Priest, Authorized Signatory

**Date:** 12/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Trustbridge Partners VII, L.P.

**Signature:** /s/ Verity Priest

**Name/Title:** Verity Priest, Authorized Signatory

**Date:** 12/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** TB Partners GP5 Limited

**Signature:** /s/ Verity Priest

**Name/Title:** Verity Priest, Director

**Date:** 12/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** TB Partners GP7 Limited

**Signature:** /s/ Verity Priest

**Name/Title:** Verity Priest, Director

**Date:** 12/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Changxun Sun

**Signature:** /s/ Changxun Sun

**Name/Title:** Changxun Sun

**Date:** 12/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Cloopen Co., Ltd.

**Signature:** /s/ Changxun Sun

**Name/Title:** Changxun Sun, Director

**Date:** 12/22/2025