Xiegang Xiong reports shares returned to the company (RAASY)

Filing context

• Quantities and prices are shown in the units filed. No trade value is inferred from their product.
• Xiong Xiegang: CPO, CTO.
• F1: This Form 4 reports securities disposed of under the Agreement and Plan of Merger, dated May 12, 2026 (the "Merger Agreement"), by and among the Issuer, SpringX Holdings Limited ("Parent"), AutumnX Holdings Limited ("Holdco"), a wholly-owned subsidiary of Parent and SummerX Holdings Limited ("Merger Sub"), a wholly-owned subsidiary of Holdco. Pursuant to be Merger Agreement, Merger Sub was merged with and into the Issuer (the "Merger"), with the Issuer being the surviving company of the Merger as a wholly-owned subsidiary of Holdco. Upon completion of the Merger, the Issuer became a privately-held company.
• F2: Pursuant to the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each Class A ordinary share, par value US$0.0001 per share, of the Issuer (each, a "Class A Ordinary Share") issued and outstanding immediately prior to the Effective Time, was cancelled and ceased to exist in exchange for the right to receive US$0.4940 in cash per Class A Ordinary Share, without interest, and each American depositary share, each representing six Class A Ordinary Shares (each, an "ADS"), together with the Class A Ordinary Shares represented by such ADS, was canceled in exchange for the right to receive US$2.9641 in cash per ADS, without interest, in each case subject to the terms and conditions of the Merger Agreement. The Class A Ordinary Shares reported in this row were held in the form of ADSs. See Footnote (3).
• F3: As previously reported on the Reporting Person's Form 3, the Reporting Person beneficially owned 1,210,750 Class A Ordinary Shares, held of record by Flawless Success Limited, which acts as a nominee for an employee trust holding shares for the benefit of grantees under the Issuer's share incentive plans. 363,225 of such Class A Ordinary Shares were subsequently deposited with The Bank of New York Mellon in exchange for ADSs, which are held by Flawless Success Limited. Such deposit effected only a change in the form of beneficial ownership without changing the Reporting Person's pecuniary interest. Accordingly, the amounts reported herein are stated in terms of the underlying Class A Ordinary Shares rather than ADSs.
• F4: In connection with the Merger, Flawless Success Limited entered into a Support Agreement, dated as of May 12, 2026, pursuant to which, among other things, at the Effective Time, each of the Class A Ordinary Share reported in this row and beneficially owned by Mr. Xiong Xiegang was cancelled in exchange for one ordinary share newly issued by HoldCo.
• F5: These Class A Ordinary Shares are held by Flawless Success Limited, which acts as a nominee for an employee trust holding shares for the benefit of grantees under the Issuer's share incentive plans.
• F6: Each of these options of the Issuer represented a contingent right to purchase one Class A Ordinary Share. On January 29, 2024, Mr. Xiong Xiegang was granted 1,000,000 options. The options have all vested.
• F7: Pursuant to the Merger Agreement, at the Effective Time, these options that was outstanding as of April 30, 2026 were fully vested and free of restrictions and were canceled and converted into the right to receive an aggregate amount in cash equal to US$34,200.
• F8: Pursuant to the Merger Agreement, at the Effective Time, each of these options that was vested as of April 2026 was canceled and, in exchange therefor, Mr. Xiong Xiegang was issued a vested award comprised of other rights or property to the extent permitted by applicable laws, which shall be subject to terms and conditions substantially equivalent to those of such vested options, as reasonably determined by both HoldCo and the Issuer.
• F9: Each of these restricted stock units of the Issuer ("RSU") represented a contingent right to receive one Class A Ordinary Share. On November 30, 2022, Mr. Xiong Xiegang was granted 1,000,000 RSUs. The RSUs have all vested.
• F10: Pursuant to the Merger Agreement, at the Effective Time, each of these RSUs that was vested as of April 30, 2026 was canceled and converted into the right to receive an amount in cash equal to US$0.4940 per RSU, subject to the terms and conditions of the Merger Agreement.
• F11: Pursuant to the Merger Agreement, at the Effective Time, each of these RSUs that was vested as of April 30, 2026 was canceled and, in exchange therefor, Mr. Xiong Xiegang was issued a vested award comprised of other rights or property to the extent permitted by applicable laws, which shall be subject to terms and conditions substantially equivalent to those of such vested RSUs, as reasonably determined by both HoldCo and the Issuer.