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Hi Sun Technology's Affiliate Cloopen Enters Go-Private Deal

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Hi Sun Technology China (HKG:0818) said its affiliate company Cloopen entered into a definitive agreement to go private by merger, according to a Tuesday filing with the Hong Kong bourse.

Hi Sun's shares gained nearly 5% in morning trade on Wednesday.

The payment processor owns 55.7 million class A shares in Cloopen, a provider of cloud-based communication services in China that trades in the OTC markets in the US.

According to the merger agreement, class A shareholders of Cloopen will be entitled to receive $0.4940 per share in cash.

Hi Sun said it was reviewing the terms of the merger.

Cloopen shares rose 67% in the OTC market on Tuesday. It was delisted from the New York Stock Exchange in 2023 due to filing delays.

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Hi Sun Technology's Affiliate Cloopen Enters Go-Private Deal | FINWIRES