TB Alternative Assets Ltd. - 22 Dec 2025 SCHEDULE 13D Report for Cloopen Group Holding Limited Class A Ordinary Shares, par value US$0.0001 per share (RAASY)

Filing Manager: TB Alternative Assets Ltd.
Reporting Manager: TB Alternative Assets Ltd.
Security: Cloopen Group Holding Limited Class A Ordinary Shares, par value US$0.0001 per share
Symbol: RAASY
Shares outstanding: 315,624,372 shares
Disclosed Ownership: 38,474,611 shares
Ownership: 12%
Form type: SCHEDULE 13D
Filing time: 30 Dec 2025, 08:42:39 UTC
Date of event: 22 Dec 2025
SEC: View on sec.gov

Reporting Managers (7)

Name	Ownership	Shares Owned	sole voting power	shared voting power	Signature	Title	CIK
TB Alternative Assets Ltd.	12%	38,474,611	38,474,611	0	/s/ Shujun Li	Shujun Li, Director	0001483503
Trustbridge Partners V, L.P.	12%	38,474,611	38,474,611	0	/s/ Verity Priest	Verity Priest, Authorized Signatory
Trustbridge Partners VII, L.P.	12%	38,474,611	0	38,474,611	/s/ Verity Priest	Verity Priest, Authorized Signatory	0001833327
TB Partners GP5 Limited	12%	38,474,611	38,474,611	0	/s/ Verity Priest	Verity Priest, Director
TB Partners GP7 Limited	12%	38,474,611	0	38,474,611	/s/ Verity Priest	Verity Priest, Director
Changxun Sun	8.8%	27,649,839	27,649,839	0	/s/ Changxun Sun	Changxun Sun	0001907822
Cloopen Co., Ltd.	8.1%	25,649,839	25,649,839	0	/s/ Changxun Sun	Changxun Sun, Director