On February 24, 2023, Hangzhou Raycloud Technology Co., Ltd. closed the transaction. The company amended the terms of the transaction. The company issued 24,824,684 shares at an issue price of CNY 7.13 per share for total gross proceeds of CNY 176,999,996.92 in the transaction.

The company incurred total issuance expenses of CNY 5,137,480.84 including CNY 4,000,000 as underwriting fees; and raised net proceeds of CNY 171,862,516.08 in the transaction. The transaction included participation from Caitong Fund Management Co., Ltd., a fund managed by CCB Fund Management Co., Ltd, for 13,515,661 shares for CNY 96,366,662.93; and Nuode Asset Management Co., Ltd. for 11,309,023 shares for CNY 80,633,333.99.