$CLPS 👉 "Lin (CEO) hopes to see CLPS grow to maintain a market cap of more than $10 billions." 👉 $10 billion - Market Cap
$CLPS - has been the most manipulative China oversold so far. The best of China.
Value. Grow. And chart...👇
Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, "The first half of fiscal year 2022 has concluded at an amazing pace for CLPS, and yet another period of solid market share gains, increased profitability, consistent strategic execution, and technology progress that translated into stronger financial results. Our disciplined approach to financial allocation enabled us to grow our top and bottom lines, and we have been able to make strategic investments into our business to propel our future growth."
"We are keeping up with that momentum as we continuously implement our growth and innovation strategies. In particular, while we continuously grow organically, we are also pursuing new revenue streams by promoting our customized IT solution services.
https://finance.yahoo.com/news/clps-incorporation-reports-financial-results-113000564.html
CLPS Incorporation Reports Financial Results for the First Half of Fiscal Year 2022
UPDATE ❗ - March 4, 2022. ❗👍
Non-GAAP net income attributable to CLPS Incorporation's shareholders increased by 37.4% to $8.7 ❗ million, compared to $6.4 million. Please refer to "Use of Non-GAAP Financial Measures" section for the discussion of such measures used in this press release.
Net cash provided by operating activities increased by 40.1% ❗ to $13.2 ❗ million from $9.4 million.
Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, "The first half of fiscal year 2022 has concluded at an amazing pace for CLPS, and .. " 💎👊
"Our achievements and progress only exemplify the strength of our business, and the strategies we plan to implement will continue to drive the success of the Company in the long run."
After excluding the impact of non-cash share-based compensation expenses, non-GAAP net income increased by $2.5 million, or 39.1% ❗, to $8.9 million in the first half of fiscal 2022 from $6.4 million in the same period of the previous year.
For fiscal year 2022, the Company expects, absent material acquisitions or non-recurring transactions, total sales growth in the range of approximately 30% to 35% ❗, non-GAAP net income growth in the range of approximately 32% to 37% ❗compared to fiscal year 2021 financial results._________________________
👇👇___________!! IPO - May 18, 2018 . " $CLPS IPO: It Is Undervalued. ( 5,25 $ ❗ ). "But .........
➕ 2018 = Sales 48,9 ❗ ($ mln) = IPO $ 5,25 ❗
➕ 2019 = Sales 64,9 ($ mln) ➕ 2020 = Sales 89,4 ($ mln) ➕ 2021 = Sales 126+ ($ mln)
🗞️🗞️ 🔎 2022 = Sales 🔎155+ ❗ ($ mln)
🎯 $ 20 +________
Great. Great. 👍______________________________
Required reading.
Oct. 15, 2021
In today's call I'm excited to tell you our fiscal year 2021 performance, both in financial and business strategy, including our strategic pipeline with we are competent will further drive CLPS sustainable growth. 👇
https://seekingalpha.com/article/4460136-clps-incorporation-clps-ceo-raymond-lin-on-q4-2021-results-earnings-call-transcript
__________________
👉 $ 5,25 / sh
!! IPO - May 18, 2018 .
" $CLPS IPO: It Is Undervalued.
( 5,25 $❗ ). "
2018 = Sales 48,9❗ ($ mln)
2H 2021.💎 October 15. 2021 = Sales 126+ ($ mln). 2019 = Sales 64,9 ($ mln) 2020 = Sales 89,4 ($ mln) 2021 = Sales 126+ ($ mln)
2022 = Sales 155+❗ ($ mln)
= 🎯 $ 20+ _____ DD $CLPS 👊👊✈️
Compare. 📚 2018. 2021.
https://www.clpsglobal.com/clps-incorporation-releases-chairmans-letter-to-the-companys-shareholders/ 2018-06-20 $CLPS INCORPORATION RELEASES CHAIRMAN’S LETTER TO THE COMPANY’S SHAREHOLDERS 2018-06-20 👉 1600 employees. 2021-06-20 👉 3352 employees.
_____________________________________26.8.2020 ..... CapitalWatch
Mr. Matthew Tang, Chief Executive Officer of CLPS US & HK, said, "I believe the IT industry continues to be at the forefront in developing a smart city, which Hong Kong consistently pursues. In addition, the global digital transformation and application of modern technology, such as artificial intelligence (AI), blockchain, big data, and Internet of Things (IoT), reflect upon the advancements that have drastically altered today's business landscape.
CapitalWatch
Li (CEO) 20.6.2020: For CLPS we adhere to the principle of transparency and regulated management. Everybody in CLPS is committed to bringing value to our shareholders. That is the key message that I would like to share with all the CLPS shareholders.
🇺🇸 " With the Company's proven track record, competitive advantage, and aggressive global expansion strategy, its existing clients headquartered in the U.S. expect to receive the same quality of IT services domestically. "
6/20/20 CapitalWatch
"Lin (CEO) hopes to see CLPS grow to maintain a market cap of more than $10 billions."
So.....
1+1=2
$CLPS TODAY (8/14/21)
Market Cap $67M 👀 (8/14/21)
Market Cap $10B = x 155 !!!!
= + 15 500 % !!
= x 155 !!
Great.
$3,7 !! / share (8/14/21) x 155 !! = Market Cap $10B 🎯
= $ 574 / sh !!
Would you like to have a good sleep?
Only 💎 DD!! Not speculation!
_________________
CapitalWatch:
CapitalWatch Interview With Henry Li, Chief Operating Officer of CLPS
Li tells CapitalWatch about the impact of Covid-19, global expansion plans, the future of fintech, and more.
Jun 03, 2020.
CW: What do you find attractive most about expanding in California?
Li: The area has a number of fintech companies. Our CEO has visited the area a few times. We've also met our customers. We see business opportunities there. The key customers are there.
"For the remainder of the fiscal year, CLPS will continue to expand globally, proactively acquire and service more international clients, especially those in the U.S., and continue to grow our acquired businesses. At the same time, we will launch comprehensive services related to our advantages in the credit card industry. We will also ensure sustainable and high quality growth for CLPS, and create long-term value for shareholders."
________________________
https://www.clpsglobal.com/clps-incorporation-releases-chairmans-letter-to-the-companys-shareholders/
2018-06-20
CLPS INCORPORATION RELEASES CHAIRMAN’S LETTER TO THE COMPANY’S SHAREHOLDERS
2018-06-20 👉 1600 employees
________________________________________
2021-06-20 👉 3352 employees
"We have an excellent and large pool of IT talents (3,352 employees) with multi-lingual capabilities, professional skills in global banks, wealth- management, e-commerce, automotive industry service areas, with better international project delivery compared with our competitors."
______________________________
$CLPS That's the story.
16 years.
Grow. Grow. Grow.
2 people... And??
Today, 3352 employees.
The value is growing.
Sharply. Persistently.
https://www.clpsglobal.com/clps-celebrates-15-years-of-providing-globally-competitive-it-services
_____________________________
VIDEO
https://www.linkedin.com/feed/update/activity:6830811995265216512
$CLPS Only huge target 👊✈️
Unidentified Analyst
____
Okay.
Congratulations for the remarkable financial results. I have three questions............
++++ Jacob Kurtz, analyst.
____
Hi. So you guys have released a series of positive announcements this year. But the stock has continued to fall. Why do you think that is? And how do you guys think you re going to turn it around?
https://selectionnewyork.blogspot.com/2021/10/clps-ceo-raymond-lin-on-q4-2021-results.html
_____________
$CLPS
"As we previously highlighted, CLPS has been aggressive on its global expansion strategy. We gained IT services contracts in the U.S. from major players in e-commerce industry, jumpstarting our U.S. revenue during the fiscal year 2021."
CEO 👏👏👏
https://selectionnewyork.blogspot.com/2021/10/clps-ceo-raymond-lin-on-q4-2021-results.html
$CLPS
Mr. Raymond Lin, Co-Founder and Chief Executive Officer of CLPS, commented, "Our second half and full year of fiscal 2021 results affirm the unquestionable value proposition we deliver to our clients and the success of our pipelined strategies. We continued to execute our 'dual-engine' development strategy through the improvement of our technology and product capabilities while maintaining the organic growth of our business." 👊👊👊💎
https://selectionnewyork.blogspot.com/2021/10/clps-ceo-raymond-lin-on-q4-2021-results.html
👇👇👇👇👇👇👇👇👇👇👇
https://selectionnewyork.blogspot.com/2020/09/clps-blockchain.html
Blockchain for banks, artificial intelligence (AI), big data, and cloud applications.....
https://selectionnewyork.blogspot.com/2020/09/clps-blockchain.html
Big data allows companies to create ever-narrowing segmentation, with tailored services to meet the client’s needs. In banking and finance, big data will become the core driver of future development.
https://www.clpsglobal.com/our-services/solution-services/big-data-solution
______________
CLPS is one of the largest credit card service providers in China.
https://selectionnewyork.blogspot.com/2020/10/clps-selection-data-second-half-of.html
➕
https://selectionnewyork.blogspot.com/2020/09/clps-blockchain.html
https://selectionnewyork.blogspot.com/2021/07/clps-ceo-raymond-lin-on-1h-2021-results.html
🔥👆
CLPS, CEO Raymond Lin on 1H 2021 Results - Earnings Call Transcript
Congratulations on your outstanding financial performance. However, your market has spread outside the Mainland China. What’s the strategy behind the global expansion?
➕
Gregozeski
Okay. Great. And then over the last few years, you’ve continued to grow in China, but also expand in the rest of Asia and the U.S. Do you have a target mix of where you want to be at for those different regions by the end of this fiscal year or even next fiscal year?
➕➕➕➕➕➕
CLPS Incorporation Reports Financial Results for the Second Half and Full Year of Fiscal 2020
Thu, October 22, 2020, 10:40 PM
HONG KONG , Oct. 22, 2020 -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced its financial results for the six months ended June 30, 2020 and full year of fiscal year 2020.
Revenues by Service
Revenue from IT consulting services increased by $13.5 million ,
or 42.3%, to $45.5 million and accounted
for 97.2% of total revenue in the second half of fiscal 2020, up from $32.0 million ,
or 93.7% of total revenue, in the prior year period. For the year ended June 30, 2020 , revenue from IT consulting services increased by $25.3 million ,
or 41.1%, to $87.1 million and accounted
for 97.5% of total revenue, up from $61.8 million ,
or 95.1% of total revenue, in the prior year period. The increase was due to increased demand for the Company's IT consulting service from banks and other financial institutions, primarily from existing clients. For the twelve months ended June 30, 2020 and 2019,
40.0% and 47.5% of IT consulting services revenue were from international banks, respectively.
________________________
Second Half of Fiscal 2020 Highlights (all results compared to the six months ended June 30 , 2019)
Revenues increased by 37.2% to $46.8 million from $34.1 million .
Gross profit increased by 25.1% to $15.7 million from $12.6 million .
Net income attributable to CLPS Incorporation's shareholders was $0.6 million , or $0.04 basic and diluted earnings per share, compared to net loss attributable to CLPS Incorporation's shareholders of $1.8 million , or $0.13 basic and diluted losses per share.
Non-GAAP net income attributable to CLPS Incorporation's shareholders 1 increased
by 200.9 %
to $3.5 million ,
Revenue generated outside of mainland China increased
by 110.0 %
to $6.3 million in the second half of fiscal year 2020 from $3.0 million in the prior year period. Revenue generated outside of mainland China increased
by 133.2 %
to $10.6 million for the year ended June 30, 2020 from $4.5 million in the prior year period, accounted for 11.8% of total revenue compared to 7.0% in the prior year period.
The increase in revenue generated outside mainland China reflects the Company's successful and continuous global expansion strategy.
Net income for the year ended June 30, 2020 increased by $6.5 million to $3.1 million from a net loss of $3.4 million in the prior year period.
As of June 30, 2020 , the Company had cash and cash equivalents of $12.7 million compared to $6.6 million as of June 30, 2019 .
Financial Outlook
For fiscal year 2021, the Company expects, absent material acquisitions or non-recurring transactions, total sales growth in the range of approximately 30% to 35%, non-GAAP net income growth in the range of approximately 32% to 37% compared to fiscal year 2020 financial results.
____________________
👇
http://www.clpsglobal.com/clps-incorporation-reports-financial-results-for-the-second-half-and-full-year-of-fiscal-2020/
"CLPS Incorporation Announces Chairman's Letter to the Company's Shareholders"
--- 👉 year 2020 ---
Cloud computing, micro services, open API, robotic process automation (RPA), blockchain, and big data.
CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today released a letter to shareholders from the Chairman of the Company's Board of Directors (the "Board"), the full text of which is provided below. All CLPS shareholders are encouraged to read it.
Dear Shareholders,
On behalf of the Board, I wish you a happy new year!
In 2019, global demand for financial IT services and solutions was fueled by growth in the fintech industry and advancements in the areas of artificial intelligence, blockchain, big data, and cloud applications. At the same time, there is still a shortage of professional IT talent in the above-mentioned areas.
We believe that such demand will continue to gain momentum in 2020. In response, CLPS continues to invest in resources, improve our performance, and drive technological and management innovation to achieve high quality development. With our comprehensive understanding of market needs in financial IT services and solutions in China and globally, we are committed to the strategy of continuously expanding into the international market, providing more clients with the professional IT services that CLPS has to offer. As a result, it enables us to further expand our market share, improve our brand influence, and achieve significant growth.
Let us look back at the highlights of the Company's performance in 2019 and our plans for 2020.
1. Client Base and Revenue Growth
CLPS has expanded its overseas and domestic client base in the financial services and IT industries, which covers global credit cards, banking, data analysis, business intelligence, and decision-making, among others. For the fiscal year 2019, CLPS's revenues increased by $16.0 million, or 32.7%, to $64.9 million from $48.9 million in the prior year period. Gross profit increased by $6.1 million, or 34.5%, to $23.8 million for the fiscal year 2019, from $17.7 million in the prior year period.
2. IT Innovation
We are dedicated to the research and applications of innovative technologies, including distributed application systems, cloud computing, micro services, open API, robotic process automation (RPA), blockchain, and big data. In the past year, we have applied RPA and big data technology to our internal human resources management and financial management systems, which significantly improved our operational efficiency. In addition, we deployed RPA to our clients, and we have received positive feedback on our technology. In 2020, we intend to apply more innovative technologies to our internal management systems to further reduce operational costs. The learnings derived from our internal implementations will then enable us to offer the technologies to our clients. In addition, we aim to optimize our capability in credit card services. Through our efforts, we will be able to improve our IT services efficiency, achieve client satisfaction, and attain high quality performance growth.
3. Management Excellence
We continue to optimize our internal enterprise resource planning (ERP) management system to provide timely and effective data for management decisions. CLPS Academy regularly provides professional training for both our management staff and our IT professionals to improve employee competency and sustain our high talent retention rate. We are also committed to our partnerships with universities including Shanghai Sanda University, the Shanghai Institute of Technology, and Shanghai Jian Qiao University. With our partners, we aim to further develop new financial IT talent by including financial IT courses in university curriculums and by deploying our CLPS Virtual Bank Training Platform. In 2020, we will continue to improve the function and efficiency of our ERP management system, develop more financial IT talent, enable more staff to receive technical and management training, and support the Company to achieve greater heights.
4. Business Expansion Strategy
The Company's overseas financial IT business expanded significantly in 2019. CLPS acquired 80% of the equity of RiDik Pte. Ltd. ("RiDik"), a Singapore-based IT services company, in September 2019, and completed the business integration of Infogain Pte. Ltd. ("Infogain") and RiDiK, our two subsidiaries in Southeast Asia, into CLPS Singapore, the Singapore division of CLPS. After the integration, CLPS Singapore is expected to achieve total revenue growth of over 200% year over year for fiscal year 2020. In 2020, we will continue to implement our international expansion strategy, which includes expanding the scale of our IT services business in the United States to better cater to our North America clients. We also plan to establish a global delivery center in India, which will work closely with our delivery centers in China to provide quality IT services to our overseas clients. In addition, we will increase our investment to penetrate the Japan IT services market to broaden our Asia market presence.
In conclusion, CLPS remains in line with its growth and development strategies to improve our overall competitiveness and bring value to our shareholders. On behalf of the CLPS family, I extend my gratitude to our shareholders' unwavering support and confidence in the Company.
With sincerity and determination,
Paul Xiao Feng Yang
Chairman and President
CLPS Incorporation
__________________________
➕➕➕➕➕➕➕
👇👇👇👇👇👇👇👇👇👇
2018 + 2019 SHAREHOLDERS
👇👇👇👇👇👇👇
Benzinga 2018
Interesting article below concerning a Chinese privately owned company with operations solely in China listing on the NASDAQ prior to any listing in China or Hong Kong. When we dug into the financial information and compliance provided to the NASDAQ and SEC we found a Chinese company that did things the right way and thus were successful in listing on one of the best equity markets in the world. We advise our Chinese clients to hire professionals, not agents or brokers and then do things with a long-term goal and with purpose when seeking public listing on the U.S. equity markets. Gone are the days of shady reverse mergers pitched by agents and brokers who were paid well and then left the Chinese company with compliance issues and lawsuits. CLPS did things the right way and should be congratulated and emulated.
START 2018 - NASDAQ 👇
2018 Chairman's Letter
CLPS Incorporation Releases Chairman’s Letter to the Company’s Shareholders
Shanghai, China, June 20, 2018 (GLOBE NEWSWIRE) — CLPS Incorporation (the “Company”, “CLPS”, or Nasdaq:CLPS), a leading information technology (“IT”) consulting and solutions service provider focusing on the banking, insurance and financial sectors in China and globally, today released a letter to shareholders from the Chairman of the Company’s Board of Directors, the full text of which is provided below. All CLPS shareholders are encouraged to read it.
Dear Shareholders,
So far, this year has been extraordinary for our Company. In May 2018, we completed our initial public offering and listing of our securities on the Nasdaq Stock Market in the United States, marking a new era for CLPS Incorporation as a US-listed public company. Following this success, CLPS will continue to serve its existing client base and partners in the financial sector. The Company will also work on enhancing its original financial technology service offerings to expand to international markets, serve international customers, and provide innovative solutions and products to support more world-class technology customers. The successful listing of the Company’s securities on Nasdaq is a new beginning for our Company. CLPS will continue to rely on its strength and corporate strategy to develop, improve, innovate and expand to strengthen the Company and enhance shareholder value.
The financial IT services market continues to grow and expand in China and globally. The demand for these services is fueled by China’s economic growth and the need for continuous upgrade and maintenance of financial information technology. While the demand for financial IT services has increased, the availability of human capital to supply these services remains constrained. Financial institutions require in-depth understanding and knowledge of business processes driven and supported by IT. At the same time, large-scale institutions require highly trained personnel on a cost competitive basis to alleviate shortages of qualified personnel. We strive to meet this demand through and by means of our platform, the CLPS College, which recruits, trains, develops and retains employees. We have collaborated with more than 100 universities to leverage technical curriculum and provide professional certifications and we have developed a deep pool of talent to support complex IT projects. Our training programs provide industry expertise with up to date financial domain knowledge, technical development and skills in advanced programming languages and solutions. More than 70% of our personnel are dedicated to serving foreign financial institution clients. We have broad geographic reach to support customers. Currently, we have over 1600 IT professional staff in 11 offices.
Going forward, we intend to pursue the following objectives:
- Revenue growth – We intend to continue to grow revenue from both existing Chinese and global clients as well as target new Chinese and global clients, using our comprehensive service and solution offerings and deep domain expertise in the financial industry. Furthermore, we intend to continue to invest in a delivery platform that benefits both Chinese and global clients, capturing synergies between the Chinese and global markets to benefit both groups of clients. As part of these efforts, we intend to hire a U.S. based senior executive to head a wholly owned U.S. subsidiary to expand our business in North America before the end of the calendar year.
- Continuous Research and Development – We also intend to deepen our domain knowledge in the financial industry and relevant business-specific processes. As we continue to invest in research and development, we will focus on solutions that leverage our industry expertise to combine proprietary applications with industry and client specific needs.
- Investment in the Training and Development of Human Capital – We view our human capital base as an important competitive advantage. Our Talent Creation Program and Talent Development Program ensure our sustainable supply of financial IT talent resources. We intend to build on and leverage existing training programs and the CLPS College, to expand to other key cities and other industries (e.g., insurance), to tap deeper into CLPS’s talent pool. We expect to open additional training centers overseas to accommodate future demand for our services and solutions overseas.
- Improved Operational Efficiency – We anticipate developing operating efficiencies by leveraging historical and ongoing investments in infrastructure, research and development and human capital. Our business operates on a single, integrated platform, which allows for economies of scale across our business. We expect to continue to invest in our IT infrastructure as well as more advanced technologies, such as cloud computing, to enhance our scalability and increase efficiencies. We also expect our human capital initiatives to increase efficiencies in human capital allocation, increasing overall productivity.
- Strategic Alliances and Acquisitions – We intend to continue our pursuits of strategic alliances and acquisitions to enhance our industry-specific technology and service delivery capabilities by building on our track record of successfully acquiring and integrating targeted companies. In that respect, we intend to continue to identify and assess opportunities to enhance our abilities to serve our clients, with a particular focus on enhancing our technology capabilities, deepening our penetration into key clients, expanding our portfolio of service offerings and expanding our operations geographically.
As stated above, our recently completed IPO and Nasdaq listing provide a firm foundation for the Company’s future growth and value creation. We intend to deliver and execute upon our business objectives.
On behalf of the Company’s management team, I wish to express my deep appreciation and gratitude for your support and confidence in the Company With sincerity and determination,
Xiao Feng Yang Chairman,
President CLPS Incorporation
_____________________
➕➕➕➕➕➕
2019
👇👇👇👇👇👇👇👇👇👇
CLPS Incorporation Releases Chairman's Letter to the Company's Shareholders
May 28, 2019.
SHANGHAI, May 28, 2019 -- CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), a leading information technology consulting and solutions service provider focusing on the banking, insurance, and financial sectors in China and globally, today released a letter to shareholders from the Chairman of the Company's Board of Directors, the full text of which is provided below. All CLPS shareholders are encouraged to read it.
Dear Shareholders,
It is with great pleasure that we mark our first anniversary as a publicly traded company listed on the NASDAQ Stock Market. During this period, we have seen an increasing demand for financial IT services and solutions not only in China, but also globally, especially in the areas of artificial intelligence, blockchain, big data, and cloud applications. These technological innovations enable businesses to improve operational efficiency and reduce operating costs. In addition, demand for professional IT talent in these areas has increased. As we continue to grow, we are constantly improving our understanding of the financial IT services and solutions needs in China and globally, and working on meeting such needs.
At CLPS, we value our shareholders. I would like to share with you our summary of the Company's recent achievements and our vision of its future plans. In this first year since our listing on the NASDAQ Stock Market on May 24, 2018, CLPS has gained more attention and support from our existing clients, and we have been able to win new clients. The Company's management team participated in several investor conferences in the U.S. to share our story with the investor community. For the first half of fiscal year 2019, CLPS reported a 38.7% revenue increase year over year. In addition, we achieved significant growth in our client base and business deals, made further progress on our advanced technology research, gained positive feedback from our clients for our solution services, delivered thousands of hours of training to our IT professional and management staff, and improved our corporate governance. We also drove our global expansion strategy forward with mergers and acquisitions.
The details of our achievements are as follows:
1. Performance growth
During our first year as a publicly traded company, CLPS has significantly expanded its overseas and domestic client base in the financial and IT industries, including in applications such as global credit cards, banking, social media, online travel agency, and more. In the first half of fiscal 2019, CLPS's revenues increased by $8.6 million, or 38.7%, to $30.8 million from the prior year period, while gross profit increased by $2.3 million, or 25.8%, to $11.2 million.
CLPS continues to work on its future growth. CLPS has devoted resources for advanced technological innovation research and solution improvements, including blockchain, robotic process automation, cloud applications, big data, and credit card solutions.
The Company has also worked on making its internal operations more efficient. We constantly update our internal enterprise resource planning management system to provide an effective shared database, thereby improving the management's decision-making process. CLPS continues to provide professional training for management staff and IT professionals to improve employee competency and sustain high retention rates. To further develop new financial IT talent, we have cooperated with one of the top financial and economic universities in China, the Shanghai University of Finance and Economics, and implemented an online technical training platform based on blockchain. We have also cooperated with Shanghai Sanda University to deliver financial IT courses and deploy our CLPS Virtual Bank Training Platform. In addition, we have signed a memorandum of understanding with Ngee Ann Polytechnic to further develop financial IT talent in Singapore.
The Company's overseas financial IT business has been steadily expanding. CLPS successfully achieved its business goal of expanding to Southeast Asia through the acquisition of 80% of the equity stake of InfoGain Solutions Pte. Ltd. ("InfoGain") in Singapore. Furthermore, our presence in Hong Kong targets developing fintech businesses by providing them with competitive IT services.
CLPS continues to achieve its objective of sustained growth, improved operating efficiency and staff training, and steady overseas expansion. We intend to continue on this growth trajectory to enhance our overall competitiveness.
2. Transfer to Nasdaq Global Market; auditor changes
In November 2018, CLPS transferred to the NASDAQ Global Market from the NASDAQ Capital Market, joining companies with similarly global leadership and international reach.
In December 2018, CLPS appointed Ernst & Young Hua Ming LLP as the independent auditor of the Company to support us as we execute our international expansion strategy.
3. Recent merger and acquisition activities
Adhering to the principle of acquiring or merging with complementary resources and technological innovation, we successfully completed the acquisition of 80% of InfoGain's equity stake in Singapore last August.
In February 2019, we increased the Company's ownership stake in Lihong Financial Information Services Co., Ltd. to 36.8%. Both parties believe that the increased investment will result in a mutually beneficial ongoing business relationship.
In May 2019, we announced a strategic investment in Economic Modeling Information Technology Co., Ltd. ("EMIT") with a 30% ownership stake. The investment in EMIT allows us to expand our expertise in providing the financial industry with applications based on industry-leading technologies. EMIT's expertise in data modeling, deep learning and machine learning, and blockchain technology will benefit CLPS's future development by further expanding our client network. In addition, by offering applications of data mining, we will be able to extend our competitive edge in the banking, insurance and financial sectors.
We will continue to proceed strategically so that we can achieve common development goals and enter into win-win business relationships.
We will continue to grow in accordance with our goals, improve the overall strength of CLPS, enhance the value of CLPS, and focus on our shareholders. On behalf of the CLPS family, I extend our gratitude to our shareholders' unwavering support and confidence in our company.
With sincerity and determination,
Paul Xiao Feng Yang
Chairman and President
CLPS Incorporation
___________
