CLPS INCORPORATION ANNOUNCES IPO PLAN OF ITS MAJORITY-OWNED SUBSIDIARY AT THE BEIJING STOCK EXCHANGE
HONG KONG, Nov. 23, 2021 /PRNewswire/ — CLPS Incorporation (Nasdaq: CLPS) (“CLPS” or “the Company”), announced today that its Board of Directors has approved the plan of its majority-owned subsidiary, JAJI (Shanghai) Co., Ltd.(“JAJI”), to apply for listing on the National Equities Exchange and Quotations (“NEEQ”) and directing towards public offering at the Beijing Stock Exchange (“BSE”) upon acceptance. The number of shares to be offered and the price range for the proposed offering is yet to be determined.
With relatively independent business operation, JAJI is an IT consulting and solution services provider that covers various technology-driven industries including but not limited to securities, automotive and education, enabling corporate clients achieve their growth and improved business. JAJI has been engaged with in-demand technologies such as big data, artificial intelligence (AI), blockchain, cloud computing, robotic process automation (RPA), and Internet of Things (IoT), among others. It successfully delivered IT services involving user portrait, intelligent manufacturing, financial credit investigation and automated decision-making. JAJI’s revenue accounted for approximately 5.4% of the total revenue of CLPS in the fiscal year 2021.
Hua Ying Securities Co., Ltd. will be acting as the financial advisor, lead broker, consultant, sponsor and lead underwriter of JAJI’s listing and public offering on the NEEQ and BSE, respectively. The offering of this security will be made only by means of a prospectus at the time of listing. JAJI is expected to be listed on the NEEQ by fourth quarter of 2022.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About CLPS Incorporation
Headquartered in Hong Kong, CLPS Incorporation (the “Company”) (Nasdaq: CLPS) is a global leading information technology (“IT”) consulting and solutions service provider focusing on the banking, insurance, and financial service sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial service industry, including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong SAR, and their PRC-based IT centers. The Company maintains 19 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Baoding, Xi’an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining eight global centers are located in Hong Kong SAR, USA, Japan, Singapore, Malaysia, Australia, India, and the Philippines. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, LinkedIn, and Twitter.
Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance. Known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, may cause the actual results and performance of the Company to be materially different from such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company’s expectations of the Company’s future growth, performance and results of operations, the Company’s ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, as well as the risks and uncertainties described in the Company’s most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
Investor Relations Office