CLPS Incorporation Announces the Completion of Capital Increase Agreement Transaction in MSCT to Ramp Up Cooperation in Global Financial Technology Services Market with MCT

HONG KONG,Aug. 20,2021 -- CLPS Incorporation (Nasdaq:CLPS) ("CLPS" or "the Company"),today announced that it has completed the previously announced Capital Increase Agreement (the "Agreement") transaction with Minshang Creative Technology Holdings Limited ("MCT",01632.HK). CLPS,through its wholly-owned subsidiary,Growth Ring Ltd.,and MCT nowhold 53.33% and 46.67% in MSCT Investment Holdings Limited ("MSCT"),respectively. Through the Agreement,both parties have agreed to develop a next-generation loan trading software,a software as a service (SaaS) solution,and to explore financial technology services market in a global scale.

Upon closing of the transaction,MSCT has started to innovate and streamline the commercial version of its next-generation credit loantrading software,powered with a complete configurable workflow and a high degree of automation. As a result,the software can provide a user with an entire loan lifecycle support for personal installment loan,purchase of consumer credit,mortgage,and hire purchase,among other transactions. The upgraded software is expected to be completed by December 2021. It will be initially launched and marketed in Hong Kong SAR and Southeast Asia by early next year before offering it in Japan and the U.S. markets.

MCT is a company listed on the Hong Kong Stock Exchange with its headquarters located in Hong Kong. Minsheng E-Commerce Holdings (Shenzhen) Co.,Ltd.,an e-commerce company established in Mainland China,is a controlling shareholder of MCT.

Mr. Raymond Lin,Chief Executive Officer of CLPS,said,"The Company's investment in MSCT fully opens up strategic cooperation with MCT. Our extensive experience as an IT services provider with a focus on international banks and other financial institutions serves as a foothold in developing financial software products and solutions. Together with MCT,we are excited to jointly explore business opportunities in the global financial technology services market."

Mr. Wu Jiangtao,Chairman and Chief Executive Officer of MCT,"We strongly believe that our cooperation with CLPS will yield a broad potential in the global market. CLPS's highly regarded brand impact combined with our competitive advantage in digital transformation will mutually benefit our business and IT solution capabilities. We are optimistic to achieve greater success in this cooperation going forward."

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 18 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 seven global centers are located in Hong Kong SAR,USA,Japan,Singapore,Malaysia,and India. For further information regarding the Company,please visit:https://ir.clpsglobal.com/,or follow CLPS onFacebook,LinkedIn,andTwitter.

Forward-Looking Statements

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 athttp://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.

Contact:

CLPS Incorporation

Rhon Galicha

Investor Relations Office

Phone: +86-182-2192-5378

Email:ir@clpsglobal.com

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