Please standby. Hello, everyone. Welcome to the Second Half and Full Year Fiscal 2021 Earnings Conference Call for the CLPS Incorporation. Please note that today’s conference is being recorded. At this time, I would like to turn the call over to Mr. Rhon Galicha from CLPS Investor Relations for opening remarks and introductions. Please go ahead.

Thank you, operator. Hello, everyone, and thank you for joining us on today’s call. CLPS Incorporation announced its second half and full year fiscal 2021 financial results this morning. The earnings release is now available on the company’s IR website at www.ir.clpsglobal.com. Before we continue, please note that our discussions today may include forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties. As such, our results may be materially different from the views expressed today. Further information regarding these risks, uncertainties, assumptions and other factors that could affect our financial results is included in our Form 20-F filed with the U.S. Securities and Exchange Commission and other documents filed with the U.S. SEC. In that respect, I would like to read the following disclaimer applicable to such statements. Certain of the statements made in our discussion are forward-looking statements within the meaning and protections of Section 27A of the Securities Act of 1933 as amended and Section 20E of the Securities Exchange 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 and involve known and unknown risks, uncertainties and other factors, which may be beyond the company’s control and which may cause the actual results, performance, capital ownership or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety with this cautionary notice, including, without limitation, those risks and uncertainties related to the company’s financial and operational performance in the second half and full year of fiscal 2021 and its expectations of the…

Okay Rhon. Thank you, Rhon. Hello everyone and thanks for joining today's call. I hope each of you and your family are safe and well. 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. The financial performance going on, fiscal year 2021 both us [ph] and other profitable years as it reflect in our financial results both our top line and bottom line. Our revenue increased by 41% to US$126.1 million and our net income increased by 127% to $7 million year-over-year. Further detail my CFO, Rita, will share with you later. Now, let me say about our strategies that contributed to our financial costs this fiscal year. First of all, I'd like to say my thank you to our more than 3,000 staff, the backbone of the company's continued success. We greatly appreciate your dedication and I'm more than happy that our CLPS family is consistently golfing every year. We also hire more with very talent acquisition manpower so meet the demand for IT professionals and ensure efficient IT services delivery to our existing and new clients. On positive prospective, we achieved number of progress with the fulfillment of our company initiative in fiscal 2021. 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. In February this year we raised $16 million through registered direct offering, which we partly utilized in various investments, M&A, joint venture, financial and operation rich in the domestic and overseas markets this on top of our existing working capital. CLPS have been committed to contributing in the digital trend of global finance. Let me…

Okay. Thank you, Raymond. I will now provide an update on our financial performance for the second half followed by our full year results for fiscal 2021. Please note that all numbers provided are in U.S. dollar terms and that all comparisons are made on a year-over-year basis. In the second half of fiscal 2021 our revenues increased by $20.9 million or 44.6%, so $67.7 million from $46.8 million. The increase in revenue was mainly due to an increase in revenue from IT consulting services. In particular revenue from IT consulting services increased 43.2% to $65.2 million from $45.5 million. The increase was due to increased demand for the company's IT consulting services from existing and new clients and our improved capability of service delivery. Revenue from customized IT solution services increased 81% to $2.1 million from $1.1 million. The increase was primarily due to the increased demand from existing clients. Revenue from other services increased by 139.5% to $0.5 million from $0.2 million. The increase was primarily due to the increased demand for other services, including headhunting service. Gross profit increased 37.8% to $21.7 million from $15.7. As for operating expenses, selling and marketing expenses increased 18.3% to $2.0 million from $1.7 million. The increase was primarily due to the increase of salary expenses as new staff were hired to improve the company's capability of service delivery to meet clients' demand. As a percentage of total revenues, selling and marketing expenses decreased to 2.9% from to 3.5%. The decrease was primarily due to the increased in operational efficiency as a result of economies of scale. Research and development expenses increased 32.5% to $7.2 million from $5.4 million. The increase primarily resulted from the establishment of new research projects and the company's continued R&D efforts in big data, cloud computing,…

Thank you. [Operator Instructions] We'll take our first question from Jaden Wing [ph].

Okay. Congratulations for the remarkable financial results. I have three questions. The first question is what is the reason tech company monopoly Creckta [ph] in China? There will be a lot more opportunities for new and smaller players in China, given your competitive advantage in providing IT services to overseas clients for their services in China, has CLPS seen significant -- the most pick up since the last tech company Creckta?

Hello. This is Henry Li, the company's COO. First of all, thanks for your question. Now let me answer these questions. Our strong financial numbers for the second half and the full year of fiscal 2021 shows the consistent growth of all clients demand for IT services, specifically in mainland China. Though, we have always pointed out that's all global extension strategy has been very effective of which revenue generated from outside China increased by 28.1% year-over-year. It is undeniable that's our revenue from mainland China significantly contributes, so our aggregate revenue. And so, we believe that it's not a measure of taking advantage on the large tech Creckta. It is the competitive advantage. That's we always hold on. In addition, the effective of our dual-engine growth strategy to diversify our IT product improve our delivery capabilities in domestic and international markets and enhance client royalty vendors to increase our income. Thus, bringing more benefits to our investors and to improve our overall valuation. As you have mentioned, given our position as professional IT service provider, we explore this business opportunity as well. Thank you. And I hope I answered your questions.

Okay. Okay. My last question is, the company got global contract in February 2021. Even though the company name was not released, can you provide an update on the cloud global contract? After working with this cloud for years, I'm wondering if they would consider using CLPS for their IT services, particularly their China cross-border transaction services and your crypto transaction platform. So companies set up link crypto with Columbia earlier this year, would you please provide an update? Do CLPS continue exploiting the opportunities are digital currency management for the financial institutions outside of China?

Hi. Thank you for the questions. This is Wilson. I would like to reiterate that due to the confidentiality agreement, we cannot disclose the name of the client. However -- so we will live it that way to ensure our long-term and stable relationship with this client. We hope for your understanding our standpoint. However, we are very pleased that our global expansion specifically in the U.S. market has already paid off because of the client we came there. Going back to your questions. Our business with this client is progressively going well. In addition to the current IT consulting services we provide, we are also exploring the possibilities of providing IT solutions services for this client.

Yeah. Hello. This is Rita. And let me also add that this client contributes to the RiDiK e-commerce revenue in terms of operational area. In the second half of fiscal year 2021 revenue from e-commerce area increased by more than 100%. We believe that our strong delivery capabilities and advanced IT products will further depend our collaboration with clients. Yes. Thank you for your question.

And we'll take our next question from Jacob Kurtz with Greenridge Global.

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?

Hello. This is Rita. Sorry, can you repeat your question?

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 will you turn it around?

Rita, do you want me to answer the question. So, yeah …

Yeah. Hello.

Yeah. Let me take the questions. Some of the top stock price, so volatile. And generally that is because of the market behavior and material has been disclosed. So in some of our strategy, as mentioned by Mr. Raymond, we will continue to implement our dual-engine strategies. We will deliver our results and that'll to our shareholders. I hope I answer your questions.

Yes. That is all. Thank you.

[Operator Instructions] It appears we have no further questions at this time. I'd like to turn the conference back to management for any additional or closing remarks.

Raymond, please go to your closing remarks. Raymond, would you like to do your closing remarks?

Yeah. Okay. No questions, right? Okay. Okay. Thank you again for joining us on today's call and we appreciate your ongoing support. We look forward to updating you on our progress in this week and months ahead. Have a good day everybody. Thank you.

And that does conclude today's conference. We thank you for your participation. You may now disconnect.