CLPS Incorporation Overview
CLPS Incorporation is a Hong Kong-headquartered, Cayman-incorporated IT services group with deep roots in Shanghai. Since 2005 it has supplied on-site and offshore engineering talent, mainly through time-and-expense contracts, to the China-based technology centres of global banks, wealth managers, e-commerce platforms and automakers. It is a micro-cap: revenue was USD 164.5M in FY2025 and market value is around USD 30M. Roughly 96% of revenue comes from IT consulting, a labour-arbitrage model built on legacy core-banking (COBOL/mainframe) skills and a captive talent pipeline (CLPS Academy, TCP/TDP). The equity story has been shaped by the run-down of its historically largest client, Citibank's China Solution Centers in Dalian and Shanghai. In response, CLPS is pivoting in three directions: overseas delivery (non-mainland revenue up from USD 13.6M in FY2021 to USD 42.5M in FY2025), IP-led offerings (the Nibot RPA/AI agent and AI-assisted COBOL-to-Java migration), and adjacent ventures (credit cards via QCC, education via CAE, a planned JAJI Global spin-off).
Company's own description (latest annual report / boilerplate)
In its FY2025 20-F and 2025–2026 releases, CLPS describes itself as being at the forefront of driving digital transformation and operational efficiency across industries through artificial intelligence, cloud computing and big data. Its business lines span fintech, payment and credit services, e-commerce, education and study-abroad programmes, and global tourism integrated with transportation services. It says it operates across 10 countries, with regional hubs in Shanghai (mainland China), Singapore (Southeast Asia) and California (North America), and subsidiaries in Japan and the UAE (company boilerplate, PR 27 Feb 2026 and later).
Earlier boilerplate (FY2023 results PR, 18 Oct 2023) was more specific. It described CLPS as an IT consulting and solutions provider serving global institutions in banking, wealth management, e-commerce and automotive, with 20 delivery and/or R&D centres:
Mainland China centres: Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou and Hainan.
Global centres: Hong Kong SAR, USA, Japan, Singapore, Australia, Malaysia, India, the Philippines, Vietnam and Canada. By the FY2024 release, Vietnam had been replaced by the UAE in this list.
Business model and revenue model
CLPS reports revenue across four service lines (results PRs FY2021–FY2025):
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IT consulting services. 96.5% of FY2025 revenue. Engineers are deployed to client projects, largely billed time-and-expense. The 20-F confirms that substantially all services to the top client and to Citibank were IT consulting billed on time-and-expense contracts. Fees are collected monthly or quarterly. Commercially this is managed-capacity / staff-augmentation outsourcing, often run as dedicated offshore development centres (ODCs).
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Customized IT solution services. 1.7% of FY2025 and 2.6% of 1H FY2026. These are project and solution builds recognised by performance obligation, including fixed-price work. Nibot RPA revenue, AI-enabled legacy banking modernisation and payment-technology projects sit here.
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Academic education services. 1.2% of FY2025. This is mainly the College of Allied Educators (CAE), Singapore, acquired in 2H FY2024.
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Other services. 0.5% of FY2025. Includes headhunting (CareerWin), IT product and software sales, and non-IT consulting.
Mix characterisation: almost entirely services. Subscription and licensing revenue is not separately disclosed and is, by implication, immaterial. Product-like revenue (Nibot, solution IP) is embedded in customized solutions, which totalled USD 2.2M in 1H FY2026.
Value-chain position
CLPS sits at the labour-intensive delivery layer of the IT services value chain. It provides application development, maintenance, testing and modernisation engineering to large institutions' captive technology centres in China, and increasingly in Singapore, Hong Kong, Japan, the US and the Middle East. It does not own core-banking platforms comparable to Temenos or Finastra. It does hold proprietary tooling and accelerators (CAKU, Nibot, the COBOL-to-Java pipeline) and operates small balance-sheet businesses (QCC credit cards, Purple Potato Finance lending). Bargaining power is limited. The 20-F notes that clients typically use multiple vendors, impose no minimum purchase, and sign agreements of 1–3 years.
Customer types and end-markets
| Operational area | FY2025 revenue (USD Mn) | Share of revenue |
|---|---|---|
| Banking | 64.1 | 39.0% |
| Wealth management | 29.3 | 17.8% |
| E-commerce | 29.8 | 18.1% |
| Automotive | 20.8 | 12.7% |
| Other areas (derived residual) | 20.5 | ~12.5% |
Revenue by "operational area" (FY2025 results PR):
"Other areas" had become 21.2% of revenue by 1H FY2026.
Concentration: the top client was 13.4% of FY2025 revenue. Citibank and affiliates were 16.7% of FY2024 and 21.4% of FY2023 revenue (20-F FY2025). The client base counted 319 IT-services clients at FY2025.
Independent characterisation
CLPS is best seen as a sub-scale, China-centric engineering-capacity vendor at a strategic inflection. Its core economics are thin. Gross margin fell from 31.9% (FY2021) to 22.1% (FY2025) as wage inflation, RMB translation and pricing pressure compressed spreads, while overhead rose for overseas expansion and new centres (CDC/GTC). GAAP profitability has been negative since FY2024. The franchise has three assets:
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Twenty years of COBOL and core-banking domain expertise with tier-1 global banks.
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A training-led talent machine.
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An early overseas foothold that is growing fast from a small base.
The investment question is whether AI-enabled modernisation (COBOL migration, RPA/agents) can turn that domain expertise into higher-margin, IP-based revenue before the legacy China captive-centre business shrinks further.
Strategy
Stated strategy (themes paraphrased from filings and releases)
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"Dual-engine" strategy: global expansion plus industry diversification, balanced with disciplined organic growth (FY2024 results PR; 1H FY2025 PR).
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Pivot from staffing-style consulting to higher-value, IP-driven solutions: Nibot, AI and legacy modernisation, which the CEO called critical long-term assets in the FY2025 results.
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Reduce client concentration: replace Citi CSC volume with new logos (IT services clients rose from 277 to 303 between 1H FY2025 and 1H FY2026; projects from 20 to 35) and overseas revenue.
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AI-first operating model: AI Innovation Committee (Feb 2025), AI Rainstorm Factory (Jun 2026), Project Athena (Jul 2026), and AI-driven cost reductions. 1H FY2026 S&M fell 13.6%, which management attributed partly to AI-driven automation and workforce optimisation.
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Value unlocking via subsidiary listing: JAJI Global IPO.
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Shareholder returns: three special dividends (FY2023–FY2025) and a 2026 buyback authorisation.
Strategic initiative register (last 24 months: Oct 2024–Oct 2026)
| Date | Initiative | Type | Status |
|---|---|---|---|
| 24 Oct 2024 | USD 0.13 special dividend | Capital return | Paid Nov 2024 |
| 22 Nov 2024 | QCC board strengthening (Sarah Wu) | Payments / credit | Done |
| 19 Dec 2024 | JAJI Global F-1 for Nasdaq IPO (CLPS 60%) | Value unlock / spin-off | Pending; the chairman's letter of Jan 2026 still describes it as "submitted". |
| 7 Feb 2025 | Nibot RPA global launch | IP product | Generating revenue (1H FY2026) |
| 21 Feb 2025 | CLPS AI Innovation Committee | AI governance | Established |
| 25 Mar 2025 | Indonesia subsidiary | Geographic expansion | Established |
| 6 Jun 2025 | Transformative AI solutions suite | Product | Launched |
| FY2025–1H FY2026 | Web3-ready issuance platform / stablecoin settlement | New product line | Unveiled |
| 1H FY2026 | Japan Offshore Delivery Center | Delivery capacity | Established |
| 1H FY2026 | BEA Nibot PoC in HKMA GenA.I. Sandbox | Partnership / PoC | Conducted |
| 4 Feb 2026 | Buyback of up to 1,000,000 shares below USD 2.00 (5 Feb–4 Nov 2026) | Capital return | Active; execution not disclosed |
| 13 Feb 2026 | QCC CEO hire (Simon Chiang) | Payments strategy | Done |
| 12 Mar 2026 | AI COBOL-to-Java migration solution | IP product | Launched; HK bank PoC completed |
| 25 Mar 2026 | QCC CAKU-powered digital banking with an emerging SE Asian financial institution | Partnership | Announced |
| 3 Jun 2026 | R&D restructuring: AI Rainstorm Factory | Operating model | Implemented |
| 2 Jul 2026 | Project Athena: enterprise AI knowledge assetization | Internal productivity / IP protection | Launched |
Cost programmes: no formal cost-reduction targets have been published. Management cites AI-driven automation, workforce optimisation and structural realignment (1H FY2026 PR).
ESG commitments: none quantified.
Medium-term targets and guidance
| Guidance | Detail | Source |
|---|---|---|
| FY2026 (reiterated Oct 2025, Jan 2026, Mar 2026) | Total sales growth of about 10–15% vs FY2025 (about USD 181–189M), and non-GAAP net income of about USD 4.4–5.0M, absent material acquisitions or non-recurring items and subject to FX | FY2025 PR; Chairman's letter 2 Jan 2026; 1H FY2026 PR |
| Implied 2H FY2026 requirement | With 1H FY2026 revenue at USD 85.1M, 2H FY2026 must deliver about USD 96–104M, i.e. +18% to +27% against 2H FY2025's USD 81.7M (computed). On non-GAAP net income, 1H delivered USD 2.1M, so 2H needs about USD 2.3–2.9M | Computed |
| No multi-year targets | No medium-term financial targets beyond the annual guidance have been published | — |
| Fiscal year | Guidance | Actual |
|---|---|---|
| FY2023 | Initially +20–25% revenue; revised in Mar 2023 to +5–10% | -1.1% |
| FY2024 | +10–15% revenue; +12–17% non-GAAP net income | Revenue -5.0%; non-GAAP net income -73.7% |
| FY2025 | +12–17% revenue; non-GAAP net income +15–20% | Revenue +15.2% (met); non-GAAP net income swung to a USD 3.8M loss (missed due to severance) |
Products & Services
Pricing for individual products is not publicly disclosed unless stated otherwise.
IT Services segment: IT consulting
| Offering | Description | Target customer | Launch / status | Pricing model |
|---|---|---|---|---|
| Core-banking application services (COBOL/mainframe) | Maintenance, upgrade and modernisation of COBOL-based core banking systems. CLPS cites this as its specialism since 2005 | Global and regional banks' China and APAC technology centres | Since 2005; ongoing | Time-and-expense (per 20-F) |
| Wealth-management IT services | Application development and testing for wealth and asset-management platforms | Global wealth managers and private banks | Ongoing; USD 29.3M FY2025 revenue | Time-and-expense |
| E-commerce IT services | Development and operations engineering for e-commerce platforms | Large e-commerce operators | Ongoing; USD 29.8M FY2025 revenue | Time-and-expense |
| Automotive IT services | Software engineering for automakers (connected vehicle, cockpit), partly via JAJI | Automotive OEMs and suppliers in China | Ongoing; USD 20.8M FY2025 revenue | Time-and-expense / project |
| Offshore Development Centers (ODC) | Dedicated client delivery centres. A Japan ODC was established in 1H FY2026 | Multinationals needing 24/7 capacity | Japan ODC 1H FY2026 | Dedicated-team contracts |
| Global Testing Center (GTC) | Centralised QA and testing | Banks, e-commerce | Established FY2024 | Project / T&E |
| China Development Center (CDC) | Centralised development hub for customized solutions | All verticals | Established FY2024 | Project |
IT Services segment: Customized IT solutions and proprietary IP
| Offering | Description / key capabilities | Target customer | Launch / latest | Source |
|---|---|---|---|---|
| Nibot | Proprietary RPA product, later positioned as an AI agent combining RPA with generative AI. Targets finance, e-commerce, logistics, healthcare and manufacturing. A proof of concept with The Bank of East Asia (BEA) was run in the HKMA GenA.I. Sandbox | Banks and enterprises globally | Global launch 7 Feb 2025; first revenue in 1H FY2026 | PR 7 Feb 2025; 1H FY2026 PR; 20-F FY2025 |
| AI-driven COBOL-to-Java migration solution | Combines LLMs with domain expertise, semantic understanding, knowledge-graph construction and static analysis. Converts undocumented COBOL to Java while preserving business logic. A proof of concept was completed for a major Hong Kong bank | Banks facing the "COBOL Cliff" | Launched 12 Mar 2026 | PR 12 Mar 2026 |
| Legacy mortgage system modernisation | Modernised a 30-year-old mortgage system for a major Hong Kong bank in 7 months, with a 70% automation rate | Banks | Delivered by 1H FY2026 | 1H FY2026 PR |
| Web3-ready issuance platform | Bridges traditional finance and digital assets. Enables secure, compliant, real-time stablecoin settlement | Financial institutions and issuers | Unveiled FY2025/1H FY2026 | 1H FY2026 PR; FY2025 review commentary |
| CAKU | Core-banking / card platform. CAKU 2.0 was an FY2023 R&D project. QCC is deploying a CAKU-powered digital banking solution with an emerging Southeast Asian financial institution | Digital and challenger banks in SE Asia | CAKU 2.0 (FY2023); SE Asia deployment announced 25 Mar 2026 | FY2023 results PR; PR 25 Mar 2026 (headline) |
| New-generation loan system | Lending system development | Banks and lenders | FY2023 R&D project | FY2023 results PR |
| AIGC intelligent automation solution | LLM/GenAI tooling to lower delivery costs | Internal and clients | Launched 27 Jul 2023 | PR 27 Jul 2023 |
| Quantitative trading system for retail investors | Retail quant-trading platform | Brokers and retail investors | Announced 29 Jun 2023 | PR 29 Jun 2023 |
| Smart cockpit product | Intelligent automotive cockpit software | Automakers | Announced 26 May 2023 | PR 26 May 2023 |
| Digital RMB project | e-CNY solution delivered for a well-known Chinese bank | PRC banks | FY2022 | FY2022 results PR |
| "Transformative AI solutions" suite | AI solutions portfolio | Enterprises | 6 Jun 2025 | PR 6 Jun 2025 |
| Intelligent automation (RPA + AI) research | Preliminary research results | Internal | 23 Mar 2023 | PR 23 Mar 2023 |
Financial services ventures (within diversified operations)
| Offering | Description | Status | Source |
|---|---|---|---|
| QCC (Qinson Credit Card Services Ltd., Hong Kong) | Credit card and payment services. Simon Chiang (former Citi executive) appointed CEO in Feb 2026 to drive a next-generation payment strategy. Sarah Wu appointed non-executive director in Nov 2024 to drive credit-card solutions | Operating | PR 13 Feb 2026; PR 22 Nov 2024 |
| Purple Potato Finance (Hong Kong) | Lending / credit-card business acquired to expand overseas credit-card operations | Acquired Dec 2023 | PR 14 Dec 2023 |
| LinkCrypto Finance Technology (Hong Kong) | Digital-asset / fintech entity per subsidiary list | Status not disclosed | 20-F FY2025 |
Academic Education Services segment
| Offering | Description | Status | Source |
|---|---|---|---|
| College of Allied Educators (CAE), Singapore | Private education institution, integrated with CLPS's Talent Creation Program (TCP) and Talent Development Program (TDP). Management plans new courses to lift enrolment | Acquired Jan 2024; grand opening Aug 2024; revenue USD 2.0M FY2025, USD 0.9M 1H FY2026 | PRs 9 Jan 2024 and 27 Aug 2024; results PRs |
| Beijing Bozhuo Education Technology | Education technology (PRC) | Subsidiary | 20-F FY2025 |
| Study-abroad programmes | Cited in boilerplate | Revenue not separately disclosed | Company boilerplate |
Other services
| Offering | Description | Status |
|---|---|---|
| Headhunting / executive search (CareerWin) | Recruitment services | Declining (other services USD 0.9M in FY2025) |
| IT product / software sales | Resale and software | Declining |
| Tourism integrated with transportation | Cited in boilerplate; entities not identified in sources reviewed | Revenue not separately disclosed |
Internal platforms (productivity and IP protection)
| Platform | Description | Date |
|---|---|---|
| Project Athena | Enterprise AI knowledge-assetization project to raise efficiency, improve service quality and protect core intellectual assets | 2 Jul 2026 |
| AI Rainstorm Factory | Restructured R&D architecture and development model integrating AI across global operations | 3 Jun 2026 |
| CLPS AI Innovation Committee | Governance body for AI deployment | 21 Feb 2025 |
| CLPS Academy / TCP / TDP | Continuous education for staff and new-talent pipeline with partner universities | Ongoing (20-F FY2025) |
Financial Narrative
All figures are in USD millions unless stated, under U.S. GAAP. Sources: audited full-year figures in the FY2022, FY2023, FY2024 and FY2025 results PRs (6-Ks), each of which includes the prior-year comparative.
Income statement
Dividends are assigned to the fiscal year of payment: USD 0.05 paid 10 Jan 2023 (FY2023), USD 0.10 paid 13 Dec 2023 (FY2024), USD 0.13 paid 24 Nov 2024 (FY2025), per the 20-F FY2025. FY2025 goodwill impairment and SBC split are from the FY2025 non-GAAP reconciliation; the combined add-back was USD 2.597M, of which USD 0.129M was impairment.
Margins and growth
FY2021 revenue growth is not computed because FY2020 is outside this dataset. The 0.0 in that cell is a placeholder, not a reported figure.
Revenue CAGR FY2021→FY2025: 6.9% per year (USD 126.1M → USD 164.5M; computed).
EBITDA (limited disclosure)
Balance sheet (at 30 June)
Net debt = bank loans minus cash and equivalents (computed; excludes short-term investments and lease liabilities). FY2021 goodwill + intangibles = 2.44 + 1.05.
Cash flow
FY2021 investing and financing cash flows, and FY2021 FX effect, were not disclosed in the sources reviewed; the 0.0 entries in those cells are placeholders, not reported values. FY2024 FX effect was USD -28.5 thousand.
Commentary on trends, inflections and drivers
Revenue. Revenue rose 20.6% in FY2022 to a then-record USD 152.0M. Growth came from IT consulting (+17.8%) and customized solutions (+115.2%), led by e-commerce (+53.5%) and wealth management (+27.5%). FY2023 and FY2024 then declined (-1.1% and -5.0%). Management attributed this to client discretionary-spend cuts in banking and e-commerce, plus RMB depreciation: FY2023 revenue grew 6.5% in RMB terms (FY2023 results PR), as the average rate moved from 6.4554 to 6.9536 RMB/USD. FY2025 rebounded 15.2% to a record USD 164.5M, driven by new clients, automotive (+46.1%), e-commerce (+40.9%) and overseas growth (+90.5%).
Gross margin is the central structural problem. It fell from 31.9% to roughly 22–23% between FY2021 and FY2023 and has not recovered. Contributing factors:
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IT-professional compensation inflation, cited explicitly in the FY2023 results.
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COVID lockdown costs in FY2022.
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The absence of pricing power in multi-vendor captive-centre contracts.
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Reclassification of redeployed R&D staff into cost of revenue (FY2022, FY2025).
The 1H FY2026 gross margin was 23.0%, flat year on year.
Operating expenses. R&D has been cut sharply, from USD 13.3M (10.6% of revenue) in FY2021 to USD 5.8M (3.5%) in FY2025. Much of this is reclassification as R&D staff moved to billable solution delivery. G&A, by contrast, rose from USD 16.8M to USD 31.9M (19.4% of revenue). Drivers:
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Overseas management hires and HK/Singapore property depreciation (FY2022).
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CDC/GTC set-up (FY2024).
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One-time severance from the Citi CSC downsizing (FY2025). Excluding severance, FY2025 G&A grew 9.8% rather than 26.8%.
Share-based compensation. SBC is material: USD 7.2M in FY2022, equal to 4.7% of revenue. The gap between GAAP and non-GAAP results is large, and non-GAAP excludes a recurring cost.
Profitability inflection. GAAP operating income went from USD 8.4M (FY2021) to USD -5.4M (FY2025). Management stated that FY2025 net income excluding all layoff compensation would have been USD 78.0 thousand, i.e. roughly breakeven. 1H FY2026 returned to small positive GAAP results: operating income USD 0.64M and net income USD 0.32M. However, attributable net income was only USD 83 thousand because NCI took USD 0.24M, and severance continued in G&A.
Balance sheet. Bank borrowing quadrupled from USD 7.5M (FY2021) to USD 30.2M (FY2025), all short-term. The company moved from about USD 17M net cash to modest net debt in FY2025, then back to small net cash at December 2025. Working capital nearly halved from USD 53.1M to USD 31.4M. Attributable equity fell by USD 11M between FY2022 and FY2025, reflecting losses, three special dividends and FX translation. Receivables discipline improved (DSO 123 → 92 days). This is the most constructive balance-sheet trend.
Cash flow. Operating cash flow was positive for three straight years (FY2022–FY2024), then turned negative in FY2025 (USD -2.5M) on severance payments and higher receivables. It recovered to +USD 4.7M in 1H FY2026. Special dividends totalling roughly USD 7.4M over FY2023–FY2025 (derived) were paid while GAAP earnings were near zero or negative, partly funded by short-term bank debt. This is a capital-allocation point investors should weigh.
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Service line revenue (USD Mn)
| Service line revenue (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
IT consulting services | 122.3 | 144.1 | 144.3 | 136.8 | 158.8 |
Customized IT solution services | 3.1 | 6.7 | 4.6 | 3.1 | 2.8 |
Academic education services | 0.0 | 0.0 | 0.0 | 1.0 | 2.0 |
Other services | 0.7 | 1.2 | 1.5 | 1.8 | 0.9 |
Total revenue | 126.1 | 152.0 | 150.4 | 142.8 | 164.5 |
Service line YoY growth (%)
| Service line YoY growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
IT consulting services | 17.8 | 0.1 | -5.2 | 16.0 |
Customized IT solution services | 115.2 | -32.4 | -30.9 | -11.6 |
Other services | 81.2 | 27.2 | 17.3 | -49.7 |
Total revenue | 20.6 | -1.1 | -5.0 | 15.2 |
Service line share of revenue (%)
| Service line share of revenue (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
IT consulting services | 97.0 | 94.8 | 96.0 | 95.8 | 96.5 |
Customized IT solution services | 2.5 | 4.4 | 3.0 | 2.2 | 1.7 |
Academic education services | 0.0 | 0.0 | 0.0 | 0.7 | 1.2 |
Other services | 0.5 | 0.8 | 1.0 | 1.2 | 0.5 |
Segment Revenue
| Service line | 1H FY2025 | 1H FY2026 | Change |
|---|---|---|---|
IT consulting | 80.1 | 81.8 | +2.2% |
Customized IT solutions | 0.9 | 2.2 | +134.7% |
Academic education | 1.1 | 0.9 | -19.0% |
Other | 0.7 | 0.1 | -79.9% |
Total | 82.8 | 85.1 | +2.8% |
Operational area revenue (USD Mn)
| Operational area revenue (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Banking | 60.0 | 67.7 | 61.5 | 57.2 | 64.1 |
Wealth management | 25.2 | 32.1 | 37.4 | 35.6 | 29.3 |
E-commerce | 19.2 | 29.4 | 25.5 | 21.2 | 29.8 |
Automotive | 8.5 | 10.4 | 14.2 | 14.3 | 20.8 |
Other areas (derived residual) | 13.2 | 12.4 | 11.8 | 14.6 | 20.5 |
Operational area YoY growth (%)
| Operational area YoY growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Banking | 12.9 | -9.1 | -7.1 | 12.1 |
Wealth management | 27.5 | 16.3 | -4.7 | -17.8 |
E-commerce | 53.5 | -13.4 | -17.0 | 40.9 |
Automotive | 22.7 | 36.4 | 0.5 | 46.1 |
Operational area share of revenue (%)
| Operational area share of revenue (%) | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
Banking | 47.6 | 44.5 | 40.9 | 40.0 |
Wealth management | 20.0 | 21.1 | 24.9 | 24.9 |
E-commerce | 15.2 | 19.3 | 16.9 | 14.8 |
Automotive | 6.7 | 6.8 | 9.4 | 10.0 |
Operating Areas
| Area | 1H FY2025 | 1H FY2026 | Change | 1H FY2026 share |
|---|---|---|---|---|
Banking | 33.5 | 26.1 | -22.0% | 30.7% |
Wealth management | 15.4 | 14.6 | -5.1% | 17.2% |
E-commerce | 14.9 | 15.2 | +1.9% | 17.9% |
Automotive | 9.2 | 11.1 | +21.5% | 13.1% |
Other areas | 9.8 | 18.0 | +83.6% | 21.2% |
Grouping Details
| Grouping | Entities |
|---|---|
Holding and investment | CLPS Incorporation (Cayman); CLPS Investment Management Ltd. (BVI); Growth Ring Ltd., LQE Ltd., MSCT Investment Holdings, Arabian Jasmine Ltd., Qinson Ltd. (BVI) |
PRC delivery | CLPS Shanghai (formerly ChinaLink Professional Services); Shanghai Qincheng Information Technology (WOFE); CLPS Beijing Hengtong; CLPS Dalian; CLPS Chengdu; CLPS Xi'an; CLPS Guangzhou; CLPS Guangdong Zhichuang; CLPS Shenzhen; CLPS Shenzhen Robotics; CLPS Hangzhou; Hainan Qincheng; Haikou Huaqin Minshang; CLPS Ruicheng; Tianjin Huanyu Qinshang; Suzhou Ridik; Shanghai Chenqin; Shanghai Qinhui Shang; Shanghai Shier (SSIT); Beijing UniDev Software; Economic Modeling Information Technology (EMIT); Shanghai Yingjia Technology; Beijing Bozhuo Education Technology |
JAJI sub-group (60% owned) | JAJI Global Incorporation (Cayman); JAJI (Shanghai) Co., Ltd. (formerly Judge (Shanghai)); JAJI (Shanghai) Human Resource; JAJI Singapore |
Hong Kong | CLPS Technology (Hong Kong); Qinson Credit Card Services ("QCC"); Purple Potato Finance; LinkCrypto Finance Technology; Fuson Group; MNYC Holdings (HK); Qiner Co.; Qinheng Co. |
Singapore | CLPS Technology (Singapore); Ridik Pte.; Ridik Software Solutions Pte.; Ridik Technology Services; Infogain Solutions; Badou Tech; Noni (Singapore); Qinson Singapore; Shell Infotech Pte.; College of Allied Educators (CAE) |
Other international | CLPS Technology (US) and CLPS Technology (California) (USA); CLPS Technology Japan; Ridik Technology (Australia); Ridik Technology Canada; Ridik Consulting (India); Ridik Technology Ltd. (Dubai, UAE); PT Ridik Fintech Services (Indonesia); Ridik Technology (Philippines); Ridik Sdn. Bhd. and Shell Infotech Consulting Sdn. Bhd. (Malaysia); Ridik Software Solutions Ltd. (UK) |
Human resources / headhunting | CareerWin Executive Search (PRC) |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 126.06 | 152.02 | 150.36 | 142.81 | 164.48 |
Gross profit (USD Mn) | 40.17 | 40.99 | 34.48 | 32.95 | 36.31 |
Selling and marketing (USD Mn) | 3.75 | 4.10 | 3.30 | 4.57 | 5.18 |
Research and development (USD Mn) | 13.34 | 7.97 | 8.34 | 7.16 | 5.82 |
General and administrative (USD Mn) | 16.78 | 23.05 | 21.64 | 25.12 | 31.85 |
Goodwill impairment (USD Mn) | 0.00 | 0.00 | 2.38 | 0.00 | 0.13 |
Subsidies and other operating income (USD Mn) | 2.08 | 1.54 | 1.26 | 1.36 | 1.29 |
Operating income (USD Mn) | 8.38 | 7.41 | 0.08 | -2.54 | -5.38 |
Pre-tax income before equity investees (USD Mn) | 8.32 | 7.68 | 0.77 | -1.84 | -5.08 |
Income tax provision (USD Mn) | 1.26 | 3.05 | 0.67 | 0.16 | 0.95 |
Net income incl. NCI (USD Mn) | 7.02 | 4.59 | 0.17 | -1.85 | -6.43 |
Net income attributable to CLPS (USD Mn) | 6.82 | 4.46 | 0.19 | -2.33 | -7.05 |
Share-based compensation (USD Mn) | 5.13 | 7.18 | 2.48 | 3.17 | 2.47 |
Non-GAAP operating income (USD Mn) | 13.50 | 14.59 | 4.94 | 0.63 | -2.78 |
Non-GAAP net income (USD Mn) | 12.15 | 11.77 | 5.03 | 1.32 | -3.83 |
EPS basic (USD) | 0.39 | 0.21 | 0.01 | -0.09 | -0.26 |
EPS diluted (USD) | 0.39 | 0.21 | 0.01 | -0.09 | -0.26 |
Non-GAAP EPS diluted (USD) | 0.68 | 0.55 | 0.22 | 0.03 | -0.16 |
Dividends declared per share (USD) | 0.00 | 0.00 | 0.05 | 0.10 | 0.13 |
Weighted avg basic shares (M) | 17.28 | 20.92 | 23.15 | 25.21 | 27.53 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue growth (%) | 0.0 | 20.6 | -1.1 | -5.0 | 15.2 |
Gross margin (%) | 31.9 | 27.0 | 22.9 | 23.1 | 22.1 |
Operating margin (%) | 6.6 | 4.9 | 0.1 | -1.8 | -3.3 |
Non-GAAP operating margin (%) | 10.7 | 9.6 | 3.3 | 0.4 | -1.7 |
Net margin incl. NCI (%) | 5.6 | 3.0 | 0.1 | -1.3 | -3.9 |
R&D as % of revenue (%) | 10.6 | 5.2 | 5.5 | 5.0 | 3.5 |
G&A as % of revenue (%) | 13.3 | 15.2 | 14.4 | 17.6 | 19.4 |
S&M as % of revenue (%) | 3.0 | 2.7 | 2.2 | 3.2 | 3.1 |
Financial Analysis
| Metric | Detail | Source |
|---|---|---|
EBITDA FY2021 | USD 9.1M | FY2022 results PR |
EBITDA FY2022 | USD 8.8M | FY2022 results PR |
Non-GAAP EBITDA (excl. SBC) | FY2021 USD 14.2M; FY2022 USD 16.0M | FY2022 results PR |
EBITDA FY2023–FY2025 | Not publicly disclosed in the results releases reviewed; D&A is reported only in the 20-F cash-flow statement | — |
EBITDA margins | FY2021 7.2%; FY2022 5.8% (computed) | — |
Balance Sheet and Share Count (M)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 82.73 | 101.88 | 95.32 | 110.03 | 118.11 |
Cash and equivalents (USD Mn) | 24.74 | 18.40 | 22.21 | 29.12 | 28.17 |
Short-term investments (USD Mn) | 4.16 | 0.00 | 0.00 | 2.10 | 0.90 |
Accounts receivable net (USD Mn) | 44.14 | 53.77 | 48.52 | 38.78 | 44.89 |
Property and equipment net (USD Mn) | 0.60 | 20.60 | 20.11 | 21.17 | 21.21 |
Goodwill plus intangibles (USD Mn) | 3.50 | 3.33 | 0.73 | 3.73 | 3.49 |
Bank loans short-term (USD Mn) | 7.54 | 14.47 | 10.55 | 23.23 | 30.22 |
Bank loans long-term (USD Mn) | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
Net debt (USD Mn) | -17.19 | -3.92 | -11.66 | -5.88 | 2.04 |
Total current assets (USD Mn) | 76.11 | 76.76 | 72.87 | 78.08 | 85.78 |
Total current liabilities (USD Mn) | 23.03 | 30.38 | 26.31 | 39.80 | 54.36 |
Working capital (USD Mn) | 53.08 | 46.38 | 46.56 | 38.28 | 31.42 |
Salaries and benefits payable (USD Mn) | 12.47 | 12.20 | 10.59 | 9.94 | 14.06 |
Total liabilities (USD Mn) | 25.00 | 34.08 | 29.81 | 46.11 | 60.52 |
Equity attributable to CLPS (USD Mn) | 56.69 | 66.55 | 64.58 | 62.51 | 55.54 |
Total equity incl. NCI (USD Mn) | 57.73 | 67.80 | 65.51 | 63.92 | 57.58 |
Shares outstanding year-end (M) | 20.29 | 22.44 | 23.65 | 25.64 | 27.99 |
Financial Analysis (Annual)
| Item | 31 Dec 2025 |
|---|---|
Cash | USD 28.42M |
Short-term investments | USD 0.92M |
Accounts receivable | USD 42.82M |
Bank loans | USD 26.17M |
Net debt | USD -2.26M (net cash) |
Contract liabilities | USD 4.91M |
Total assets | USD 116.41M |
Total liabilities | USD 56.23M |
Equity attributable to CLPS | USD 57.86M |
Total equity | USD 60.18M |
Shares outstanding | 29.84M |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | -2.6 | 3.2 | 9.7 | 8.9 | -2.5 |
Investing cash flow (USD Mn) | 0.0 | -16.3 | -0.3 | -12.3 | -1.8 |
Financing cash flow (USD Mn) | 0.0 | 7.5 | -4.3 | 10.2 | 2.9 |
FX effect on cash (USD Mn) | 0.0 | -0.7 | -1.2 | 0.0 | 0.4 |
Financial Analysis — Capex
| Item | Status |
|---|---|
Capex (purchases of PP&E) | Not separately disclosed in the results releases. The FY2022 investing outflow of USD 16.3M coincides with PP&E rising by USD 20.0M (fixed-asset acquisitions in Hong Kong and Singapore). The FY2024 investing outflow of USD 12.3M coincides with acquisitions (CAE, Shell Infotech), short-term investments and related-party loans |
Free cash flow | Not computable without capex. As a proxy, operating plus investing cash flow was USD -13.1M (FY2022), USD +9.4M (FY2023), USD -3.4M (FY2024) and USD -4.3M (FY2025) (computed) |
Dividends paid | USD 0.05/share in Jan 2023, USD 0.10/share in Dec 2023, USD 0.13/share in Nov 2024. Cash totals are not disclosed in releases. Implied by DPS × period-end shares: roughly USD 1.2M, USD 2.6M and USD 3.6M (derived) |
Buybacks | None executed in FY2021–FY2025 per sources reviewed. A 1,000,000-share programme was authorised on 4 Feb 2026; execution is not disclosed |
1H FY2026 | Operating cash flow +USD 4.7M; investing -USD 0.2M; financing -USD 4.6M (largely bank loan paydown: loans fell from USD 30.2M to USD 26.2M) |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on attributable equity (%) | 12.0 | 7.2 | 0.3 | -3.7 | -11.9 |
ROA (%) | 8.5 | 5.0 | 0.2 | -1.8 | -5.6 |
Current ratio (x) | 3.30 | 2.53 | 2.77 | 1.96 | 1.58 |
Bank debt to total equity (x) | 0.13 | 0.21 | 0.16 | 0.36 | 0.52 |
Asset turnover (x) | 1.52 | 1.65 | 1.53 | 1.39 | 1.44 |
Revenue per employee (USD K) | 0.0 | 0.0 | 42.8 | 43.0 | 46.5 |
Geography revenue (USD Mn)
| Geography revenue (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Mainland China (derived) | 112.5 | 137.9 | 134.2 | 120.5 | 122.0 |
Outside mainland China | 13.6 | 14.1 | 16.2 | 22.3 | 42.5 |
of which Singapore | 0.0 | 0.0 | 8.7 | 11.0 | 21.9 |
of which Hong Kong SAR | 0.0 | 0.0 | 4.3 | 6.2 | 14.4 |
of which United States | 0.03 | 0.9 | 2.8 | 4.4 | 0.0 |
of which Japan | 0.0 | 0.0 | 0.0 | 0.6 | 2.0 |
Geography growth (%)
| Geography growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Outside mainland China | 4.1 | 14.6 | 37.9 | 90.5 |
Singapore | 0.0 | 0.0 | 25.8 | 99.2 |
Hong Kong SAR | 0.0 | 0.0 | 44.9 | 130.5 |
United States | 2,443.1 | 214.6 | 57.2 | 0.0 |
Japan | 0.0 | 0.0 | 122.5 | 253.2 |
Share of revenue (%)
| Share of revenue (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Outside mainland China | 10.8 | 9.3 | 10.8 | 15.6 | 25.8 |
Mainland China | 89.2 | 90.7 | 89.2 | 84.4 | 74.2 |
Capital Markets
| Measure | Value | Source / date |
|---|---|---|
Price reference points 2026 | USD 1.21 (10 Feb 2026); about USD 0.88 (31 Mar–3 Apr 2026); about USD 0.95–0.97 (22 Jun 2026); at or above USD 1.00 closing bid from 20 Aug to 2 Sep 2026 | Motley Fool; Robinhood; Yahoo Finance; PR 4 Sep 2026 |
52-week range (as of mid-2026) | USD 0.80–1.88 | Robinhood; Yahoo Finance |
1-year total return | -11.03% (as of 10 Feb 2026) | Motley Fool |
5-year return | -64.72% (as of 10 Feb 2026) | Motley Fool |
Since-IPO return | -73% (as of 10 Feb 2026) | Motley Fool |
Beta (5Y monthly) | 0.65 | Yahoo Finance |
Average daily volume | About 11,000–25,000 shares | Robinhood; Yahoo Finance |
Valuation Multiples
| Multiple | Calculation | Value |
|---|---|---|
Market cap | USD 1.00 × 29.84M shares | about USD 29.8M |
Enterprise value | Market cap + bank loans 26.17 − cash 28.42 − ST investments 0.92 + NCI 2.33 | about USD 29.0M |
TTM revenue (1H FY2026 + 2H FY2025) | 85.09 + 81.70 | USD 166.8M |
EV / Sales (TTM) | — | about 0.17x |
P / Book (attributable equity USD 57.86M) | — | about 0.52x |
P / E (TTM GAAP, attributable about USD -6.6M) | — | Not meaningful (loss) |
P / E on FY2026 non-GAAP net income guidance midpoint (USD 4.7M) | — | about 6.3x |
EV / EBITDA | EBITDA not disclosed for FY2023–FY2025 | Not computable |
Yahoo Finance cross-check (22 Jun 2026) | Market cap USD 28.95M; EV USD 28.46M; P/S 0.17; P/B 0.50 | Consistent |
Declared Details
| Declared | Paid | DPS (USD) | Note |
|---|---|---|---|
(FY2023) | 10 Jan 2023 | 0.05 | First special dividend |
22 Nov 2023 | 13 Dec 2023 | 0.10 | Second special dividend |
24 Oct 2024 | 24 Nov 2024 (ex-date 4 Nov 2024) | 0.13 | Third consecutive year |
Short-term Bank Loans by Date
| Date | Short-term bank loans (USD Mn) |
|---|---|
30 Jun 2023 | 10.6 |
30 Jun 2024 | 23.2 |
30 Jun 2025 | 30.2 |
31 Dec 2025 | 26.2 |
Analyst Conclusions
Management guidance
FY2026 (year ended 30 June 2026): revenue growth of 10–15% (about USD 181–189M) and non-GAAP net income of USD 4.4–5.0M (FY2025 PR; reiterated in the Jan 2026 chairman's letter and the 1H FY2026 PR). Results are due imminently (expected mid/late October 2026). No consensus exists.
Bull case
-
Overseas compounding is real and now material. Non-mainland revenue tripled from USD 13.6M (FY2021) to USD 42.5M (FY2025), and was 36% of 1H FY2026 revenue (+63% year on year). If the 1H FY2026 rate holds, overseas could pass USD 60M in FY2026, structurally de-risking the China-captive exposure.
-
AI modernisation turns a legacy skill into IP-led revenue. Customized solutions rose +134.7% in 1H FY2026. HK bank reference cases (mortgage modernisation, COBOL PoC, BEA HKMA sandbox) offer a credible go-to-market for a capability IBM and Indian majors are validating at scale. A small share of APAC bank modernisation spend would move the needle at CLPS's size.
-
Deep-value balance sheet with a cost reset done. The stock trades at about 0.5x book and about 0.17x EV/Sales. It holds about USD 21M of property, net cash at Dec 2025 and a 1M-share buyback. With Citi severance largely absorbed, normalised non-GAAP net income of USD 4–5M implies a single-digit multiple.
Bear case
-
The core business is shrinking and margins have not recovered. Mainland China revenue fell about 15% year on year in 1H FY2026, and banking revenue fell 22%. Gross margin is stuck at about 23%, against 32% in FY2021. Group growth slowed to +2.8% in 1H FY2026, so hitting 10–15% for the year requires a 2H of about +18–27%.
-
Guidance and capital-allocation credibility are weak. Guidance was missed badly in FY2023 and FY2024. FY2025 non-GAAP net income guidance flipped to a loss. About USD 7M of special dividends (derived) were paid from FY2023 to FY2025 while GAAP earnings were near zero or negative and short-term bank debt quadrupled. Share count rose 47% over FY2021–Dec 2025.
-
Structural and listing risks cap the multiple. There are two Nasdaq bid-price deficiencies in two years, institutional ownership is about 0.24%, liquidity is thin, insiders control 56%, and HFCAA, CSRC and U.S.-China tensions persist. AI tooling also threatens the time-and-expense headcount model that still produces 96% of revenue.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Why it matters |
|---|---|
| FY2026 results and 20-F (expected Oct 2026) | Did revenue reach USD 181M+ and non-GAAP net income USD 4.4M+? Segment profit disclosure; auditor; board composition |
| FY2027 guidance (Oct 2026) | First guidance after the Citi run-down |
| Banking-vertical trajectory | Has the Citi CSC drag annualised? |
| Customized-solution revenue run-rate | Evidence of IP pivot (USD 2.2M in 1H FY2026) |
| COBOL-to-Java / Nibot paid contracts beyond PoCs | Conversion from pilots to revenue |
| JAJI Global IPO completion or withdrawal | Value crystallisation or abandonment |
| Buyback execution (programme expires 4 Nov 2026) | Capital-allocation signal |
| Gross margin vs 23% | Pricing power and AI productivity |
| Bank-loan balance and operating cash flow | Liquidity and leverage (USD 26.2M loans at Dec 2025) |
| Share price vs USD 1.00 | Avoiding a third Nasdaq deficiency |
| QCC / CAKU SE Asia rollout; Japan ODC ramp | Diversification proof points |
Concluding analyst verdict
CLPS Incorporation is a sub-scale but real business at a genuine strategic crossroads. On the positive side, its twenty-year franchise in foreign-bank core-banking engineering has proved more portable than the share price implies. Revenue outside mainland China tripled in four years and now makes up over a third of sales. The company has assembled credible, regulator-adjacent AI modernisation references in Hong Kong. Its working capital is tighter, and it trades near half of book value with property on the balance sheet.
The negatives are equally evidence-based. The Citi China Solution Center downsizing exposed how much of CLPS's economics rested on dedicated, non-redeployable headcount for a single anchor client. Gross margin has settled roughly ten points below FY2021. GAAP profitability has been elusive since FY2023. Management's guidance record is poor. And the board chose to pay successive special dividends while borrowing short-term and posting losses, which should temper confidence in capital stewardship.
The FY2026 print is the pivotal near-term datapoint. A first half of +2.8% leaves the 10–15% target dependent on a sharp second-half acceleration. A clear miss would reinforce the bear thesis that the legacy China business is shrinking faster than the new businesses can scale. A result near guidance, with non-GAAP net income of USD 4M or more and rising customized-solution revenue, would support a re-rating from distressed levels.
Our synthesis: CLPS is a high-risk, deep-value special situation rather than a quality compounder. Upside depends on three things: (1) converting AI modernisation pilots into recurring paid programmes, (2) sustaining overseas growth above 40%, and (3) disciplined capital allocation, including buyback execution and JAJI value realisation. Until GAAP profitability and guidance reliability are re-established, the stock's discount to book is better read as a fair reflection of execution, liquidity and jurisdictional risk than as a clear mispricing. Institutional investors should also note that liquidity of about USD 15–25 thousand per day makes position sizing a binding constraint.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background (as disclosed) | Source |
|---|---|---|---|
Xiao Feng (Paul) Yang | Chairman of the Board | Director since at least the 2019 AGM. Named in the 20-F as the key person whose expertise, client relationships and reputation the company relies on. PRC citizen. Holds shares via Qinrui Ltd. (BVI) | 20-F FY2025; Schedule 13D/A |
Raymond Ming Hui Lin | Chief Executive Officer and Director | CEO and company contact person on every 20-F since FY2018; largest beneficial owner | 20-F FY2018–FY2025 |
Rui (Rita) Yang | Chief Financial Officer | CFO commentary in results from at least FY2022 onward | Results PRs |
Henry Li Li | President | COO from June 2019; promoted to President 1 Jul 2024 (COO not refilled) | 6-K Jul 2024 |
Simon Chiang | CEO, QCC (subsidiary) | Former Citi executive; appointed 13 Feb 2026 | PR 13 Feb 2026 |
Sarah Wu | Non-Executive Director, QCC | Appointed 22 Nov 2024 to drive credit-card solutions | PR 22 Nov 2024 |
Bryan Lam | CEO, JAJI Global (60% sub) | Named in JAJI IPO release | PR 19 Dec 2024 |
Board of Directors
| Director | Role | Last confirmed election |
|---|---|---|
Xiao Feng Yang | Chairman | AGM 24 Apr 2023 |
Raymond Ming Hui Lin | CEO, Director | AGM 24 Apr 2023 |
Zhaohui Feng | Director (presented as independent in prior filings) | AGM 24 Apr 2023 |
Kee Chong Seng | Director (presented as independent in prior filings) | AGM 24 Apr 2023 |
Jin He Shao | Director (presented as independent in prior filings) | AGM 24 Apr 2023 |
Major Shareholders
| Holder | Shares | % |
|---|---|---|
Raymond Ming Hui Lin (CEO) | 8,632,873 | 29.02 |
Xiao Feng Yang (Chairman), via Qinrui Ltd. (BVI) | 5,792,950 | 19.48 |
Rui Yang (CFO) | 1,116,688 | 3.75 |
All directors and executive officers (7 persons) | 16,777,874 | 56.41 |
5%+ beneficial owners as a group | 11,975,996 | 40.26 |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 Jul 2024 | Henry Li Li promoted from COO to President | Flattening of operating leadership |
22 Nov 2024 | Sarah Wu appointed QCC non-executive director | Credit-card growth |
13 Feb 2026 | Simon Chiang (ex-Citi) appointed QCC CEO | Next-generation payments strategy |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Type | Relative positioning vs CLPS |
|---|---|---|---|
China financial-services IT outsourcing | Pactera Technology (private) | China IT outsourcing leader with multinational bank captives | Far larger; overlaps directly in global-bank China centres |
China IT services | Chinasoft International (HKEX: 0354) | Large China IT services provider | Much larger scale; strong Huawei / tech-client base |
China IT services | iSoftStone (SZSE: 301236) | China IT services | Larger; enterprise and tech clients |
China banking software and services | Yusys Technologies (SZSE: 300674) | Bank IT solutions | Strong in domestic Chinese banks; CLPS is stronger with foreign banks |
China fintech software | Hundsun Technologies (SSE: 600570) | Capital-markets / wealth software | Product vendor; competes in wealth-management IT |
Global IT services | Accenture (NYSE: ACN) | Global consultancy | Sets the bar in AI-led modernisation |
Global IT services | Cognizant (Nasdaq: CTSH) | Global IT services | Major global-bank vendor |
Global IT services | Infosys (NYSE: INFY) | Indian offshore | Competes for offshore capacity that banks are shifting out of China |
Global IT services | Tata Consultancy Services (NSE: TCS) | Indian offshore | Same as Infosys |
Engineering services | EPAM Systems (NYSE: EPAM) | Nearshore / offshore engineering | Competes for engineering mandates |
Mainframe modernisation tooling | IBM (watsonx Code Assistant for Z) | Product plus services | Direct competitor for AI COBOL-to-Java (IBM's pipeline is documented at ICSE 2026) |
Mainframe modernisation services | HCLTech (NSE: HCLTECH) | Indian IT services | Running AI COBOL-to-Java pilots (March 2026 CAST case study) |
Singapore / SE Asia IT staffing | Regional IT staffing firms | Local | Fragmented; CLPS competes via Ridik and Shell Infotech |
Peer Comparison FY2025
| Metric | CLPS (FY2025, Jun) | Cognizant (FY2024, Dec) | Infosys (FY2024, Mar) | EPAM (FY2024, Dec) |
|---|---|---|---|---|
Revenue (USD) | 164.5M | about 19.7B | about 18.6B | about 4.7B |
Revenue growth (%) | +15.2 | about +2 | about +1–2 | about +1 |
GAAP operating margin (%) | -3.3 | about 15 | about 21 | about 10 |
R&D intensity (% of revenue) | 3.5 | Not comparably disclosed | Not comparably disclosed | Not comparably disclosed |
Recent Developments
Leadership changes, contract wins and guidance revisions are captured above.
