UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE
13D
(Amendment No. 3)
Under the Securities Exchange Act of
1934
CLPS Incorporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
G31642
(CUSIP Number)
Xiao Feng Yang
c/o Unit 1000, 10th Floor, Millennium City III, 370 Kwun Tong Road
Kwun Tong, Kowloon
Hong Kong SAR
Tel: +852 37073600
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 16, 2023
(Date of Event which Requires Filing of
this Statement)
If
the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule
13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box ☐.
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be
sent.
CUSIP No. G31642 |
13D |
Page 2 of 6 Pages |
1 |
NAME OF REPORTING PERSON
Qinrui Ltd. |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ☐
(b) ☐ |
3 |
SEC USE ONLY
|
4 |
SOURCE OF FUNDS*
OO (See Item 3) |
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
☐ |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH |
7 |
SOLE VOTING POWER
-0- |
8 |
SHARED VOTING POWER
4,976,000 common shares (See Item 5) |
9 |
SOLE DISPOSITIVE POWER
-0- |
10 |
SHARED DISPOSITIVE POWER
4,976,000 common shares (See Item 5) |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
4,976,000 (See Item 5) |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: Not Applicable*
☐ |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.4% of the Company’s outstanding
common shares |
14 |
TYPE OF REPORTING PERSON*
OO |
CUSIP No. G31642 |
13D |
Page 3 of 6 Pages |
1 |
NAME OF REPORTING PERSON
Xiao Feng Yang |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ☐
(b) ☐ |
3 |
SEC USE ONLY
|
4 |
SOURCE OF FUNDS*
PF/OO |
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
☐ |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
The People’s Republic of
China |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH |
7 |
SOLE VOTING POWER
5,667,950 common shares |
8 |
SHARED VOTING POWER
0 |
9 |
SOLE DISPOSITIVE POWER
5,667,950 common shares |
10 |
SHARED DISPOSITIVE POWER
0 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,667,950 common shares |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: Not applicable*
☐ |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.2% of the Company’s outstanding
common shares |
14 |
TYPE OF REPORTING PERSON*
IN |
CUSIP
No. G31642 |
13D |
Page 4
of 6 Pages |
EXPLANATORY NOTE
This Amendment No. 3 to Schedule 13D amends Amendment
No. 2 to Schedule 13D filed on February 14, 2022 (the “Original 13D”). This Amendment and the Original 13D are hereby referred
to as the “Schedule 13D”.
Except as specifically amended below, all other provisions of the Schedule
13D remain in effect. Capitalized terms used and not defined in this Amendment are used as defined in the Original 13D. This Amendment
is being filed to reflect separate acquisitions between January 31, 2022 and August 16, 2023 by Mr. Xiao Feng Yang, a Reporting Person,
of 75,000 common shares of the Company pursuant to grants under the Company’s 2023 Equity Incentive Plan.
Item
1. Security and Issuer.
The title and class of equity securities to which this Schedule 13D
relates is the common shares, par value $0.0001 per share (“Common Shares”), of CLPS Incorporation, a Cayman Islands corporation
(the “Company”). The Company’s principal executive office is located at Unit 1000, 10th Floor, Millennium City III,
370 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong SAR.
Item 2. Identity and Background.
(a)-(c) This report is being filed by Qinrui Ltd. and Xiao Feng Yang
(together, the “Reporting Persons”). Xiao Feng Yang is the Chairman of the board of directors of the Company. The Company’s
business address is Unit 1000, 10th Floor, Millennium City III, 370 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong SAR.
Qinrui Ltd. is a holding
company formed under the laws of the British Virgin Islands. The principal business of Qinrui Ltd. is managing Xiao Feng Yang’s
personal assets and investments. Qinrui Ltd.’s mailing address is c/o Ogier Global (BVI) Ltd., Ritter House, Wickham’s
Cay II, Road Town, Tortola, VG 1110, British Virgin Islands. Xiao Feng Yang has the sole control of Qinrui Ltd.
(d)-(e) Neither Xiao Feng Yang nor Qinrui
Ltd. has, during the last five years, (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting activities subject
to, federal or state securities laws or finding any violation of such laws.
(f) Xiao Feng Yang is a citizen of the
People’s Republic of China. Qinrui Ltd. is a British Virgin Islands corporation.
Item 3. Source and Amount of Funds and Other
Consideration.
On August 16, 2023, the Board of Directors of the Company authorized
an award of 75,000 shares of restricted stock (the “Shares”) to Mr. Yang under the Company’s 2023 Equity Incentive Plan,
which vested on the same day. Mr. Yang did not pay any additional consideration for the Shares.
CUSIP
No. G31642 |
13D |
Page 5
of 6 Pages |
Item 4. Purpose of Transaction.
Mr. Yang was awarded the Shares under the Company’s 2023 Equity
Incentive Plan stated above. Mr. Yang is currently the Chairman of the board of directors of the Company and therefore will continue to
participate in and receive awards under the Company’s incentive programs for as long as he is a director of the Company.
Item 5. Interest in Securities of the Issuer.
(a)-(d) The calculations in this Item are based upon 25,584,122 common
shares issued and outstanding as of August 16, 2023. The foregoing calculation is made pursuant to Rule l3d-3 promulgated under the Securities
Act of 1933, as amended to date.
Reporting
Person | |
Amount of
Securities
Beneficially
Owned | |
Percentage
of Class | | |
Sole Power to
Vote or Direct
the Vote | | |
Shared Power to
Vote or Direct
the Vote | | |
Sole Power to
Dispose or to
Direct the
Disposition | | |
Shared Power to
Dispose or to
Direct the
Disposition | |
Xiao Feng Yang | |
5,667,950 common shares* | |
| 22.2 | % | |
| 5,667,950 common shares | | |
| - | | |
| 5,667,950 common
shares | | |
| - | |
Qinrui Ltd. | |
4,976,000 common
shares | |
| 19.4 | % | |
| - | | |
| 4,976,000 common shares | | |
| - | | |
| 4,976,000 common
shares | |
* | Includes
the vested portion of the restricted stock granted dated as of August 16, 2023. |
Because Mr. Yang controls
all of the voting and disposition interests of Qinrui Ltd. with respect to the securities, he may be deemed to have indirect beneficial
ownership of the common shares directly beneficially owned by Qinrui Ltd. Neither Xiao Feng Yang nor Qinrui Ltd. has effected any
transactions in the securities of the Company in the past sixty days. The Reporting Persons affirm that no other person has the
right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the common shares beneficially
owned by the Reporting Persons reported herein.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings
or Relationships with Respect to Securities of the Issuer.
Other than as described above, there are
no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any other person
with respect to any securities of the Company, including, but not limited to, the transfer or voting of any of the securities,
finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or
loss, or the giving or withholding of proxies or any pledge or contingency, the occurrence of which would give another person
voting or investment power over the securities of the Company.
Item 7. Materials to be Filed as Exhibits.
None.
CUSIP
No. G31642 |
13D |
Page 6
of 6 Pages |
SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, the undersigned certify that the information set forth in this Schedule 13D is true, complete and correct.
Dated: August 16, 2023
|
/s/ Xiao Feng Yang |
|
Xiao Feng Yang |
|
|
|
|
Qinrui Ltd. |
|
|
|
|
By: |
/s/ Xiao Feng Yang |
|
|
Xiao Feng Yang |
|
Title: |
Sole Director |
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