XIAMEN, China, April 27 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop" or the "Company") (NYSE: LFT), today announced that it plans to file as soon as practicable a shelf registration statement on Form F-3 with the United States Securities and Exchange Commission (the "SEC") under the U.S. Securities Act of 1933 (the "Securities Act"), to register approximately 16 million ordinary shares of Longtop represented by American depositary shares ("ADSs") for resale to the public from time to time by shareholders who originally acquired the ordinary shares, or preferred shares that were subsequently converted into ordinary shares, in private placements before Longtop's initial public offering. Longtop plans to file the registration statement to satisfy contractual obligations to register the ADSs for public resale by such selling shareholders and will not receive any of the proceeds from the sale of the ADSs.
No offer will be made to sell any of the selling shareholders' ADSs until a registration statement in compliance with the Securities Act has been filed with the SEC, and no sale of any of such ADSs will be made until the SEC has declared such registration statement effective.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act. As required by Rule 135, this announcement is not intended to, and does not, constitute an offer of any securities for sale.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the Company's solutions; the current severe global economic downturn, the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of the Company's large customers, which could significantly harm the Company's cash flows and profitability; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to the Company, which is subject to change.
For more information, please contact:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Tel: +86-10-8421-7758
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Tel: +31-6-54624301
