HONG KONG, July 13 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced that the Company has won a contract from a leading brokerage firm in China to provide Business Intelligence (BI) solutions.
Under the contract for the initial phase of the project, Longtop will design and implement a centralized data warehouse to support the customer's current and future analytical applications; integrate data from its transaction and other business systems; and develop an initial data quality management platform.
"We are pleased to win our second major contract in the capital market vertical for Longtop this year, following the April contract with a leading national securities depository and clearing house," commented Weizhou Lian, Chief Executive Officer of Longtop. "The contract win demonstrates growing momentum in leveraging our strong BI position in banking and insurance to expand into the securities brokerage industry."
Independent market research firm IDC ranks Longtop the No. 1 vendor in banking BI solutions with a market share of 30.5%, followed by a 10.7% share for the No. 2 player, in its 2008 report "China Banking Industry IT solution 2009-2013 Forecast and Analysis". IDC expects a compound annual growth rate of 19.2% for banking IT solutions in China in the period 2009-2013, with BI solutions among the fastest growing sectors.
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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 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 its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; 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, they cannot assure you that their 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 us, which is subject to change.
About Longtop Financial Technologies Limited
Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop is the highest ranked Chinese financial technology provider on the Global FinTech 100 survey of top technology partners to the financial services industry. Independent research firm IDC has also named Longtop the No.1 market share leader in China's Banking IT solution market and the No.2 market share leader in China's Insurance IT solution market in calendar year 2008. Headquartered in Beijing, Longtop has six solution delivery centers, three research and development centers and 95 ATM service centers located in 27 out of 31 provinces in China.
For more information, please visit: http://www.longtop.com .
For more information, please contact:
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Tel: +86-10-8421-7758
For Media:
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Tel: +31-6-5462-4301
