Longtop Financial Technologies Limited Announces Follow-on Public Offering of
3,700,000 American Depositary Shares
HONG KONG, Nov. 16 /PRNewswire-Asia-FirstCall/ -- Longtop Financial
Technologies Limited (NYSE: LFT) ("Longtop" or the "Company"), a leading
software developer and solutions provider targeting the financial services
industry in China, announced today that it intends to offer, subject to market
and other conditions, 3,700,000 American depositary shares ("ADSs"),
representing 3,700,000 ordinary shares of the Company. Longtop intends to
grant the underwriters an option to purchase up to an additional 555,000 ADSs.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. International plc will
act as joint bookrunners for the offering.
Longtop plans to use the net proceeds of the offering for potential
acquisitions and for general corporate purposes. The Company's management will
retain broad discretion over the use of proceeds, and the Company may
ultimately use the net proceeds for different purposes.
This offering will be made under Longtop's Registration Statement on Form
F-3 (the "Form F-3") filed with the Securities and Exchange Commission (the
"SEC") on November 16, 2009. This press release does not constitute an offer
to sell, and it is not soliciting an offer to buy, securities and does not
constitute an offer, solicitation or sale in any jurisdiction where the offer
or sale is not permitted. The Company's registration statement on Form F-3 and
the preliminary prospectus supplement are available from the SEC website at:
http://www.sec.gov .
Copies of a preliminary prospectus supplement filed by Longtop with the
SEC on November 16, 2009 with respect to the offering and the accompanying
prospectus forming a part of the Form F-3 may be obtained from us by writing
to the Company at Longtop Financial Technologies Limited, 15/F, Block A,
Chuangxin Building, Software Park, Xiamen 361005, People's Republic of China,
Attn.: Chief Financial Officer, or by telephoning the Company at
+86-592-2396888 or emailing ir@longtop.com.
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. 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.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995, including those with respect to the proposed follow-on offering and
the intended use of proceeds. 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. The
follow-on offering may not occur, in full or in part, and the Company may be
unable to use the proceeds as contemplated, possibly as a result of a failure
to identify and close acceptable acquisition targets. In addition, 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.
For more information, please contact:
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Tel: +86-10-84217758
For Media:
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Tel: +31-6-54624301
SOURCE Longtop Financial Technologies Limited
For Investors: Longtop Financial Technologies Limited, Charles Zhang, CFA,
ir@longtop.com, or +86-10-8421-7758; For Media: IR Inside BV, Caroline
Straathof, caroline.straathof@irinside.com, or +31-6-5462-4301
