Longtop Wins Contract with a City Commercial Bank in China to Provide Business Intelligence Solutions

Longtop Wins Contract with a City Commercial Bank in China to Provide Business
Intelligence Solutions

HONG KONG, Oct. 26 /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 it has signed contracts with a large City Commercial Bank customer in
North China to provide Business Intelligence (BI) solutions.
Based on its BI Office product suites, Longtop will develop an integrated
Reporting and Decision Support System, which supports the bank's marketing
decision-making and enables it to comply with regulatory requirements. The
system provides rich features such as query, reporting, interactive graphics
and Information Life-cycle Management (ILM). Longtop will also help the bank
establish its Data Quality Management Platform, which dynamically monitors and
analyzes the quality of data in its data facilities including Operational Data
Store (ODS) and Enterprise Customer Information Facility (ECIF).
"Spurred by the overall upgrading of banking infrastructure and increased
competition, we are seeing strong demand for our Business Intelligence
solutions from all customer segments including the larger city banks that are
investing heavily in this area," commented Weizhou Lian, Chief Executive
Officer of Longtop. "Longtop, as the market leader in this area in China is
strongly positioned to serve customers' needs with our delivery capacity of
over 800 BI engineers."
Independent market research firm IDC ranks Longtop the No. 1 vendor in BI
solutions in 2008 with a market share of 30.5%, followed by a 10.7% share for
the No. 2 player, in its most recent report "China Banking Industry IT
solution 2009-2013 Forecast and Analysis". In the report 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.
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 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 has six solution delivery centers, three research and
development centers, and seventy-five ATM service centers located in 27
provinces throughout 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
Phone: +86-10-8421-7758

For Media:
IR Inside
Caroline Straathof
Email: info@irinside.com
Phone: +31-6-5462-4301

SOURCE Longtop Financial Technologies Limited

Investors, Charles Zhang, CFA of Longtop Financial Technologies Limited,
ir@longtop.com, +86-10-8421-7758; Media, Caroline Straathof of IR Inside,
info@irinside.com, +31-6-5462-4301