China Finance Online Appoints Grant Thornton as New Auditor and Expects to File 20-F on time

BEIJING, Nov. 2, 2012 /PRNewswire/ -- China Finance Online Co. Limited ("China Finance Online", or the "Company") (NASDAQ GS: JRJC), a technology-driven, user-focused market leader in China providing vertically integrated financial information and services including news, data, analytics, securities investment advisory and brokerage-related services, today announced that it has changed its independent registered public accounting firm from Deloitte Touche Tohmatsu CPA Ltd. ("DTT") to Grant Thornton China ("GT"), with immediate effect. The change was driven by fee considerations as part of the Company's recent cost control measures, recommended by the Company's audit committee and approved by the Company's Board of Directors on November 2, 2012.

During the two most recent fiscal years ended December 31, 2011 and through the date of this press release, there were no disagreements between the Company and DTT on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of DTT, would have caused DTT to make reference to the subject matter of the disagreement in its report on the Company's consolidated financial statements. A 6-K regarding this matter has been filed with the Securities and Exchange Commission ("SEC"). 

The Company believes that GT is a top ranked independent accounting firm with the highest level of service, global expertise and impeccable track records in China and the United States. The Company does not believe that the change of auditor will affect the timely filing of its annual report on Form 20-F for the year ending December 31, 2012.

The Company thanks Deloitte for their dedicated service in the past eight years.

About China Finance Online

China Finance Online Co. Limited is a technology-driven, user-focused market leader in China in providing vertically integrated financial information and services including news, data, analytics, securities investment advisory and brokerage-related services. Through its flagship portal sites, www.jrj.com and www.stockstar.com, the Company offers basic software and information services to individual investors which integrate financial and listed-company data, information and analytics from multiple sources. Leveraging on its robust internet capabilities and registered user base, China Finance Online is developing securities investment advisory and over time wealth management services. Through its subsidiary, Genius, the Company provides financial database and analytics to institutional customers including domestic brokerages and investment firms. Through its subsidiary, Daily Growth, the Company provides securities brokerage services in Hong Kong.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, this release contains the following forward-looking statements regarding:    

  • the ability of our new auditor to provide high-level service; and
  • our ability to timely file annual report on Form 20-F for the year ending December 31, 2012;

Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risks and uncertainties include, among others, the following:

  • the changing customer needs, regulatory environment and market condition that we are subject to;
  • the unpredictability of our transition into working with the new auditor;
  • the competition we are facing in the new business of securities investment advisory and wealth management;
  • global macroeconomic uncertainties; and
  • wavering investor confidence that could impact our business.

Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors." The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Contact:

Julie Zhu
China Finance Online Co. Limited
+86-10-5832-5288
ir@jrj.com

Shiwei Yin
Grayling
646-284-9474
shiwei.yin@grayling.com

SOURCE China Finance Online Co. Limited



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