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.

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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 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