Longtop Wins First Contract With Rural Commercial Bank Customer in Eastern China

Jun 21, 2010, 08:00 ET from Longtop Financial Technologies Limited

HONG KONG, June 21 /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 its first contract with a Rural Commercial Bank Customer in eastern China to provide an Operational Customer Relationship Management (OCRM) solution.

"We are delighted to win a new customer with our industry-leading banking CRM solution," said Weizhou Lian, Chief Executive Officer of Longtop. "This contract win demonstrates our initiative to expand the small and mid-sized bank market segment by leveraging our strong solution capability, local industry knowledge and industry-wide brand."

Under the terms of the contract, Longtop will implement its proprietary E@ble CRM solution for the customer and also provide customized development according to the customer's specific requirements. The objective of the system is to change the bank's current "account centric" service process to "customer oriented"; enable service level differentiations; and improve the overall service efficiency and quality.

Longtop is a market leader for CRM solutions in China's banking Information Technology (IT) solution market. According to the market research firm IDC, Longtop ranked #1 for CRM solutions in 2008, with a total market share of 18.4%.

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 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
     Phone: +86-10-84217758

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

SOURCE Longtop Financial Technologies Limited