Longtop Financial Technologies Limited Announces Follow-on Public Offering of 3,700,000 American Depositary Shares
November 16 2009 - 5:02PM
PR Newswire (US)
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 . 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: Tel: +86-10-84217758 For Media: IR Inside BV Caroline
Straathof Email: Tel: +31-6-54624301 DATASOURCE: Longtop Financial
Technologies Limited CONTACT: For Investors: Longtop Financial
Technologies Limited, Charles Zhang, CFA, , or +86-10-8421-7758;
For Media: IR Inside BV, Caroline Straathof, , or +31-6-5462-4301
Web Site: http://www.longtop.com/
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