Longtop Announces Increase in Share Repurchase Program and Conference Call in Response to Allegations and Rumors in Citron's Report and Related Market Rumors

HONG KONG, April 28, 2011 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop" or the "Company") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced that it has increased its previously-announced share repurchase program by US$50 million, to a total of up to US$100 million. The Company's board of directors also shortened the period of the repurchase program to one year. The program, as increased, will expire on May 1, 2012.  Subject to the opening of the Company's trading window for executive officer and directors opens, depending on market conditions, share price and other factors, the Company may make purchases on the open market or in privately negotiated transactions.  The Company will make all such purchases in accordance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934.

In addition, the Company announced that it will host a conference call in response to allegations and rumors in the recent Citron report and related market rumors. The conference call will start at 8:30 AM Eastern Time (or 5:30 AM U.S. Pacific Time, and 8:30 PM Beijing/Hong Kong time) on April 28, 2011, and will last for approximately one hour.

The dial-in numbers for the conference call are as follows:

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 2009. 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.

SOURCE Longtop Financial Technologies Limited

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED