Longtop Awarded Contract to Provide Risk Management Solutions for a Leading City Commercial Bank in China

HONG KONG, May 16, 2011 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, announced that the Company has won a new contract with a leading city commercial bank in China to provide risk management solutions, having successfully delivered data integration and Business Intelligence (BI) solutions to the customer previously.

Under the terms of contract, Longtop will implement an Asset Liability Management (ALM) system for this customer enabling compliance with the regulatory requirements of the China Banking Regulatory Commission (CBRC) and Basel II accord. As an important part of risk management initiatives, the ALM system analyzes a bank's risk profile of financial products in the balance sheet as well as off-balance sheet, including interest rate risk, currency risk and liquidity risk.

Through partnering with world class leading software vendors in the ALM area, Longtop has successfully implemented many ALM projects and gained rich experience in deep domain know-how with reference cases that cover a wide range of large commercial banks, national join-stock banks, big city commercial banks and rural commercial banks in China.

"We are facing the tremendous opportunity that many banks will implement or replace their ALM systems in the near term in light of the more rigorous regulatory requirements that followed the 2008 financial crisis. With our deep domain know-how and wide spectrum of reference cases, complemented by our capabilities in consulting, localization, mature implementation methodology and processes, as well as data integration with our proprietary BI solutions, we believe that we are well positioned in this market. We expect to gain more market share in the ALM solutions area, and even more in Risk Management solution areas," commented Weizhou Lian, Chief Executive Officer of Longtop.

According to market research firm IDC, risk management will be one of the investment hotpots in the management solutions segment, growing at a CAGR of 23.8% to a total of RMB1,016 million in 2014. Longtop ranked #2 in this market segment with 8.8% market share in 2009.

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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; 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 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.

SOURCE Longtop Financial Technologies Limited

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