Longtop Wins Contract to Develop Enterprise Data Warehouse for a Leading Securities Depository and Clearing House in China
Poster: SySAdmin
Posted on April 5, 2010 at 7:14:01 AM
Longtop Wins Contract to Develop Enterprise Data Warehouse for a Leading Securities Depository and Clearing House in China
Leveraging strong banking data integration capabilities for the securities brokerage industry
HONG KONG, April 5 -- 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 won its first contract with a leading national securities depository and clearing house in China to develop a centralized Enterprise Data Warehouse (EDW). Among other responsibilities, the national securities depository and clearing house is responsible for the depository and transfer of securities, registration of securities holders, as well as the clearing and settlement of securities transactions.
Longtop has been engaged to build a centralized EDW that supports the customer's risk management, regulatory compliance and decision-making. Under the terms of the contract, Longtop will be responsible for the planning, designing, and data governance consulting services as well as implementation services. Longtop will also develop customized business intelligence applications based on the EDW.
"We are very pleased to have won this contract with a new customer in the securities industry where we competed head on against several global service providers. Our investment in business intelligence consulting capabilities over the past year has paid off and this project win demonstrates in the area of business intelligence our consulting capabilities have improved substantially," commented Weizhou Lian, Chief Executive Officer of Longtop. "This project win is yet another example of us leveraging our market leading banking solutions and consulting expertise to grow our business and we are excited about the opportunities in the fast growing securities industry segment of China's financial services industry."
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. The company achieved Capability Maturity Model Integration (CMMI) Level 5 Certification for software development in January 2010. 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/ .
Contact
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Tel: +86-10-8421-7758
For Media:
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Tel: +31-6-5462-4301
Source: Longtop Financial Technologies Limited
CONTACT: For Investors - Charles Zhang, CFA, Longtop Financial
Technologies Limited, ir@longtop.com, or +86-10-8421-7758; For Media -
Caroline Straathof, IR Inside BV, info@irinside.com, or +31-6-5462-4301
Web site: http://www.longtop.com/
Leveraging strong banking data integration capabilities for the securities brokerage industry
HONG KONG, April 5 -- 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 won its first contract with a leading national securities depository and clearing house in China to develop a centralized Enterprise Data Warehouse (EDW). Among other responsibilities, the national securities depository and clearing house is responsible for the depository and transfer of securities, registration of securities holders, as well as the clearing and settlement of securities transactions.
Longtop has been engaged to build a centralized EDW that supports the customer's risk management, regulatory compliance and decision-making. Under the terms of the contract, Longtop will be responsible for the planning, designing, and data governance consulting services as well as implementation services. Longtop will also develop customized business intelligence applications based on the EDW.
"We are very pleased to have won this contract with a new customer in the securities industry where we competed head on against several global service providers. Our investment in business intelligence consulting capabilities over the past year has paid off and this project win demonstrates in the area of business intelligence our consulting capabilities have improved substantially," commented Weizhou Lian, Chief Executive Officer of Longtop. "This project win is yet another example of us leveraging our market leading banking solutions and consulting expertise to grow our business and we are excited about the opportunities in the fast growing securities industry segment of China's financial services industry."
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. The company achieved Capability Maturity Model Integration (CMMI) Level 5 Certification for software development in January 2010. 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/ .
Contact
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Tel: +86-10-8421-7758
For Media:
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Tel: +31-6-5462-4301
Source: Longtop Financial Technologies Limited
CONTACT: For Investors - Charles Zhang, CFA, Longtop Financial
Technologies Limited, ir@longtop.com, or +86-10-8421-7758; For Media -
Caroline Straathof, IR Inside BV, info@irinside.com, or +31-6-5462-4301
Web site: http://www.longtop.com/