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Longtop Financial Technologies


About Longtop Financial Technologies

Longtop (NYSE: LFT) 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 has five solution delivery centers, three research centers and thirty four service centers located in 20 provinces throughout China. Longtop was founded in 1996 by Xiaogong Jia, Chairman, and Weizhou Lian, CEO, as a system integration company focusing on the financial services industry in China and made the transition to a software and solutions provider in 2001.

E@able e-banking solutions

In December 2008, the company announced the launch of E@able e-banking solutions. Based on the Longtop Intelligence Development Platform (LIDP), the E@able product suite is a comprehensive and highly secured e-banking platform that enables financial institutions to provide personalized online banking services to both individual and enterprise customers. In addition to traditional e-banking services such as personal and business account management, wire transfers, payment services, enterprise cash management and personal financing, the platform can be seamlessly integrated with other channel systems such as the call center and Customer Relationship Management (CRM) system, as well as decision support systems, which facilitates highly personalized value added services, and well-coordinated, targeted and personalized marketing applications.

Financials

On January 16, 2009, the company announced that it will release financial results for its third fiscal quarter ended December 31, 2008, on February 18, 2009 (US Eastern Time), after the market closes.

Timeline

  • February 2, 2009: Relationship with S1 Corporation (Nasdaq: SONE), a leading global provider of customer interaction financial and payment solutions, to provide customization and implementation services for a leading commercial bank in Thailand
  • June 12, 2009: Company announces resignation from its board of directors of Mr. Paul Wolansky who had been serving as Cathay ITfinancial's board of directors representative since June 2007. Longtop will not be filling the vacancy created by Mr. Wolansky's resignation.
  • June 17, 2009: Longtop signs contract to upgrade the Customer Relationship Management System for a National Commercial Bank in China
  • July 09: Development of an Analytical Data Mart for Credit Cards for a National Commercial Bank in China
  • July 13, 2009: Gets an extended contract with a National Commercial Bank in China for Software Testing Services
  • May 23, 2010: Announcement of Unaudited Financial Results for the Fiscal Quarter and Full Year Ended March 31, 2010. Total revenues of US$43.1 million, an increase of 66.4% Year-on-Year; Net Income of US$77.7 million
  • June 8, 2010: Won a bid to provide an E@able eBanking solution for a financial subsidiary of a leading Chinese electrical appliances manufacturing industry.

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The Shareholders Foundation, Inc. announces that a lawsuit has been filed in U.S. District Court for the Central District of California on behalf of investors in Longtop Financial Technologies Ltd (ADR) (LFT) against Longtop Financial Technologies Limited and certain of its officers and directors over alleged violations of Federal Securities Laws.

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