LONGTOP FINANCIAL TECHNOLOGIES LIMITED

LONGTOP FINANCIAL TECHNOLOGIES LIMITED

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Company Overview
Longtop Financial Technologies Limited, formerly known as Latest New Technology Limited, is a publicly quoted company engaged in the provision of software development and information technology (IT) services targeting the financial services industry in China. The company was incorporated in 2000. It is headquartered in China and has its registered office in Cayman Islands.
Longtop is a leading software development and solutions provider in China. The company develops and provides an array of software applications and solutions with a focus on meeting the growing IT needs of financial institutions in China. It is the third largest i-banking IT solution provider in China, according to IDC, an independent market research company. The company’s clients are some of the leading banks in China including China Construction Bank, Agricultural Bank of China, Bank of China, China Postal Savings Bank, New China Life Insurance, and China Pacific Insurance Group.
Longtop aims to become a dominant leader in software development and IT services for the financial services industry in China, whilst expanding globally.
Business Summary
The Company, together with its subsidiaries, designs, develops, and delivers software solutions and information technology (IT) services to the financial services industry in the People’s Republic of China.
Description and history
The Company, together with its subsidiaries, designs, develops, and delivers software solutions and information technology (IT) services to the financial services industry in the People’s Republic of China.

BUSINEES

The Company engages in the development, licensing, and support of software solutions; and provision of maintenance, support, and other services, as well as system integration services related to the procurement and sale of third party hardware and software.

The Company offers channel-related solutions, which include automated teller machines (ATM), bank tellers, online banking, customer relationship management (CRM), and enterprise customer information facility solutions; and business-related solutions comprising international trade finance, payment and settlement, credit card operations, and intermediary business solutions.

The Company also provides management-related solutions that consist of enterprise resources management, credit and risk management, office automation, human resource management, and regulatory reporting and compliance solutions; and business intelligence solutions, including decision support system, enterprise data warehouse, operational data storage, data mining, analytical CRM, and reporting solutions.

In addition, it offers other value added solutions to its banking and non-banking clients, such as payroll management for public sector employees. Further, the Company provides ATM maintenance, system integration, and IT maintenance services, as well as value-added consulting services regarding configuration and system change management, security management, crisis management, and IT asset management; and various consulting and supplementary technology-related services.

The Company offers its products and services directly to banks and other financial institutions.

HISTORY

The Company, which is a Cayman Islands company, was originally organized in the British Virgin Islands, on October 18, 2000, under the name Latest New Technology Limited, which was subsequently changed to Longtop Financial Technologies Limited (Longtop BVI).

Effective September 5, 2007, Longtop BVI became a wholly-owned subsidiary of Longtop, and the former shareholders of Longtop BVI became the sole shareholders of Longtop, in the same proportions, and holding the same classes of shares, as they had held of the equity share capital of Longtop BVI.

On October 25, 2007, the Company completed the listing on the New York Stock Exchange of ADSs representing ordinary shares offered in its initial public offering, which closed on October 29, 2007. Its ADSs trade under the symbol LFT.

SEGMENTS

The Company has three reportable segments:

– Software development;

– ATM maintenance services;

– Ancillary services.

ACQUISITIONS

In 2006 the Company acquired Advanced Business Services (Beijing) Co., Ltd., or ABS, an integration services provider located in Beijing.

In 2007 the Company acquired the business of FEnet Co., Ltd., or FEnet, a business intelligence software developer.

In May 2008 the Company acquired Huayuchang Co-Founder Technology Development Co., Limited, or Huayuchang Tongchuang, to expand its ATM maintenance services to banks in China.

In July and September 2008, the Company acquired control, through variable interest entities, of two companies that provide domain name sales and online hosting services.

In July 2008, the Company acquired the business of Precision Hightech Company Ltd, or Puji, which provides core banking software products and solutions to other banks in China.

In February 2009, the Company acquired Beijing Jactus Ruanbo Software and Technology Co., Ltd., or Jactus, a leading third-party testing company focused on China’s financial services industry.

Formerly known as Latest New Technology Limited

Business Line
Engaged in software development and information technology (IT) services provider targeting the financial services industry in China
Subsidiary
ADVANCED BUSINESS SERVICES (BEIJING) CO., LTD.
Advisor
DELOITTE & TOUCHE TOHMATSU CPA LIMITED
IPO date
10/29/2007
US SIC Code
7372
Company Address

City province or state postal code

Phone: +284 494-8184
Fax:
Country address: CAYMAN ISLANDS
Website url: www.longtop.com