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Longtop acquires Chinese banking software group
February 1, 2010
Longtop Financial Technologies Limited, a leading software developer and solutions provider targeting the financial services industry in China, announced it has completed the acquisition of Giantstone Information & Technology Ltd. (Giantstone), a leading core banking solution provider in China.
"Closing the Giantstone acquisition is an important milestone for Longtop to lead our entry into the core banking area and a suitably positive conclusion to our fiscal third 2010 quarter," commented Weizhou Lian, Chief Executive Officer of Longtop. "While we are still in the process of finalizing our financial results for the quarter ended December 31, 2009, we feel confident we will be able to achieve the current First Call revenue and Adjusted Earnings Per Share consensus for both fiscal Q3 and Q4 2010.
The changes and prospective changes to the People's Bank of China reserve ratio or the possibility that non-performing loans may increase had no negative impact on our Q3 results and we believe these factors will also have no negative impact on our Q4 2010 results."
"Closing the Giantstone acquisition is an important milestone for Longtop to lead our entry into the core banking area and a suitably positive conclusion to our fiscal third 2010 quarter," commented Weizhou Lian, Chief Executive Officer of Longtop. "While we are still in the process of finalizing our financial results for the quarter ended December 31, 2009, we feel confident we will be able to achieve the current First Call revenue and Adjusted Earnings Per Share consensus for both fiscal Q3 and Q4 2010.
The changes and prospective changes to the People's Bank of China reserve ratio or the possibility that non-performing loans may increase had no negative impact on our Q3 results and we believe these factors will also have no negative impact on our Q4 2010 results."
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