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Longtop Announces Launch of Upgraded Metadata Management Platform

PR Newswire

HONG KONG, April 19, 2011

HONG KONG , April 19, 2011 /PRNewswire-Asia/ — Longtop Financial Technologies Limited (“Longtop”) (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China , recently announced the official launch of BI.MetaManager V2.0, an upgraded version of its Metadata Management Platform for Business Intelligence projects.

Metadata is information embedded within data that describes its important attributes such as where it originated, what it means, where it has been, and how it can be used. Managing Metadata is a key element of data warehousing, information integration efforts, and compliance initiatives of financial institutions.

After the successful delivery of several customized projects for Metadata Management for its industry-leading customers in China 's banking industry in 2007 and 2008, Longtop introduced its proprietary Metadata Management platform, BI.MetaManager, in early 2009. The product is now widely deployed by Longtop's customers, including leading national commercial banks and city commercial banks, and has been proven well suited for financial institutions in China .

BI.MetaManager V2.0 offers extended scalability and flexibility for development, improved reliability and user interface, as well as new features such as visualized enterprise data map and cross-platform support of Structured Query Language (SQL) script parsing.

“I am very pleased with the introduction of our upgraded Metadata Management Platform that extended our market and technology leadership in Business Intelligence (BI) in China . It's also a good demonstration of our unique business model where we leverage project knowledge in developing our standardized products,” said Weizhou Lian , Chief Executive Officer of Longtop. “As a market leader for BI in China 's rapidly growing Financial Technology market, Longtop is committed to best-of-class products and services that help our customers maximize the value of data warehousing in supporting their market decision marking and compliance efforts.”

According to the market research firm IDC, BI is one of the fast growing areas in China 's Fintech market, with a projected growth rate of 23.0% in the banking IT solution market from 2010 to 2014. Longtop ranked #1 in this market with market share increased to 44.0% in 2009, from 30.5% in 2008.  

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; 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 .

Contact us

For Investors:

Longtop Financial Technologies Limited

Charles Zhang , CFA

Email: ir@longtop.com  

Phone: +86-10-84217758

For Media:

IR Inside BV

Caroline Straathof

Email: info@irinside.com

Phone: +31 6 54624301

SOURCE Longtop Financial Technologies Limited

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