Longtop Financial Technologies Limited (NYSE:LFT) ("Longtop" or the "Company"), a leading software developer and solutions provider targeting the financial services industry in China, announced today that it intends to offer, subject to market and other conditions, 3,700,000 American depositary shares ("ADSs"), representing 3,700,000 ordinary shares of the Company. Longtop intends to grant the underwriters an option to purchase up to an additional 555,000 ADSs. Deutsche Bank Securities Inc. and Morgan Stanley & Co. International plc will act as joint bookrunners for the offering.
Longtop plans to use the net proceeds of the offering for potential acquisitions and for general corporate purposes. The Company's management will retain broad discretion over the use of proceeds, and the Company may ultimately use the net proceeds for different purposes.
This offering will be made under Longtop's Registration Statement on Form F-3 (the "Form F-3") filed with the Securities and Exchange Commission (the "SEC") on November 16, 2009
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