Longtop Financial Technologies has entered into a definitive agreement to acquire for cash 100% of Giantstone Information & Technology Ltd., a leading core banking solution provider in China.

The acquisition is expected to close prior to March 31, 2010, and is expected to be earnings accretive for the fiscal year ended March 31, 2011.

Founded in 2000 and exclusively focused on core banking, Giantstone primarily provides implementation, customization, consulting as well as maintenance services to a leading national joint stock commercial bank. This leading national joint stock commercial bank is replacing its existing core banking systems with a global software company’s core banking system as well as various applications being developed by domestic vendors including Giantstone. Giantstone also has its own proprietary core banking product that in future will be targeted at smaller banks in China. Giantstone has over 300 employees, most of whom are engineers dedicated to core banking project delivery as well as research and development.

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