O’Melveny & Myers Represents Bookrunners in Longtop Financial Technologies’ US$133 Million OfferingNovember 24, 2009
FOR IMMEDIATE RELEASE
O'Melveny & Myers LLP
O'Melveny & Myers LLP
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SHANGHAI - NOVEMBER 24, 2009 – O’Melveny & Myers LLP represented Deutsche Bank and Morgan Stanley as joint bookrunners in Longtop Financial Technologies Limited’s (NYSE: LFT) (“Longtop”) approximately US$133.0 million follow-on public offering.
Longtop offered 4.255 million American depositary shares (“ADSs”), representing 4.255 million ordinary shares of Longtop, including 555,000 ADSs representing full exercise of the underwriters’ greenshoe option at US$31.25 per ADS.
Longtop plans to use the net proceeds of the offering for potential acquisitions and for general corporate purposes.
The O’Melveny team consisted of partner Kurt Berney (SH), counsel Scott Graziano (NB), associates Stephanie Sheng (HK) and Cheng Wang (SH), and Shanghai legal consultants Henry Chen, Di Zijun and Chelsea Xuan. Partner Larry Sussman (BJ) and associates Anita Choi (HK) and Cindy Huang (BJ) advised on tax matters.
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. 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.
About O’Melveny & Myers LLP
With approximately 1,000 legal professionals in 14 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com; www.omm.cn