JEFFERIES BROADVIEW ADVISES LONGTOP FINANCIAL TECHNOLOGIES

IPO of Chinese software company Longtop Financial Technologies prices above expectations

NEW YORK (AP) - Longtop Financial Technologies Ltd.'s American Depositary Shares are expected to begin trading Wednesday, after the Chinese software company's initial public offering priced at $17.50 each, above the anticipated price range.

Longtop boosted the expected price range of its proposed IPO to between $14 and $16 per ADS on Friday. Previously, the company expected the offering to price between $12 and $14 each.

The IPO totaled roughly 10.4 million ADS, with each ADS representing one ordinary share. Longtop offered 8.5 million of the ADS, while a group of shareholders sold 1.9 million ADSs.

Longtop develops a range of software for the financial services industry in China. Its customers include some of China's largest banks.

The company plans to use its proceeds from the IPO to acquire an office building, to pay previously declared dividends and for general corporate purposes. The company also plans to use some of the proceeds to acquire information technology service companies.

For the three months ended June 30, Longtop's earnings fell to $4.9 million, from $5.1 million in the first quarter of 2006. During the same period, Longtop's revenue rose 47 percent to $16.1 million from $10.9 million.

Goldman Sachs LLC and Deutsche Bank Securities were the IPO's lead underwriters. Jefferies & Co. also served as an underwriter.

The underwriters have an option to buy up to about 1.6 million additional ADS from Longtop and the selling shareholders to cover any overallotments.

Longtop ADS will trade on the New York Stock Exchange under the symbol "LFT."