February 1, 2010 (FinancialWire) — Chinese software firm Longtop Financial Technologies Ltd. (NYSE: LFT) has completed the acquisition of Giantstone Information & Technology Ltd., a banking solution provider in China.  

Longtop CEO Weizhou Lian said, “Closing the Giantstone acquisition is an important milestone for Longtop to lead our entry into the core banking area and a suitably positive conclusion to our fiscal third 2010 quarter.”

He added that, while Longtop is still in the process of finalizing its financial results for the quarter ended December 31, 2009, “we feel confident we will be able to achieve the current First Call revenue and Adjusted Earnings Per Share consensus for both fiscal Q3 and Q4 2010.”

Weizhou Lian said that recent changes and prospective changes to the People’s Bank of China reserve ratio or the possibility that non-performing loans may increase “had no negative impact on our Q3 results and we believe these factors will also have no negative impact on our Q4 2010 results.”  

Hong Kong-based Longtop is a software development and solutions provider targeting the financial services industry in China.

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