China Finance Online Appoints Grant Thornton as New Auditor and Expects to
File 20-F on time
BEIJING, Nov. 2, 2012
BEIJING, Nov. 2, 2012 /PRNewswire/ --China Finance Online Co. Limited ("China
Finance Online", or the "Company") (NASDAQ GS: JRJC), a technology-driven,
user-focused market leader in China providing vertically integrated financial
information and services including news, data, analytics, securities
investment advisory and brokerage-related services, today announced that it
has changed its independent registered public accounting firm from Deloitte
Touche Tohmatsu CPA Ltd. ("DTT") to Grant Thornton China ("GT"), with
immediate effect. The change was driven by fee considerations as part of the
Company's recent cost control measures, recommended by the Company's audit
committee and approved by the Company's Board of Directors on November 2,
During the two most recent fiscal years ended December 31, 2011 and through
the date of this press release, there were no disagreements between the
Company and DTT on any matters of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of DTT, would have caused
DTT to make reference to the subject matter of the disagreement in its report
on the Company's consolidated financial statements. A 6-K regarding this
matter has been filed with the Securities and Exchange Commission ("SEC").
The Company believes that GT is a top ranked independent accounting firm with
the highest level of service, global expertise and impeccable track records in
China and the United States. The Company does not believe that the change of
auditor will affect the timely filing of its annual report on Form 20-F for
the year ending December 31, 2012.
The Company thanks Deloitte for their dedicated service in the past eight
AboutChina Finance Online
China Finance Online Co. Limitedis a technology-driven, user-focused market
leader inChinain providing vertically integrated financial information and
services including news, data, analytics, securities investment advisory and
brokerage-related services. Through its flagship portal
sites,www.jrj.comandwww.stockstar.com, the Company offers basic software
and information services to individual investors which integrate financial and
listed-company data, information and analytics from multiple sources.
Leveraging on its robust internet capabilities and registered user base,China
Finance Onlineis developing securities investment advisory and over time
wealth management services. Through its subsidiary, Genius, the Company
provides financial database and analytics to institutional customers including
domestic brokerages and investment firms.Through its subsidiary, Daily
Growth, the Company provides securities brokerage services inHong Kong.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates" and
similar statements. Among other things, this release contains the following
forward-looking statements regarding:
othe ability of our new auditor to provide high-level service; and
oour ability to timely file annual report on Form 20-F for the year ending
December 31, 2012;
Such statements involve certain risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements, which risks and uncertainties include, among others, the
othe changing customer needs, regulatory environment and market condition
that we are subject to;
othe unpredictability of our transition into working with the new auditor;
othe competition we are facing in the new business of securities investment
advisory and wealth management;
oglobal macroeconomic uncertainties; and
owavering investor confidence that could impact our business.
Further information regarding these and other risks is included in the
Company's filings with the U.S. Securities and Exchange Commission, including
its annual report on Form 20-F under "Forward-Looking Information" and "Risk
Factors." The Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future events or
otherwise, except as required under applicable law.
China Finance Online Co. Limited
SOURCE China Finance Online Co. Limited
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