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TheStreet Open House

China Finance Online Appoints Grant Thornton As New Auditor And Expects To File 20-F On Time

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, 2012.

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 years.

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