The paper is Part III of our ongoing project to study a case of Crepant Transformation Conjecture: K-equivalence Conjecture for ordinary flops. In this paper we prove the invariance of quantum rings for general ordinary flops, whose local models are certain non-split toric bundles over arbitrary smooth base. An essential ingredient in the proof is a quantum splitting principle, which reduces a statement in Gromov--Witten theory on non-split bundles to the case of split bundles.

We give an effective algorithm to compute the Euler characteristics χ(\mbar_{1,n}, \otimes_{i=1}^n L_i^{d_i}). In addition, we give a simple proof of Pandharipande's vanishing theorem H^j (\mbar_{0,n}, \otimes_{i=1}^n L_i^{d_i})=0 for j≥1,di≥0.

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We establish a generic vanishing theorem for surfaces in characteristic p that lift to p and use it for classification of surfaces of general type with Euler characteristic p and large Albanese dimension.

The main goal of this paper is to prove the following two conjectures for genus up to two: 1. Witten's conjecture on the relations between higher spin curves and Gelfand--Dickey hierarchy. 2. Virasoro conjecture for target manifolds with conformal semisimple Frobenius manifolds. The main technique used in the proof is the invariance of tautological equations under loop group action.