Exhibit 99.1
Hollysys CEO Informs Company of Recent Share Sales
Expects to maintain majority of his holdings in the Company in anticipation of the going private transaction closing
BEIJING, May 22, 2024 /PRNewswire/ — Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”) has been
informed by its Chief Executive Officer, Dr. Changli Wang, that his recent sale of Company shares was made solely for his own personal financial planning needs.
Dr. Wang has informed the Company that following the sale, he holds approximately 80% of his pre-sale holdings in
the Company. As the share sale was a personal decision, it does not affect the Company’s going private transaction or operational plans. Dr. Wang has informed the Company that he does not intend to sell any further shares in the Company
before the closing of the going private transaction with Ascendent Capital Partners (“ACP”).
The Company’s management, including
Dr. Wang, is committed to work towards the satisfaction of the closing conditions of the going private transaction by the parties in accordance with the merger agreement.
About Hollysys Automation Technologies Ltd.
Hollysys is
a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how,
Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation
and rail transportation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail
transportation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has
grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2023, Hollysys had
cumulatively carried out more than 45,000 projects for approximately 23,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.