Exhibit 99.1
Hollysys Announces Appointment of New Auditor
BEIJING, June 3, 2024 /PRNewswire/ — Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the
“Company”) today announced the appointment of Vocation HK CPA Limited (“Vocation”) as its independent registered public accounting firm, effective May 28, 2024.
The appointment of Vocation was made after a careful and thorough evaluation process and has been approved by Hollysys’ board and audit
committee.
Vocation will replace Union Power HK CPA Limited (“Union Power”) as Hollysys’ independent registered public
accounting firm. As previously disclosed, on April 12, 2024, Union Power notified Hollysys that due to the sudden deterioration of the health condition of their managing partner, they determine to cease providing financial statement audit
services to all U.S. public companies, and therefore would resign as Hollysys’ independent certified public accounting firm, with immediate effect. The resignation of Union Power was not the result of any disagreement between Hollysys and Union
Power on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
Update on
Merger Transaction
As previously disclosed, the Company entered into a merger agreement to be acquired by a buyer controlled by
Ascendent Capital Partners (“ACP”). The Company and ACP reaffirm their strong commitment to closing the merger and continue to progress toward satisfying closing conditions to consummate the transaction 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.