BEIJING, July 18, 2024 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today announced that it expects to complete its merger transaction with a buyer controlled by Ascendent Capital Partners as soon as July 25, 2024. The parties have successfully obtained all necessary approvals and expect to satisfy (or obtain waiver of) all closing conditions by this anticipated closing date. The Company has notified Nasdaq of its intention to delist its shares from the ...

BEIJING, July 2, 2024 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today announced that it has been informed by Ascendent Capital Partners ("Ascendent") that a buyer controlled by Ascendent has obtained all the PRC approvals required to be obtained by the buyer to complete the merger transaction with the Company.The transaction will close upon satisfaction or waiver of all closing conditions in accordance with the merger agreement, including, among other ...

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 regist ...

Expects to maintain majority of his holdings in the Company in anticipation of the going private transaction closingBEIJING, 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 hold ...

First Nine Months of Fiscal Year 2024 Financial HighlightsTotal revenues were $597.1 million, an increase of 2.5% compared to the comparable prior year period.Gross margin was 31.0%, compared to 33.4% for the comparable prior year period. Non-GAAP gross margin was 31.2%, compared to 33.6% for the comparable prior year period.Net income attributable to Hollysys was $49.7 million, a decrease of 38.8% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $51.0 million, ...

First Half of Fiscal Year 2024 Financial Highlights Total revenues were $423.6 million, an increase of 2.1% compared to the comparable prior year period. Gross margin was 31.9%, compared to 36.1% for the comparable prior year period. Non-GAAP gross margin was 32.1%, compared to 36.3% for the comparable prior year period. Net income attributable to Hollysys was $45.8 million, a decrease of 34.3% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $46.8 million, a d ...

Financial Performance - Total revenues for the first half of fiscal year 2024 were $423.6 million, an increase of 2.1% compared to the prior year period[1]. - Gross margin for the first half was 31.9%, down from 36.1% in the prior year period[2]. - Net income attributable to Hollysys for the first half was $45.8 million, a decrease of 34.3% compared to the prior year period[2]. - Total revenues for the second quarter were $223.7 million, a decrease of 8.6% compared to the prior year period[3]. - Net income attributable to Hollysys for the second quarter was $14.1 million, a decrease of 70.7% compared to the prior year period[4]. - Total revenues for the six months ended December 31, 2023, were $423.6 million, a 2.0% increase from $414.8 million in the same period of the prior fiscal year[16]. - Gross margin decreased to 31.9% for the six months ended December 31, 2023, down from 36.1% in the same period of the prior fiscal year[16]. - Net income attributable to Hollysys was $45.8 million for the six months ended December 31, 2023, a decrease of 34.3% from $69.6 million in the same period of the prior fiscal year[20]. - Total net revenues for the three months ended December 31, 2023, were $223.723 million, a decrease of 8.3% compared to $244.731 million for the same period in 2022[38]. - Net income attributable to Hollysys Automation Technologies Ltd. for the three months ended December 31, 2023, was $14.139 million, down from $48.243 million in the prior year, a decline of 70.7%[38]. - The company reported a basic net income per share of $0.23 for the three months ended December 31, 2023, compared to $0.79 for the same period in 2022[38]. - Diluted earnings per share decreased to $0.74 for the six months ended December 31, 2023, down from $1.12 in the same period of the prior fiscal year[21]. Revenue Breakdown - Integrated solutions contracts revenue for the first half decreased by 0.6% to $330.2 million[15]. - Service revenue for the first half increased by 18.2% to $69.7 million[15]. - Revenue from integrated solutions contracts was $180.518 million, down from $188.929 million year-over-year[38]. - Revenue from services decreased to $33.803 million from $43.788 million, reflecting a decline of 22.8%[38]. - Gross profit from integrated solutions contracts for the three months ended December 2023 was $38,131 thousand, down from $58,178 thousand in the same period of 2022, a decrease of 34.5%[53]. - Non-GAAP gross profit from integrated solutions contracts for the three months ended December 2023 was $38,457 thousand, compared to $58,515 thousand in the same period of 2022, a decline of 34.2%[53]. Expenses - Selling expenses increased by $7.0 million, or 24.2%, to $36.1 million for the six months ended December 31, 2023, compared to $29.0 million for the same period of the prior fiscal year[17]. - General and administrative expenses decreased by $8.1 million, or 24.9%, to $24.4 million for the six months ended December 31, 2023[18]. - Research and development expenses increased by $8.8 million, or 23.4%, to $46.6 million for the six months ended December 31, 2023[19]. - Research and development expenses increased to $28.270 million from $20.431 million, reflecting a rise of 38.5% year-over-year[38]. - Total operating expenses for the three months ended December 31, 2023, were $52.241 million, compared to $48.993 million in the same period last year, an increase of 2.5%[38]. Cash Flow and Assets - Total net cash inflow for the six months ended December 31, 2023, was $135.3 million, with net cash provided by operating activities at $88.3 million[32]. - Total current assets increased to $1,561,350 thousand as of December 31, 2023, up from $1,500,001 thousand as of September 30, 2023, representing a growth of approximately 4.3%[42]. - Cash and cash equivalents increased to $747,507 thousand as of December 31, 2023, from $650,413 thousand as of September 30, 2023, reflecting a growth of approximately 14.9%[42]. - Total liabilities rose to $605,465 thousand as of December 31, 2023, compared to $565,761 thousand as of September 30, 2023, indicating an increase of about 7%[43]. - Total stockholder's equity reached $1,242,466 thousand as of December 31, 2023, up from $1,199,767 thousand as of September 30, 2023, representing an increase of approximately 3.6%[44]. - The company’s total assets increased to $1,848,900 thousand as of December 31, 2023, from $1,766,488 thousand as of September 30, 2023, indicating a growth of approximately 4.6%[44]. - Accounts receivable, net of allowance for credit losses, increased to $352,399 thousand as of December 31, 2023, from $308,788 thousand as of September 30, 2023, reflecting a growth of about 14.1%[42]. Contracts and Projects - Hollysys signed a contract for a 60,000-ton energy grade titanium material intelligent manufacturing control platform project[9]. - The company won the bid for the power supply system project of Jurong Regional Line in Singapore[12]. - The company has cumulatively completed over 45,000 projects for approximately 23,000 customers across various sectors as of June 30, 2023[35]. - Hollysys continues to focus on enhancing operational safety and efficiency through its proprietary technology and integrated automation solutions[35]. Non-GAAP Measures - The company utilized non-GAAP financial measures to provide additional insights into its operating performance, which include non-GAAP net income and gross profit metrics[47]. - Non-GAAP gross margin for the three months ended December 2023 was 29.7%, compared to 39.7% for the same period in 2022, reflecting a decline of 10 percentage points[51]. - Non-GAAP net income attributable to Hollysys for the three months ended December 2023 was $14,551 thousand, down from $49,520 thousand in the same period of 2022, a decline of 70.7%[55]. - Non-GAAP basic earnings per share for the three months ended December 2023 was $0.23, down from $0.81 in the same period of 2022, a decline of 71.6%[57].

Approximately 86.94% of the shareholders who voted at the shareholders meeting approved Ascendent's acquisition proposal; Approximately 76.95% of shareholders voted, underlining the competitive value that has been offered to them. Ascendent is committed to securing regulatory approvals and closing the acquisition expeditiously. HONG KONG, Feb. 8, 2024 /PRNewswire/ -- Ascendent Capital Partners ("Ascendent"), a private equity investment management firm managing assets for global institutional investors, is ...

Core Points - Hollysys Automation Technologies Ltd. announced that shareholders voted in favor of the merger agreement with Ascendent Capital Partners, resulting in Hollysys becoming a wholly owned subsidiary of Superior Technologies Holding Limited [1][2] - Approximately 76.95% of the total issued and outstanding ordinary shares voted at the extraordinary general meeting, with 86.94% of those votes in favor of the merger [2] - The merger is subject to conditions, including that no more than 10% of shareholders dissent, and the company has received notices of objection from shareholders holding more than 10% of shares [3][4] Company Overview - Hollysys is a leading provider of automation control system solutions in China, with operations in eight other countries and regions across Asia [5] - The company specializes in integrated solutions for industrial automation and rail transportation, delivering a full spectrum of automation hardware, software, and services [6] - Since its founding in 1993, Hollysys has completed over 45,000 projects for approximately 23,000 customers in various sectors, establishing leading market positions [6]

HONG KONG--(BUSINESS WIRE)--Buyer Consortium (“the Consortium”) led by Dazheng Group Acquisition Limited (“Dazheng Group”) today issued the following statement reaffirming the merits of its offer to acquire Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys”). The Buyer Consortium, led by Dazheng Group, remains extremely motivated to acquire Hollysys at US$29.50 per share. This offer represents a significantly greater value proposition for Hollysys shareholders, providing an 11.3% premium to ...