Hollysys CEO Sells Shares for Financial Planning

Hollysys Automation Technologies Ltd., a leading provider of automation control system solutions in China and Asia, recently announced that its CEO, Dr. Changli Wang, sold some of his company shares for personal financial planning. Despite the sale, Dr. Wang still holds approximately 80% of his original shares, showing his continued dedication to the company. This personal decision does not affect the company's ongoing going private transaction or operational plans.

Dr. Wang has confirmed that he does not plan to sell more shares before the completion of the going private transaction with Ascendent Capital Partners (ACP). The company's management, under Dr. Wang's leadership, is focused on meeting the transaction's closing conditions as per the merger agreement.

Established in 1993, Hollysys has grown from a research team specializing in automation control for the power sector to a comprehensive provider of integrated automation control system solutions for various industries. With a strong focus on proprietary technology and industry knowledge, Hollysys helps its customers improve operational safety, reliability, efficiency, and intelligence crucial for their operations.

Hollysys generates revenue primarily by offering integrated solutions for industrial automation and rail transportation. In industrial automation, the company provides a wide range of automation hardware, software, and services, including field devices, control systems, manufacturing management, and cloud-based applications. In rail transportation, Hollysys offers advanced signaling control and SCADA systems for high-speed and urban rail networks.

As of June 30, 2023, Hollysys had completed over 45,000 projects for about 23,000 customers in sectors such as power, petrochemicals, high-speed rail, and urban rail, solidifying its leading market positions. The company's growth and performance are subject to various risks and uncertainties, as outlined in its reports filed with the Securities and Exchange Commission.

Investors should be cautious when considering forward-looking statements, as they are based on assumptions and may not always align with actual results. Hollysys is not obligated to update these statements beyond what is required by securities laws.

Overall, Hollysys Automation Technologies Ltd. continues to thrive in providing innovative automation solutions across industries, with Dr. Changli Wang's recent share sale for personal financial planning not impacting the company's strategic direction. Investors are encouraged to stay informed about the company's developments and exercise caution when evaluating future projections.