Exhibit 99.1
Hollysys Announces Expected Completion Date of Merger Transaction with Ascendent Capital Partners
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 NASDAQ Global Select Market on that date or shortly thereafter.
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.
About Ascendent Capital Partners
Ascendent Capital Partners, headquartered in Hong Kong, is a private equity investment management firm managing assets for global institutional
investors, including sovereign wealth funds, endowments, pensions and foundations.
Ascendent has successfully led and executed a large
number of innovative and ground-breaking private equity investments, generating strong risk-adjusted returns for investors and business growth for our portfolio companies. Ascendent has established a consistent track record in providing advice and
solution capital to entrepreneurs, business owners and management teams, building long-lasting relationships through in-depth collaboration. For additional information about Ascendent, please visit Ascendent’s website at www.ascendentcp.com.