Exhibit 99.1
Hollysys Automation Technologies Announces its Chief Executive Officer and Director Change
BEIJING, January 3, 2022— Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”), a leading provider of automation and control technologies and applications in China, today announced that effective as of January 1, 2022, pursuant to the resolutions of the Board of Directors of the Company (the “Board”), Mr. Chit Nim (Colin) Sung resigned from his positions as the director of the board and Chief Executive Officer of the Company. Dr. Changli Wang, who was the founder of the Company, was nominated as the director of the board and was appointed as the Chief Executive Officer of the Company. In connection with this, Mr. Chit Nim (Colin) Sung was appointed as the deputy Chief Executive Officer of the Company. With the above changes, the Board currently consists of five members, Ms. Li Qiao, Dr. Changli Wang, Ms. Khiaw Ngoh Tan, Dr. Jianyun Chai and Dr. Kok Peng Teh.
Dr. Changli Wang commented “It is my honour and obligation to be back to Hollysys. We have just experienced some challenges in the past two years. However, thanks to the accountable and responsible board, the company has been healthily operational. I am confident to further consolidate the company, and examine and evaluate each business segment. In the near future, our team will develop some more profitable businesses, create more value to the shareholders.”
Dr. Changli Wang, who had worked for HollySys over 20 years and retired from the Company in 2013 with honor, was the founder, previous Chief Executive Officer, director and Chairman of the Board. Dr. Changli Wang has been our director and Chief Executive Officer since September 2007. Since 1999, Dr. Changli Wang has also been the Chief Executive Officer and Vice Chairman of our subsidiary, Beijing HollySys. Prior to founding Beijing HollySys in 1993, Dr. Changli Wang worked for the No. 6 Institute of Electronic Industry Department, the predecessor of Beijing HollySys. Dr. Changli Wang also has been the Vice Chairman of the Chinese Automation Association since 2003. Dr. Changli Wang received his Bachelor’s degree in Automation from Tianjin University in 1984 and his PhD in Automation from Lancaster University in 1988.
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. HollySys had cumulatively carried out more than 30,000 projects for approximately 17,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which HollySys has established leading market positions.