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Statement From Hollysys Trust Equity Committee – Stocks News Feed

The following is a statement from Hollysys Trust Equity Committee:

Hollysys is a high-tech company providing automation and information solutions for industry and infrastructure. Hollysys not only bears the responsibility for the interests of all investors and the career of thousands of employees, but also bears the service responsibility for tens of thousands of customers. Moreover, Hollysys also bears many social responsibilities. Thanks to the culture, values and beliefs of Hollysys, namely serving customers sincerely and integrity first, Hollysys has achieved steady growth over the years. The company culture and spirits are the cornerstones of Hollysys.

Hollysys Trust Equity Committee (the “Committee”) is the management organization of the stock equity incentive trust platform dedicated for Hollysys employees, which is adopted to motivate current and future backbone employees. The trust platform now includes 4,144,223 shares of HOLI that are held by Ace Lead Profits Limited (“Ace Lead”). A large number of Hollysys backbone employees indirectly hold the shares of HOLI through trust contracts with Ace Lead. The representative of the employees who hold the shares have filed a lawsuit against Mr. Shao Baiqing and Ace Lead in Hong Kong High Court, and the dispute is still under legal process.

The buyer consortium consisting of Mr. Shao and Ace Lead initiated an offer to take Hollysys private after Mr. Shao’s removal by Hollysys Board of Directors. This offer infringes on the interests of employees and deviates from the basic values and spirits of Hollysys. As a former CEO, Mr. Shao’s very personal behavior is firmly opposed by the Committee and employees!




Whereas the facts above, the declaration as follows:

1. The Committee believes that Mr. Shao’s offer is an act of personal revenge after his dismissal by Hollysys. The offer he initiated shall be regarded hostile and must not be supported by the Committee and employees.

2. In order to promote the growth of Hollysys and to maximize the shareholder benefits, the Committee and employees welcome any proposal in good faith.

3. The Committee will support Hollysys to adjust its future direction according to those non-hostile proposals suggested by shareholders and other potential investors, including taking Hollysys private, introducing strategic investors, etc.

4. The Committee expects that shareholders and potential investors keep direct communication with Hollysys regarding any non-hostile proposal.

5. Last but not least, the Committee, on behalf of Hollysys backbone employees and for the sake of their interests, urged Ace Lead to immediately pay off the Trust Stock dividends owed to employees of the fiscal year 2020, which are currently held in Ace Lead accounts over 8 months.

Hollysys Trust Equity Committee

July 14, 2021

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