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Hollysys Announces Completion of Regulatory Review of Merger Transaction

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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 things, (i) the satisfaction of the conditions that the aggregate amount of net cash of the Company and its subsidiaries exceed a certain amount and a certain amount of cash deposits are maintained in deposit accounts by certain of the Company’s subsidiaries, which the Company does not currently foresee issues in satisfying and (ii) the waiver by the buyer of the condition that holders of no more than 10% of the Company’s total issued and outstanding ordinary shares have validly served and not validly withdrawn a notice of dissent under Section 179 of the BVI Business Companies Act. Upon the consummation of the transaction, the Company’s ordinary shares will be delisted from the NASDAQ Global Select Market. Ascendent and the Company are working to close the transaction expeditiously.

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

Safe Harbor Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company; growth in financial and operational performance of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” or similar expressions involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact Information

Company Contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-5898-1386
investors@hollysys.com 

Media Contacts (Hong Kong and New York):
Brunswick Group
hollysys@brunswickgroup.com 

Daniel Del Re (Hong Kong)
ddelre@brunswickgroup.com
+852 9255 5136

Libby Lloyd (New York)
llloyd@brunswickgroup.com
+1 347 283 3871

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SOURCE Hollysys Automation Technologies Ltd

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Baseus Announces New Line of iPhone and Tech Accessories – Including Wireless Chargers, Security Cameras, Power Banks, and More

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As a company that designs products to be practical, reliable, and based on users, the new releases are curated to make everyday life easier and more efficient.

NEW YORK, Sept. 20, 2024 /PRNewswire/ — Baseus, a global leader in consumer electronics and mobile accessories, hosted an exclusive launch event in New York, introducing its latest innovations: the PicoGo series, Nomos series, and Security Camera series. These new offerings, including wireless chargers, headphones, and home security systems, are designed to meet the needs of the everyday consumer. Baseus CEO Shiyou He emphasized the company’s commitment to delivering practical, user-friendly tech solutions.

At the event, COO Jacky Fang outlined Baseus’s core values of “Practical, Reliable, Based on User,” He attributed the brand’s rapid growth to its strong product portfolio and brand recognition, highlighting significant progress in North America, including new partnerships and retail expansions. Vadim from Max Tech YouTube Channel shared how Baseus’s user-driven philosophy guided the development of several new products in the second half of the year. These launches further solidify Baseus’s mission to enhance users’ digital lives through innovative, practical solutions.

New Product Highlights Include:

Baseus PicoGo Series: Pocket Power, On the Go

Baseus PicoGo Fast Charger 45W – $29.99

The Baseus PicoGo 45W Fast Charger supports full-speed PD 3.0 charging for the iPhone 16, improving efficiency. It is 54.2% smaller, uses TÜV Rheinland-certified graphene technology for safer, cooler performance, and features a USB-C port for wide compatibility, ideal for travel.

Baseus PicoGo Power Bank 10000mAh 45W – $39.99

The Baseus PicoGo 45W Power Bank delivers 10,000mAh capacity and 45W fast charging, perfect for the latest iPhones. Its ultra-thin, 2-in-1 design supports wired and wireless charging, offering universal compatibility and a smart digital display for efficient power on the go.

Baseus PicoGo Magnetic Power Bank with Rotatable Stand 5000mAh 20W – $39.99

Get the best of both worlds with a Magnetic Power Bank that has both wireless and wired charging capabilities. This device boasts an impressive 5000mAh capacity and is Qi2-certified to provide ultra-fast 20W charging power.

Baseus Nomos Series: Power Combined, Simplicity Redefined

Nomos Qi2 5-in-1 140W Desktop Charger – $129.99

A 5-in-1 design featuring a smart digital display and intelligent power allocation. It’s the first desktop charger with Qi2 wireless charging and a retractable 100W USB-C cable, letting you charge up to 5 devices simultaneously while keeping your space clutter-free.

Baseus Nomos Qi2 8-in-1 Charging Station – $89.99

The Baseus Nomos Qi2 8-in-1 Slim Charging Station 67W (US) is the world’s thinnest at just 0.67 inches. It supports 67W fast wired and 15W Qi2 wireless charging for up to 8 devices, perfect for multi-device workspaces, travel, and saving space.

Baseus Nomos Qi2 3-in-1 Magnetic Power Bank – $69.99

The Baseus Nomos Qi2 3-in-1 Power Bank offers wired and wireless charging for up to three devices at once. With 10,000mAh capacity, it supports 45W fast wired and 15W Qi2 wireless charging. Compact and slim with a digital display, it’s perfect for travel and daily use.

Baseus Security Camera Series: This state-of-the-art solar-powered outdoor camera features sun-powered tracking and top-of-the-line alerts, dual camera modes, color night vision, and more.

Baseus Security S1 Pro Outdoor Dual Camera 3K 2-Cam Kit$449.99

The S1 Pro, winner of the Technology Innovation Awards 2024 by Future Publishing, keeps your camera charged for uninterrupted home surveillance, even without sunlight. Its 13,500mAh battery powers up to 270 days of use. The camera rotates up to 80°, harnessing solar energy for near-continuous power.

For security, the system features AES+RSA encryption (TÜV Rheinland Certified).

The Baseus H1 HomeStation includes 16GB of eMMC storage for up to three months of footage, with optional 16TB expansion via an external hard drive (sold separately).

These products are available for purchase in the US on Amazon, at Baseus.com, and at Target (select products). For more information and to review all the latest Baseus products, please visit: www.baseus.com

About Baseus

Founded in 2011, Baseus was born out of utmost care for users. The company embodies its slogan: Practical. Reliable. Based on User. With 300 million users and over 6 billion services, Baseus delivers 100 million products annually, combining quality and innovation to enhance user satisfaction.

Media Contact:

Baseus PR Team
Phone: +1 (213) 512-7063
Email: pr@baseus.com

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Creative by Nature: HUAWEI Launches GoPaint Worldwide Creating Activity 2024

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BARCELONA, Spain, Sept. 20, 2024 /PRNewswire/ — On September 19, HUAWEI officially launched the GoPaint Worldwide Creating Activity 2024 themed “Creative by Nature”. From the kickoff day to December 31, 2024, painting enthusiasts around the world can share their unique digital art works on HUAWEI Community platform.

With their HUAWEI MatePad tablets, designed to spark creativity, global consumers can bring the “Creation of Beauty” concept to life. The HUAWEI GoPaint Worldwide Creating Activity invites aspiring artists to unleash their inner creativity and continue to be inspired.

The new HUAWEI MatePad Pro 12.2-inch and HUAWEI MatePad 12 X come with powerful hardware and enhanced writing & painting experience when working with the most updated GoPaint App. The app’s professional brush engine, diverse canvas options, and FangTian Painting Engine 2.0 provide a seamless, authentic, and user-friendly creative experience.

The Activity is divided into five groups, with themes of Sci-Fi Art, Design & Fashion, Narrative Art, Cutting-edge Painting, and Digital Watercolor & Ink. Find out more in the the Official Website and get ready to paint on your HUAWEI MatePad[1]!

In the HUAWEI GoPaint Worldwide Creating Activity, you could win the chance to showcase your artwork worldwide and in app placements. You’ll also have the opportunity to share your creative journey in video interviews. For more details, please visit the official website: 
https://consumer.huawei.com/en/campaign/gopaint/

[1] MatePad tablets that support the GoPaint App are required, such as HUAWEI MatePad Pro 13.2, HUAWEI MatePad 11.5S, HUAWEI MatePad Pro 12.2, and HUAWEI MatePad 12 X.

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Info-Tech LIVE 2024 Day 3 Highlights: Key Insights on IT Leadership, Ethical AI, and the Future of IT

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Day 3 of Info-Tech LIVE 2024 delivered actionable insights on IT leadership, AI, and future IT trends, featuring thought leaders and experts from across the technology landscape.

TORONTO, Sept. 20, 2024 /PRNewswire/ – The third and final day of Info-Tech LIVE 2024 concluded with impactful sessions designed to equip IT leaders with strategies to navigate the exponentially changing technology landscape. Day 3 delivered valuable insights on critical topics such as ethical AI, leadership, and the evolving role of the CIO.

Key Highlights From Day 3 Featured Keynotes:

1. Adaptive IT Leadership: Leading at the Pace of Exponential Change
Speaker: Carlene McCubbin, AVP of Research Development at Info-Tech Research Group

Carlene McCubbin explored the critical importance of building strong IT leadership teams capable of navigating the rapidly evolving technology landscape. She emphasized the shift from a purely technical focus to a more balanced approach that includes people leadership and business acumen. McCubbin highlighted the findings from the 2024 Info-Tech and McLean & Company surveys, which revealed a growing gap in leadership skills within IT and underscored the urgent need for leadership development and prioritization.

Key Takeaways:

There is a significant disconnect between CxO expectations and IT department capabilities. While 50% of CxOs view IT as a driver of transformation, only 5% of IT departments are currently meeting this expectation.The top challenges for IT leaders include staffing shortages, skills gaps, and difficulties in meeting business demands, which can hinder IT’s ability to deliver value and adapt to changing business needs.Despite advancements in technology, 35% of IT employees’ time is still spent on administrative tasks, a figure that has remained unchanged over the past five years. The finding indicates a persistent inefficiency that could be addressed through better use of AI and automation.Many IT employees believe that efficiency can be improved, with 37% identifying opportunities to eliminate low-value activities and 47% seeing potential for greater operational efficiency through innovative approaches.

2. AI Hype vs. Reality
Speaker: Dr. Timnit Gebru, Founder and Executive Director at the Distributed AI Research Institute

Dr. Timnit Gebru’s keynote dissected the current AI landscape and how to navigate the fine line between hype and the tangible benefits of AI technologies. She explained how AI can be misused, highlighting issues such as unauthorized data usage, copyright infringement, and machine bias. Dr. Gebru emphasized the need for critical thinking and skepticism when evaluating AI systems and stressed the importance of establishing ethical guidelines and accountability to ensure responsible AI development and deployment.

Key Takeaways:

There is a significant disconnect between the hype surrounding AI and its real-world applications, with many organizations overestimating the capabilities of current AI technologies.A critical, evidence-based approach is essential for evaluating the true capabilities and risks of AI systems, particularly in avoiding the misuse of data and ensuring compliance with copyright and ethical standards.AI systems must be developed and integrated with strict ethical guidelines and accountability frameworks to prevent biases, protect user data, and ensure responsible AI usage.

3. The New CIO: Leading IT Into the Future
Speaker: Heather Leier-Murray, Research Director at Info-Tech Research Group

Heather Leier-Murray discussed the evolving role of the CIO and the skills necessary to lead IT into the future. The session focused on the strategic shift required for CIOs to move from traditional IT management to becoming key business partners. Leier-Murray emphasized the need for modern CIOs to balance technological innovation with leadership and influence, positioning IT as a central driver of organizational success in an increasingly technology-driven world.

Key Takeaways:

The role of the CIO has transformed significantly over the past 40 years, evolving from optimizing back-office operations to becoming a leader in driving organizational value through advanced technologies. Despite these shifts, 81% of respondents to Info-Tech’s CxO-CIO Alignment Diagnostic feel their IT maturity level is only at a supporting or struggling stage, indicating a need for further evolution.While 35% of CxOs believe their IT department must achieve the highest level of maturity to transform the organization, only 2% feel confident that their IT department is capable of driving this transformation.Over 50% of a CIO’s weekly time is consumed by day-to-day management and operational tasks, leaving less than 20% for strategic initiatives and technology advancements. This misalignment must be addressed so that IT leaders can effectively guide organizations through rapid technological changes.

Looking Beyond Info-Tech LIVE 2024

Over the three days of Info-Tech LIVE 2024, attendees explored the critical intersections of technology, leadership, and innovation, gaining insights into how to navigate the future of IT. From the transformative discussions on Exponential IT and AI to in-depth sessions on modernizing IT frameworks and developing effective leadership strategies, the conference provided a comprehensive roadmap for IT leaders aiming to drive their organizations forward in an era of exponential change.

Info-Tech Research Group looks forward to announcing details for the next LIVE event, including plans to expand the conference to Australia in March 2025.

For media inquiries, including requests for interviews with featured speakers and experts from LIVE 2024, or for access to session recordings and additional content, please contact pr@infotech.com. For conference-related press releases and images, please visit the online Info-Tech LIVE 2024 Media Kit.

About Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software-buying insights. 

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

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SOURCE Info-Tech Research Group

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