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.
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| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 8/3/2021 | $15.00 → $24.00 | Neutral → Overweight | JP Morgan |
Fiscal Year 2023 Financial Highlights Total revenues were $777.4 million, an increase of 9.9% compared to the comparable prior year period. Unfavorable impact from depreciation of Renminbi against the U.S. dollar has adversely affected our revenues for fiscal year 2023.Gross margin was 32.9%, compared to 33.8% for the comparable prior year period. Non-GAAP gross margin was 33.0%, compared to 34.0% for the comparable prior year period.Net income attributable to Hollysys was $106.9 million, an increase of 28.6% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $111.6 million, an increase of 18.4% compared to the comparable prior year period.Diluted
First Nine Months of Fiscal Year 2023 Financial Highlights Total revenues were $582.4 million, an increase of 10.9% compared to the comparable prior year period.Gross margin was 33.4%, compared to 33.9% for the comparable prior year period. Non-GAAP gross margin was 33.6%, compared to 34.1% for the comparable prior year period.Net income attributable to Hollysys was $81.2 million, an increase of 35.0% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $85.1 million, an increase of 22.3% compared to the comparable prior year period. Diluted earnings per share was $1.31, an increase of 33.7% compared to the comparable prior year period. Non-GAAP dilu
First Half of Fiscal Year 2023 Financial Highlights Total revenues were $414.8 million, an increase of 12.2% compared to the comparable prior year period.Gross margin was 36.1%, compared to 35.3% for the comparable prior year period. Non-GAAP gross margin was 36.3%, compared to 35.4% for the comparable prior year period.Net income attributable to Hollysys was $69.6 million, an increase of 57.1% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $72.5 million, an increase of 41.4% compared to the comparable prior year period.Diluted earnings per share was $1.12, an increase of 55.6% compared to the comparable prior year period. Non-GAAP diluted earn
JP Morgan upgraded HollySys from Neutral to Overweight and set a new price target of $24.00 from $15.00 previously
JP Morgan downgraded HollySys from Overweight to Neutral and set a new price target of $16.10
JPMorgan Chase & Co. downgraded Hollysys Automation Technologies from Overweight to Neutral
• Requests trading of its shares be suspended as of close of trading July 25, 2024 BEIJING, July 25, 2024 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) ("Hollysys" or the "Company") and Ascendent Capital Partners ("Ascendent") today announced the completion of the merger (the "Merger") between Hollysys and entities affiliated with Ascendent, pursuant to the previously announced agreement and plan of merger, dated as of December 11, 2023 (the "Merger Agreement") among the Company, Superior Technologies Holding Limited ("Parent") and its wholly-owned subsidiary Superior Technologies Mergersub Limited ("Merger Sub"). Leon Meng, Founding Managing Partner and Chairman o
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, wit
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
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.
BEIJING, June 3, 2024 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) ("Hollysys" or the "Company") today announced the appointment of Vocation HK CPA Limited ("Vocation") as its independent registered public accounting firm, effective May 28, 2024. The appointment of Vocation was made after a careful and thorough evaluation process and has been approved by Hollysys' board and audit committee. Vocation will replace Union Power HK CPA Limited ("Union Power") as Hollysys' independent registered public accounting firm. As previously disclosed, on April 12, 2024, Union Power notified Hollysys that due to the sudden deterioration of the health condition of their managing part
Approximately 86.94% of the shareholders who voted at the shareholders meeting approved Ascendent's acquisition proposal; Approximately 76.95% of shareholders voted, underlining the competitive value that has been offered to them.Ascendent is committed to securing regulatory approvals and closing the acquisition expeditiously.HONG KONG, Feb. 8, 2024 /PRNewswire/ -- Ascendent Capital Partners ("Ascendent"), a private equity investment management firm managing assets for global institutional investors, is pleased to note that Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) ("Hollysys" or the "Company") has announced the voting results of the Company's Extraordinary General Meeting ("EGM")
BEIJING, Feb. 8, 2024 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) ("Hollysys" or the "Company") today announced that, at an extraordinary general meeting of shareholders ("EGM") held today, the Company's shareholders voted in favor of, among other things, the proposal to authorize and approve the agreement and plan of merger, dated as of December 11, 2023 (the "Merger Agreement"), by and among the Company and entities affiliated with Ascendent Capital Partners, Superior Technologies Holding Limited ("Parent"), and Superior Technologies Mergersub Limited ("Merger Sub"), pursuant to which, Merger Sub will merge with and into the Company, with the Company continuing as t
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