What’s Going on with HollySys Automation Technologies?
HollySys Automation Technologies (HOLI) has just provided an update related to litigation filed against the automation and control technology firm in the British Virgin Islands. The litigation was filed by Mr. Baiqing Shao and Ace Lead Profits Limited in the Eastern Caribbean Supreme Court (the “Court”) Territory of the British Virgin Islands. HOLI stock, at market close yesterday, Sept. 23, dipped down to $20.53, which is a 0.68% decrease in value.
What Does This Mean for HOLI?
According to a company news release, HollySys adopted amendments “to the Amended and Restated Memorandum and Articles of Association of the Company” on January 7, 2021. On February 4, 2021, Mr. Baiqing Shao and Ace Lead Profits began court proceedings against HollySys seeking to prevent HollySys “from enforcing the 2021 Amendments.”
On September 22, 2021, the Court rejected Mr. Baiqing Shao’s claim, which means the 2021 Amendments were valid and “are currently effective.” Furthermore, the claimants have been ordered to pay HollySys' litigation expenses, which HollySys plans to enforce, “including by seeking satisfaction against the shares” in the company held by Mr. Baiqing Shao.
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Hollysys Automation Technologies Ltd is a China-based company that provides automation and control technologies and products. The company operates through three segments. Its IA segment supplies solutions including third-party hardware-centric products, proprietary software products, and others. The Rail segment supplies train control center and automation train protection to the rail and subway industries. The M&E segment consists of its two Southeast Asia-based subsidiaries that provide mechanical and electrical solutions. Hollysys Automation Technologies generates most of its sales from the Chinese domestic market.
