Recco Control Technology Pte. Ltd. and Dazheng Group (Hong Kong) Investment Holdings Company Limited Enter into a Strategic Cooperation MOU with Great Wall Capital Management Limited And Reaffirm Interest in Acquiring Hollysys

SINGAPORE and HONG KONG, March 21, 2022 /PRNewswire/ -- Recco Control Technology Pte. Ltd. and Dazheng Group (Hong Kong) Investment Holdings Company Limited announced today that they have entered into a non-binding strategic cooperation memorandum of understanding (or the MOU) with Great Wall Capital Management Limited. 

Under the MOU, Great Wall Capital will assess from time to time opportunities of making co-investment with Recco and Dazheng. Recco and Dazheng will propose co-investing in acquisition and investment opportunities outside China to Great Wall Capital, including Hollysys Automation Technologies Ltd. (NASDAQ: HOLI), and assist Great Wall Capital in assessing these opportunities.

Recco and Dazheng also reaffirm their interest in acquiring Hollysys and urge the board of Hollysys to open discussions with the consortium led by Recco and Dazheng in that regard.

About Great Wall Capital Management Limited

Great Wall Capital Management Limited is a Beijing-based private equity investment firm under China Great Wall Asset Management Co., Ltd., one of the four Chinese state-owned asset management companies.

About Recco

Recco Control Technology Pte. Ltd is a Singapore-incorporated investor in the automation industry and was founded by Mr. Ke Lei, a veteran in the automation industry in China.

About Dazheng

Dazheng Group (Hong Kong) Investment Holdings Company Limited is a Hong Kong-incorporated financial investor founded by sophisticated entrepreneurs and investment banking professionals. 

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words "believe," "envision," "will," "expect," "anticipate," "intend," "estimate," "plan" and similar expressions. Although the management of Great Wall Capital, Recco and Dazheng believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of any of Great Wall Capital, Recco and Dazheng, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Other than as required by applicable law, none of Great Wall Capital, Recco and Dazheng undertakes any obligation to update or revise any forward-looking information or statements.

SOURCE DAZHENG GROUP (HONG KONG) INVESTMENT HOLDINGS COMPANY LIMITED

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