TFI Asset Management Limited Announces to Join a Consortium Led by Recco Control Technology Pte. Ltd. and Dazheng Group (Hong Kong) Investment Holdings Company Limited

SINGAPORE and HONG KONG,March 11,2022 -- TFI Asset Management Limited announced today that it has joined a consortium led by Recco Control Technology Pte. Ltd. and Dazheng Group (Hong Kong) Investment Holdings Company Limited in respect of pursuing a potential acquisition of Hollysys Automation Technologies Ltd. (NASDAQ: HOLI). TFI expects its affiliate(s) or managed fund(s) to participate in such potential acquisition.

At this stage,there can be no assurance that any agreement with the board of Hollysys could be reached in respect of a potential acquisition of Hollysys.

About TFI

TFI Asset Management Limited is a Hong Kong-based asset management firm under Tianfeng Securities Co.,Ltd. (also known as TF Securities,SH: 601162).

About Recco

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

Contact: Mr. Ke LEI,Tel. +86 139 0290 1093,E-Mail: leike@reccogroup.com

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.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. No tender offer for the shares of Hollysys Automation Technologies Ltd. has commenced at this time.

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 TFI,Recco and Dazheng believe 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 TFI,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 TFI,Recco and Dazheng undertakes any obligation to update or revise any forward-looking information or statements.

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