Great Wall Capital Co., Ltd. Join Co-investment in Hollysys with Recco Control Technology Pte. Ltd. and Dazheng Group (Hong Kong) Investment Holdings Company Limited

SINGAPORE andHONG KONG,April 11,2022 -- Great Wall Capital Co.,Ltd.announced today that it has joined the co-investment with Recco Control Technology Pte. Ltd. and Dazheng Group (Hong Kong) Investment Holdings Company Limited in acquiring Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) on a non-binding basis.

Recco and Dazheng issued a press release on March 21,2022,announcing the strategic cooperation memorandum of understanding entered into amongGreat Wall Capital,Recco and Dazheng.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 Great Wall Capital Co.,Ltd.

Great Wall Capital Co.,Ltd. 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-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.

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.

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