false2021-12-310001357450--06-30The impact to ordinary shares and additional paid-in capital upon issuance of restricted shares is less than $1.Vested and unissued restricted shares of 15,000 and 15,000 shares are included in the computation of basic and diluted income per share for the six months ended December 31, 2020 and 2021, respectively. The effects of share options have been excluded from the computation of diluted income per share for the six months ended December 31, 2020 as its effect would be anti-dilutive. 0001357450 2021-12-31 0001357450 2021-06-30 0001357450 2020-07-01 2020-12-31 0001357450 2021-07-01 2021-12-31 0001357450 2020-12-31 0001357450 2020-07-01 2021-06-30 0001357450 2020-10-05 0001357450 2020-10-05 2020-10-05 0001357450 2020-06-30 0001357450 holi:VariableInterestsEntityVieOrPotentialVieInformationUnavailabilityMember 2021-06-30 0001357450 srt:SubsidiariesMember 2021-06-30 0001357450 holi:UnitedOverseasBankMalaysiaBhdMember 2021-06-30 0001357450 holi:SingaporeDollarMember 2021-06-30 0001357450 holi:UsDollarDenominatedLoanMember 2021-06-30 0001357450 holi:PeopleSRepublicOfChinaMember 2021-06-30 0001357450 holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2021-06-30 0001357450 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2021-06-30 0001357450 holi:PrcMember 2021-06-30 0001357450 country:SG 2021-06-30 0001357450 country:MY 2021-06-30 0001357450 holi:VariableInterestsEntityVieOrPotentialVieInformationUnavailabilityMember 2021-12-31 0001357450 srt:SubsidiariesMember 2021-12-31 0001357450 holi:UnitedOverseasBankMalaysiaBhdMember 2021-12-31 0001357450 holi:SingaporeDollarMember 2021-12-31 0001357450 holi:UsDollarDenominatedLoanMember 2021-12-31 0001357450 holi:PeopleSRepublicOfChinaMember 2021-12-31 0001357450 holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2021-12-31 0001357450 us-gaap:CommitmentsMember 2021-12-31 0001357450 us-gaap:PerformanceGuaranteeMember 2021-12-31 0001357450 us-gaap:StandbyLettersOfCreditMember 2021-12-31 0001357450 holi:InvestmentsInEquityInvesteesAndEquitySecuritiesMember srt:MinimumMember 2021-12-31 0001357450 srt:MaximumMember holi:InvestmentsInEquityInvesteesAndEquitySecuritiesMember 2021-12-31 0001357450 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2021-12-31 0001357450 holi:PrcMember 2021-12-31 0001357450 country:SG 2021-12-31 0001357450 country:MY 2021-12-31 0001357450 holi:IntegratedSolutionContractsMember 2020-07-01 2020-12-31 0001357450 us-gaap:ProductMember 2020-07-01 2020-12-31 0001357450 us-gaap:ServiceMember 2020-07-01 2020-12-31 0001357450 srt:IndustrialPropertyMember holi:IntegratedContractRevenueMember 2020-07-01 2020-12-31 0001357450 holi:RailTransportationEquipmentMember holi:IntegratedContractRevenueMember 2020-07-01 2020-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember holi:IntegratedContractRevenueMember 2020-07-01 2020-12-31 0001357450 holi:IntegratedContractRevenueMember us-gaap:AllOtherSegmentsMember 2020-07-01 2020-12-31 0001357450 srt:IndustrialPropertyMember us-gaap:ProductMember 2020-07-01 2020-12-31 0001357450 holi:RailTransportationEquipmentMember us-gaap:ProductMember 2020-07-01 2020-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember us-gaap:ProductMember 2020-07-01 2020-12-31 0001357450 us-gaap:AllOtherSegmentsMember us-gaap:ProductMember 2020-07-01 2020-12-31 0001357450 us-gaap:MaintenanceMember srt:IndustrialPropertyMember 2020-07-01 2020-12-31 0001357450 holi:RailTransportationEquipmentMember us-gaap:MaintenanceMember 2020-07-01 2020-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember us-gaap:MaintenanceMember 2020-07-01 2020-12-31 0001357450 us-gaap:AllOtherSegmentsMember us-gaap:MaintenanceMember 2020-07-01 2020-12-31 0001357450 holi:ExtendedWarrantyServiceRevenueMember srt:IndustrialPropertyMember 2020-07-01 2020-12-31 0001357450 holi:RailTransportationEquipmentMember holi:ExtendedWarrantyServiceRevenueMember 2020-07-01 2020-12-31 0001357450 holi:ExtendedWarrantyServiceRevenueMember holi:MechanicalAndElectricalSolutionMember 2020-07-01 2020-12-31 0001357450 us-gaap:AllOtherSegmentsMember holi:ExtendedWarrantyServiceRevenueMember 2020-07-01 2020-12-31 0001357450 srt:IndustrialPropertyMember 2020-07-01 2020-12-31 0001357450 holi:RailTransportationEquipmentMember 2020-07-01 2020-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember 2020-07-01 2020-12-31 0001357450 us-gaap:AllOtherSegmentsMember 2020-07-01 2020-12-31 0001357450 holi:PeopleSRepublicOfChinaMember 2020-07-01 2020-12-31 0001357450 holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2020-07-01 2020-12-31 0001357450 us-gaap:RestrictedStockMember 2020-07-01 2020-12-31 0001357450 us-gaap:CommonStockMember 2020-07-01 2020-12-31 0001357450 holi:VariableInterestsEntityVieOrPotentialVieInformationUnavailabilityMember 2020-07-01 2020-12-31 0001357450 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-12-31 0001357450 us-gaap:ParentMember 2020-07-01 2020-12-31 0001357450 us-gaap:RetainedEarningsMember 2020-07-01 2020-12-31 0001357450 us-gaap:NoncontrollingInterestMember 2020-07-01 2020-12-31 0001357450 holi:StatutoryReservesMember 2020-07-01 2020-12-31 0001357450 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-12-31 0001357450 holi:IntegratedSolutionContractsMember 2021-07-01 2021-12-31 0001357450 us-gaap:ProductMember 2021-07-01 2021-12-31 0001357450 us-gaap:ServiceMember 2021-07-01 2021-12-31 0001357450 us-gaap:BuildingMember srt:MinimumMember 2021-07-01 2021-12-31 0001357450 us-gaap:BuildingMember srt:MaximumMember 2021-07-01 2021-12-31 0001357450 us-gaap:MachineryAndEquipmentMember srt:MinimumMember 2021-07-01 2021-12-31 0001357450 us-gaap:MachineryAndEquipmentMember srt:MaximumMember 2021-07-01 2021-12-31 0001357450 us-gaap:ComputerSoftwareIntangibleAssetMember srt:MinimumMember 2021-07-01 2021-12-31 0001357450 us-gaap:ComputerSoftwareIntangibleAssetMember srt:MaximumMember 2021-07-01 2021-12-31 0001357450 us-gaap:VehiclesMember srt:MinimumMember 2021-07-01 2021-12-31 0001357450 us-gaap:VehiclesMember srt:MaximumMember 2021-07-01 2021-12-31 0001357450 us-gaap:OtherMachineryAndEquipmentMember srt:MinimumMember 2021-07-01 2021-12-31 0001357450 us-gaap:OtherMachineryAndEquipmentMember srt:MaximumMember 2021-07-01 2021-12-31 0001357450 holi:PatentsAndCopyrightsMember srt:MinimumMember 2021-07-01 2021-12-31 0001357450 srt:MaximumMember holi:PatentsAndCopyrightsMember 2021-07-01 2021-12-31 0001357450 holi:PeopleSRepublicOfChinaMember us-gaap:MaintenanceMember 2021-07-01 2021-12-31 0001357450 us-gaap:MaintenanceMember holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2021-07-01 2021-12-31 0001357450 us-gaap:MaintenanceMember 2021-07-01 2021-12-31 0001357450 holi:PeopleSRepublicOfChinaMember holi:ExtendedWarrantyServiceRevenueMember 2021-07-01 2021-12-31 0001357450 holi:ExtendedWarrantyServiceRevenueMember holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2021-07-01 2021-12-31 0001357450 holi:ExtendedWarrantyServiceRevenueMember 2021-07-01 2021-12-31 0001357450 holi:PeopleSRepublicOfChinaMember 2021-07-01 2021-12-31 0001357450 holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2021-07-01 2021-12-31 0001357450 holi:IntegratedContractRevenueMember holi:PeopleSRepublicOfChinaMember 2021-07-01 2021-12-31 0001357450 holi:IntegratedContractRevenueMember holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2021-07-01 2021-12-31 0001357450 holi:IntegratedContractRevenueMember 2021-07-01 2021-12-31 0001357450 holi:PeopleSRepublicOfChinaMember us-gaap:ProductMember 2021-07-01 2021-12-31 0001357450 us-gaap:ProductMember holi:NonPeoplesRepublicOfChinaIncludingHongKongMember 2021-07-01 2021-12-31 0001357450 holi:IntegratedContractRevenueMember srt:IndustrialPropertyMember 2021-07-01 2021-12-31 0001357450 holi:RailTransportationEquipmentMember holi:IntegratedContractRevenueMember 2021-07-01 2021-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember holi:IntegratedContractRevenueMember 2021-07-01 2021-12-31 0001357450 us-gaap:AllOtherSegmentsMember holi:IntegratedContractRevenueMember 2021-07-01 2021-12-31 0001357450 us-gaap:ProductMember srt:IndustrialPropertyMember 2021-07-01 2021-12-31 0001357450 holi:RailTransportationEquipmentMember us-gaap:ProductMember 2021-07-01 2021-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember us-gaap:ProductMember 2021-07-01 2021-12-31 0001357450 us-gaap:AllOtherSegmentsMember us-gaap:ProductMember 2021-07-01 2021-12-31 0001357450 srt:IndustrialPropertyMember us-gaap:MaintenanceMember 2021-07-01 2021-12-31 0001357450 us-gaap:MaintenanceMember holi:RailTransportationEquipmentMember 2021-07-01 2021-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember us-gaap:MaintenanceMember 2021-07-01 2021-12-31 0001357450 us-gaap:AllOtherSegmentsMember us-gaap:MaintenanceMember 2021-07-01 2021-12-31 0001357450 srt:IndustrialPropertyMember holi:ExtendedWarrantyServiceRevenueMember 2021-07-01 2021-12-31 0001357450 holi:RailTransportationEquipmentMember holi:ExtendedWarrantyServiceRevenueMember 2021-07-01 2021-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember holi:ExtendedWarrantyServiceRevenueMember 2021-07-01 2021-12-31 0001357450 holi:ExtendedWarrantyServiceRevenueMember us-gaap:AllOtherSegmentsMember 2021-07-01 2021-12-31 0001357450 srt:IndustrialPropertyMember 2021-07-01 2021-12-31 0001357450 holi:RailTransportationEquipmentMember 2021-07-01 2021-12-31 0001357450 holi:MechanicalAndElectricalSolutionMember 2021-07-01 2021-12-31 0001357450 us-gaap:AllOtherSegmentsMember 2021-07-01 2021-12-31 0001357450 us-gaap:RestrictedStockMember 2021-07-01 2021-12-31 0001357450 us-gaap:CommonStockMember 2021-07-01 2021-12-31 0001357450 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-12-31 0001357450 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2021-07-01 2021-12-31 0001357450 holi:VariableInterestsEntityVieOrPotentialVieInformationUnavailabilityMember 2021-07-01 2021-12-31 0001357450 srt:MinimumMember 2021-07-01 2021-12-31 0001357450 srt:MaximumMember 2021-07-01 2021-12-31 0001357450 srt:MinimumMember us-gaap:UseRightsMember 2021-07-01 2021-12-31 0001357450 us-gaap:UseRightsMember srt:MaximumMember 2021-07-01 2021-12-31 0001357450 us-gaap:ParentMember 2021-07-01 2021-12-31 0001357450 us-gaap:RetainedEarningsMember 2021-07-01 2021-12-31 0001357450 us-gaap:NoncontrollingInterestMember 2021-07-01 2021-12-31 0001357450 holi:StatutoryReservesMember 2021-07-01 2021-12-31 0001357450 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-12-31 0001357450 holi:BondMESdnBhdMember 2017-07-31 0001357450 holi:BondCorporationPteLtdMember holi:BondMESdnBhdMember 2017-07-31 0001357450 holi:BeijingHollysysIntelligentTechnologiesCoMember 2021-08-31 0001357450 holi:BeijingHollysysIntelligentTechnologiesCoMember 2021-08-01 2021-08-31 0001357450 srt:MaximumMember holi:CixiHollysysMember 2021-03-01 2021-03-31 0001357450 holi:CixiHollysysMember 2021-03-01 2021-03-31 0001357450 us-gaap:CommonStockMember 2020-06-30 0001357450 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001357450 holi:StatutoryReservesMember 2020-06-30 0001357450 us-gaap:RetainedEarningsMember 2020-06-30 0001357450 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001357450 us-gaap:ParentMember 2020-06-30 0001357450 us-gaap:NoncontrollingInterestMember 2020-06-30 0001357450 us-gaap:CommonStockMember 2020-12-31 0001357450 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001357450 holi:StatutoryReservesMember 2020-12-31 0001357450 us-gaap:RetainedEarningsMember 2020-12-31 0001357450 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001357450 us-gaap:ParentMember 2020-12-31 0001357450 us-gaap:NoncontrollingInterestMember 2020-12-31 0001357450 us-gaap:CommonStockMember 2021-06-30 0001357450 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001357450 holi:StatutoryReservesMember 2021-06-30 0001357450 us-gaap:RetainedEarningsMember 2021-06-30 0001357450 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001357450 us-gaap:ParentMember 2021-06-30 0001357450 us-gaap:NoncontrollingInterestMember 2021-06-30 0001357450 us-gaap:CommonStockMember 2021-12-31 0001357450 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001357450 holi:StatutoryReservesMember 2021-12-31 0001357450 us-gaap:RetainedEarningsMember 2021-12-31 0001357450 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001357450 us-gaap:ParentMember 2021-12-31 0001357450 us-gaap:NoncontrollingInterestMember 2021-12-31 iso4217:USD xbrli:shares utr:Year xbrli:pure utr:Month iso4217:USD xbrli:shares
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO
RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of March 2022
Commission File
Number: 001-33602
 
 
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
(Exact name of registrant as specified in its charter)
 
 
No.2 Disheng Middle Road
Beijing Economic-Technological Development Area
Beijing, People’s Republic of China, 100176
(Address of principal executive offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or
Form 40-F.
Form 20-F ☒            Form 40-F ☐
Indicate by check mark if the registrant is submitting the
Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the
Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ☐
 
 
 

EXPLANATORY NOTE
Hollysys Automation Technologies Ltd. (“Hollysys” or the “Company”) is furnishing this Form
6-K
to provide unaudited
six-month
interim financial statements.
FORWARD-LOOKING INFORMATION
This Report on Form
6-K
contains forward-looking statements and information relating to the Company that are based on the current beliefs, expectations, assumptions, estimates and projections of our management regarding the Company and industry. When used in this report, the words “may,” “will,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. These statements reflect management’s current view of the Company concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others: the duration of the
COVID-19
outbreak and its potential impact on the Company’s business and financial performance, continued growth in industry, the ability to retain existing customers and obtain additional business opportunities, the success in penetrating into the railway, conventional and nuclear power market sectors, general economic conditions and the regulatory landscape in China and other jurisdictions where the Company operates businesses, and other risks and uncertainties which are generally set forth under the heading “Key Information” and elsewhere in the Company’s Annual Report on Form
20-F
filed with the Securities and Exchange Commission on February 18, 2022 (the “Annual Report”). Should any of these risks or uncertainties materialize, or should the underlying assumptions about our business and the commercial markets in which the Company operates prove incorrect, actual results may vary materially from those described as anticipated, estimated or expected in the Annual Report.
All forward-looking statements included herein attributable to us or other parties or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by applicable laws and regulations, the Company undertakes no obligations to update these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.
 
1

EXHIBIT INDEX
 
Exhibit
Number
  
Description
99.1
  
Selected Consolidated Financial Data
99.2
  
Unaudited Interim Condensed Consolidated Financial Statements as of December 31, 2021 and for the Six Months ended December 31, 2020 and 2021
99.3
  
Operating and Financial Review and Prospects
101.INS
  
Inline XBRL Instance Document
101.SCH
  
Inline XBRL Taxonomy Extension Schema Document
101.CAL
  
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
  
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
  
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
  
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
/s/ Steven Wang
Steven Wang
Chief Financial Officer
Date: March 15, 2022
 
3