On September 24, 2021, HollySys Automation Technologies Ltd. announced that it has provided an update on the litigation filed by Baiqing Shao and Ace Lead Profits Limited against the Company in the Eastern Caribbean Supreme Court, Territory of the British Virgin Islands. Further, the Company added that as previously disclosed, on January 7, 2021, the Company adopted amendments to the Amended and Restated Memorandum and Articles of Association of the Company and Baiqing Shao and Ace Lead initiated proceedings against the Company in the Court on February 4, 2021 seeking to prevent the Company from enforcing the 2021 Amendments. Accordingly, The Court's decision means that the 2021 Amendments were validly adopted, the 2021 M&AA are currently effective, and the Company can take steps in reliance on the 2021 M&AA.