Filing Details

Accession Number:
0001104659-24-010381
Form Type:
13D Filing
Publication Date:
2024-02-04 19:00:00
Filed By:
Advanced Technology (cayman) Ltd
Company:
Hollysys Automation Technlgs Ltd (NASDAQ:HOLI)
Filing Date:
2024-02-05
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Liang Meng 0 8,491,875 0 8,491,875 8,491,875 13.7%
Ascendent Capital Partners III GP Limited 0 8,491,875 0 8,491,875 8,491,875 13.7%
Ascendent Capital Partners III GP 0 8,491,875 0 8,491,875 8,491,875 13.7%
Ascendent Capital Partners III 0 8,491,875 0 8,491,875 8,491,875 13.7%
Skyline Automation Technologies 0 8,491,875 0 8,491,875 8,491,875 13.7%
Advanced Technology (Cayman) Limited 0 8,491,875 0 8,491,875 8,491,875 13.7%
Filing

 

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934

 

(Amendment No. 4)*

 

Hollysys Automation Technologies Ltd. 

(Name of Issuer)

 

Ordinary Shares, par value $0.001 per share 

(Title of Class of Securities)

 

G45667105 

(CUSIP Number)

 

Mengyun Tang

c/o Advanced Technology (Cayman) Limited

Suite 3501, 35/F, Jardine House

1 Connaught Place, Central

Hong Kong, China

+852-2165-9000

 

With Copies To: 

 

 

Marcia Ellis

Rongjing Zhao

Morrison & Foerster LLP

Edinburgh Tower, 33/F

The Landmark, 15 Queen’s Road Central

Hong Kong, China

+852-2585-0888

 

 

Spencer Klein

Mitchell Presser

John Owen

Morrison & Foerster LLP

250 West 55th Street

New York, NY 10019-9601

+1-212-468-8000

 

 

February 5, 2024 

(Date of Event Which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

 

 

CUSIP No. G45667105 

             
1  

Name of Reporting Persons

Liang Meng

2  

Check the Appropriate Box if a Member of a Group

(a) ¨ (b) ¨

3   SEC Use Only
4  

Source of Funds

AF

5  

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

¨

6  

Citizenship or Place of Organization

Hong Kong Special Administrative Region of People’s Republic of China

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

  7  

Sole Voting Power

0

  8  

Shared Voting Power

8,491,875

  9  

Sole Dispositive Power

0

  10  

Shared Dispositive Power

8,491,875

11  

Aggregate Amount Beneficially Owned by Each Reporting Person

8,491,875

12  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares

¨

13  

Percent of Class Represented by Amount in Row (11)

13.7%*

14  

Type of Reporting Person

IN

   
* Based on 62,095,839 Ordinary Shares outstanding as of December 28, 2023, as provided in the Issuer’s Proxy Statement filed as an exhibit to the Issuer’s Form 6-K filed with the Securities and Exchange Commission on January 5, 2024.
               

 

Page 1 

 

 

CUSIP No. G45667105 

             
1  

Name of Reporting Persons

Ascendent Capital Partners III GP Limited

2  

Check the Appropriate Box if a Member of a Group

(a) ¨ (b) ¨

3   SEC Use Only
4  

Source of Funds

AF

5  

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

6  

Citizenship or Place of Organization

Cayman Islands

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

  7  

Sole Voting Power

0

  8  

Shared Voting Power

8,491,875

  9  

Sole Dispositive Power

0

  10  

Shared Dispositive Power

8,491,875

11  

Aggregate Amount Beneficially Owned by Each Reporting Person

8,491,875

12  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares

¨

13  

Percent of Class Represented by Amount in Row (11)

13.7%*

14  

Type of Reporting Person

CO

   
* Based on 62,095,839 Ordinary Shares outstanding as of December 28, 2023, as provided in the Issuer’s Proxy Statement filed as an exhibit to the Issuer’s Form 6-K filed with the Securities and Exchange Commission on January 5, 2024.
                 

 

Page 2 

 

 

CUSIP No. G45667105 

             
1  

Name of Reporting Persons

Ascendent Capital Partners III GP, L.P.

2  

Check the Appropriate Box if a Member of a Group

(a) ¨ (b) ¨

3   SEC Use Only
4  

Source of Funds

AF

5  

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

6  

Citizenship or Place of Organization

Cayman Islands

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

  7  

Sole Voting Power

0

  8  

Shared Voting Power

8,491,875

  9  

Sole Dispositive Power

0

  10  

Shared Dispositive Power

8,491,875

11  

Aggregate Amount Beneficially Owned by Each Reporting Person

8,491,875

12  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares

¨

13  

Percent of Class Represented by Amount in Row (11)

13.7%*

14  

Type of Reporting Person

PN

   
* Based on 62,095,839 Ordinary Shares outstanding as of December 28, 2023, as provided in the Issuer’s Proxy Statement filed as an exhibit to the Issuer’s Form 6-K filed with the Securities and Exchange Commission on January 5, 2024.
               

 

Page 3 

 

 

CUSIP No. G45667105 

             
1  

Name of Reporting Persons

Ascendent Capital Partners III, L.P.

2  

Check the Appropriate Box if a Member of a Group

(a) ¨ (b) ¨

3   SEC Use Only
4  

Source of Funds

AF

5  

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

6  

Citizenship or Place of Organization

Cayman Islands

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

  7  

Sole Voting Power

0

  8  

Shared Voting Power

8,491,875

  9  

Sole Dispositive Power

0

  10  

Shared Dispositive Power

8,491,875

11  

Aggregate Amount Beneficially Owned by Each Reporting Person

8,491,875

12  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares

¨

13  

Percent of Class Represented by Amount in Row (11)

13.7%

14  

Type of Reporting Person

PN

   
* Based on 62,095,839 Ordinary Shares outstanding as of December 28, 2023, as provided in the Issuer’s Proxy Statement filed as an exhibit to the Issuer’s Form 6-K filed with the Securities and Exchange Commission on January 5, 2024.
               

 

Page 4 

 

 

CUSIP No. G45667105 

             
1  

Name of Reporting Persons

Skyline Automation Technologies L.P.

2  

Check the Appropriate Box if a Member of a Group

(a) ¨ (b) ¨

3   SEC Use Only
4  

Source of Funds

AF

5  

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

6  

Citizenship or Place of Organization

British Virgin Islands

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

  7  

Sole Voting Power

0

  8  

Shared Voting Power

8,491,875

  9  

Sole Dispositive Power

0

  10  

Shared Dispositive Power

8,491,875

11  

Aggregate Amount Beneficially Owned by Each Reporting Person

8,491,875

12  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares

¨

13  

Percent of Class Represented by Amount in Row (11)

13.7%

14  

Type of Reporting Person

PN

   
* Based on 62,095,839 Ordinary Shares outstanding as of December 28, 2023, as provided in the Issuer’s Proxy Statement filed as an exhibit to the Issuer’s Form 6-K filed with the Securities and Exchange Commission on January 5, 2024.
               

 

Page 5 

 

 

CUSIP No. G45667105 

             
1  

Name of Reporting Persons

Advanced Technology (Cayman) Limited

2  

Check the Appropriate Box if a Member of a Group

(a) ¨ (b) ¨

3   SEC Use Only
4  

Source of Funds

WC

5  

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

6  

Citizenship or Place of Organization

Cayman Islands

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

  7  

Sole Voting Power

0

  8  

Shared Voting Power

8,491,875

  9  

Sole Dispositive Power

0

  10  

Shared Dispositive Power

8,491,875

11  

Aggregate Amount Beneficially Owned by Each Reporting Person

8,491,875

12  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares

¨

13  

Percent of Class Represented by Amount in Row (11)

13.7%*

14  

Type of Reporting Person

CO

   
* Based on 62,095,839 Ordinary Shares outstanding as of December 28, 2023, as provided in the Issuer’s Proxy Statement filed as an exhibit to the Issuer’s Form 6-K filed with the Securities and Exchange Commission on January 5, 2024.
               

 

Page 6 

 

 

EXPLANATORY NOTE

 

This Amendment No. 4 (this “Schedule 13D Amendment”) to the Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on November 6, 2023 (the “Original Schedule 13D” and, as amended by Amendment No. 1 filed with the SEC on November 24, 2023, Amendment No. 2 filed with the SEC on December 13, 2023, Amendment No. 3 filed with the SEC on January 2, 2024 and this Schedule 13D Amendment, the “Schedule 13D”) is being filed by Mr. Liang Meng, Ascendent Capital Partners III GP Limited (“GPGP”), Ascendent Capital Partners III GP, L.P. (“GPLP”), Ascendent Capital Partners III, L.P. (“ACP III”), Skyline Automation Technologies L.P. (“Superior Fund”) and Advanced Technology (Cayman) Limited (“Advanced Technology” and, together with Mr. Meng, GPGP, GPLP, ACP III and Superior Fund, the “Reporting Persons”), with respect to Ordinary Shares, $0.001 par value per share (the “Ordinary Shares”), of Hollysys Automation Technologies Ltd., a company organized under the laws of the British Virgin Islands (the “Issuer”).

 

The Reporting Persons are filing this Schedule 13D Amendment in connection with the issuance of a letter to the shareholders of the Issuer on February 5, 2024 (the “Letter”), as described in Item 4 of this Schedule 13D Amendment.

 

Other than as set forth below, all Items in the Original Schedule 13D are materially unchanged. Capitalized terms used in this Schedule 13D Amendment which are not defined herein have the meanings given to them in the Original Schedule 13D.

 

Item 4.

Purpose of Transaction.

 

Item 4 of the Schedule 13D is hereby amended and supplemented to include the following:

 

On February 5, 2024, Ascendent Capital Partners, an affiliate of the Reporting Persons, issued the Letter, in which Ascendent Capital Partners discusses the voting recommendations with respect to the Merger, the Merger Agreement and the related transactions.

 

The foregoing description of the Letter is a summary only and is qualified in its entirety by reference to the Letter attached hereto as Exhibit 99.13, which is incorporated herein by reference.

 

Item 5.

Interest in Securities of the Issuer..

 

Item 5(a)-(b) of the Schedule 13D is hereby amended and restated as follows:

 

(a)-(b)

The information on Items 7 to 11 and 13 on the cover pages of this Schedule 13D Amendment is incorporated by reference herein. The percentage set forth in row 13 is based on 62,095,839 Ordinary Shares outstanding as of December 28, 2023, as provided in the Issuer’s Proxy Statement filed as an exhibit to the Issuer’s Form 6-K filed with the SEC on January 5, 2024.

 

As a result of the relationships described in Item 2, each of the Reporting Persons may be deemed to share beneficial ownership of and the power to vote or direct the vote of and to dispose or direct the disposition of the securities reported herein.

 

Item 7. Material to be Filed as Exhibits.
   

 

Item 7 of the Schedule 13D is hereby amended and supplemented to include the following:

 

Exhibit
Number
  Description
99.13   Letter to the Shareholders of the Issuer, dated February 5, 2024

 

Page 7 

 

 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: February 5, 2024

 

  Liang Meng
     
  /s/ Liang Meng
     
  Ascendent Capital Partners III GP Limited
     
  By: /s/ Liang Meng
  Name:  Liang Meng
  Title:  Director
   
  Ascendent Capital Partners III GP, L.P.
  By: Ascendent Capital Partners III GP Limited, its General Partner
     
  By: /s/ Liang Meng
  Name:  Liang Meng
  Title:  Director
   
  Ascendent Capital Partners III, L.P.
  By: Ascendent Capital Partners III GP, L.P., its General Partner
  By: Ascendent Capital Partners III GP Limited, its General Partner
     
  By: /s/ Liang Meng
  Name:  Liang Meng
  Title:  Director
   
  Skyline Automation Technologies L.P.
  By: Ascendent Capital Partners III GP, L.P., its General Partner
  By: Ascendent Capital Partners III GP Limited, its General Partner
     
  By: /s/ Liang Meng
  Name:  Liang Meng
  Title:  Director
   
  Advanced Technology (Cayman) Limited
   
  By: /s/ Liang Meng
  Name:  Liang Meng
  Title:  Director