BEIJING, June 11, 2012 /PRNewswire-Asia-FirstCall/ -- Hollysys Automation Technologies, Ltd. (Nasdaq: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, announced today that it signed a contract to supply its ground-based high-speed rail signaling system to Xi'an-Baoji high-speed rail line with a designed traveling speed of 300-350 km/h and 138km in total length. The whole contract is valued at approximately US $8.86 million or RMB 56 million.
Pursuant to the terms of the contract, Hollysys will supply its ground-based high-speed rail signaling system, including Train Control Center (TCC), Radio Block Center (RBC) and other auxiliary equipments, which are expected to be delivered and installed by May 2013.
Xi'an-Baoji high-speed rail line connects Xi'an city in the east and Baoji city in the west of Shaanxi Province, which is a main portion of one of the "Four Horizontals" - Xuzhou-Lanzhou high-speed rail line. Xi'an-Baoji line will connect Zhengzhou- Xi'an high-speed rail line in its east; Zhengzhou- Xi'an line travels 300-350 km/h and is equipped with Hollysys' high-speed rail signaling system.Dr. Changli Wang, Chairman and CEO of Hollysys, commented: "We are very pleased of winning this contract to supply our ground-based high-speed rail signaling system to Xi'an-Baoji line after a long halt on China high speed rail expansion program. The restart of China high-speed rail expansion restores public confidence in high-speed construction while this significant contract win enhances our faith that China will continue to develop its high-speed rail network in the face of rising public demand for traveling efficiency and future economic development. We believe that with our solid market position, strong R&D capability and well-reputed track records, Hollysys will continue to leverage on its core growth pillar foundations to benefit from the recovery of China high-speed rail expansion and continue to create value for our shareholders." About Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI)
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts