BEIJING, Oct 29, 2012 /PRNewswire-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 provide the Line-side Electronic Unit (LEU) and Balise to Chongqing-Lichuan high-speed rail line. The contract is valued at approximately US $2.85 million or RMB 17.98 million.
LEU and Balise together is a portion of the ground-based high-speed rail signaling system. The ground-based signaling system normally includes Train Control Center (TCC), Temporary Speed Restriction Server (TSRS), LEU, Balise and other auxiliary equipments. The TCC and TSRS supplying contract will be in a separate bidding in the near term. The separate biding of the main portions of the ground-based signaling system is mainly because of the different funding sources by Ministry of Railways to construct this line.
Chongqing-Lichuan high-speed rail line connects Chongqing city and Lichuan city in Hubei Province, which is an important portion of one of the "Four Horizontals" - Shanghai- Wuhan- Chengdu high-speed rail line. Chongqing-Lichuan line's designed traveling speed is 200 km/h with 262km in total length.
Changli Wang, Chairman and CEO of Hollysys, commented: "We are pleased of winning this contract to supply the ground-based signaling equipments to Chongqing-Lichuan line, which established a solid foundation to further explore the southwest high-speed rail market of
China. We are expecting continuous contract awards by Ministry of Railways seeing that
China has expedited high-speed rail construction to ease the transportation and to fuel economy growth. We believe that with our solid market position, strong R&D capability and well-reputed track records, Hollysys will continue to benefit from
China's high-speed rail expansion and create value for our shareholders."
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