HONG
KONG, March 7, 2025 /PRNewswire/ -- Highway
Holdings Limited (Nasdaq: HIHO) (the "Company" or "Highway
Holdings") today announced the appointment of Marcum Asia CPAs LLP,
New York ("Marcum Asia") as its
new independent auditor, effective immediately and succeeding
Hong Kong-based ARK Pro CPA &
Co ("ARK"). The appointment is part of the Company's ongoing
commitment to maintaining the highest professional financial
reporting to its stakeholders.
This appointment follows a comprehensive selection process,
during which Highway Holdings evaluated several leading audit firms
to ensure the highest level of professional service and expertise.
The Company had no disagreements with ARK, whether or not resolved,
on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which, if not
resolved to the satisfaction of ARK, would have caused it to make
reference to the subject matter of the disagreement in connection
with its report. No report of ARK on the financial statements of
the Company for the past two fiscal years contained an adverse
opinion or disclaimer of opinion or was modified as to audit scope
or accounting principles.
This decision was adopted by the audit committee and ratified by
the board of directors of the Company.
Marcum Asia, a respected international accounting and advisory
firm, will now be responsible for auditing Highway Holdings'
financial statements and reporting processes. With a strong track
record in providing high-quality audit and assurance services,
Marcum Asia's team of experienced professionals will work closely
with Highway Holdings to ensure compliance with applicable
regulations and best practices in financial reporting.
"We are excited to welcome Marcum Asia as our new auditor as
part of the company's ongoing professional upgrading of corporate
standards in preparation for an upcoming generational transition,
higher future growth and increased shareholder value," said
Roland Kohl, CEO and Chairman of
Highway Holdings. "Their extensive experience and international
presence make them the perfect partner to support our financial
reporting processes and contribute to the continued growth and
success of our company."
"We are honored to have been selected by Highway Holdings as
their independent auditor," said Joy
Pan, CPA and Senior Partner at Marcum Asia. "We look forward
to working with their leadership team to further strengthen their
financial reporting processes and support their continued
success."
Today's appointment follows a comprehensive restructuring and
rejuvenation of Highway Holdings' Board of Directors to align with
supporting its long-term growth strategy. With the restructuring,
four new directors joined Highway Holdings bringing a wealth of
experience in multinational business environments, with expertise
in finance, manufacturing, entrepreneurship, strategy and
M&A.
About Marcum Asia
Marcum Asia CPAs LLP ("Marcum Asia") is a global network of
independent accounting and advisory firms, specializing in audit,
tax, and advisory services. With a focus on cross-border and
international businesses, Marcum Asia delivers tailored solutions
to help clients navigate complex financial environments and achieve
long-term success. For more information visit
www.marcumasia.com.
About Highway Holdings
Highway Holdings is an international manufacturer of a wide
variety of quality parts and products for blue chip equipment
manufacturers based primarily in Germany. Highway Holdings'
administrative offices are located in Hong Kong and its manufacturing facilities are
located in Yangon, Myanmar and
Shenzhen, China. For more
information visit website www.highwayholdings.com.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements, which involve risks and uncertainties, including but
not limited to economic, competitive, governmental, political and
technological factors affecting the company's revenues, operations,
markets, products and prices, and other factors discussed in the
company's various filings with the Securities and Exchange
Commission, including without limitation, the company's annual
reports on Form 20-F.
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SOURCE Highway Holdings Limited
