#None #Financial Reporting #Highway Holdings #Marcum Asia

Highway Holdings Appoints Marcum Asia as New Auditor

Highway Holdings Limited, listed on Nasdaq as HIHO, recently announced a significant change in its auditing practices with the appointment of Marcum Asia CPAs LLP, an established firm based in New York. This decision is pivotal as it reflects the company's dedication to maintaining transparency and professional standards for its stakeholders. The appointment is effective immediately, replacing the previous auditors, ARK Pro CPA Co., based in Hong Kong.

Commitment to High Standards

The transition to Marcum Asia follows a meticulous selection process, emphasizing the importance of professional financial reporting. Highway Holdings evaluated several top-tier audit firms to determine which could provide the best services to ensure compliance with financial regulations and industry standards.

Importantly, Highway Holdings clarified that there were no disagreements with ARK regarding accounting principles, practices, or any issues that could affect financial statement disclosures. No adverse opinions were reported in the financial statements for the past two fiscal years, confirming the company's sound fiscal management practices.

Professional Expertise of Marcum Asia

Marcum Asia brings a wealth of experience and a strong reputation for auditing and advisory services. Their international presence and expertise in serving clients across different sectors make them an ideal partner for Highway Holdings. The firm will oversee auditing the company’s financial statements and reporting processes, providing assurance that they align with best practices in financial reporting.

Roland Kohl, the CEO and Chairman of Highway Holdings, expressed enthusiasm about the new partnership, stating, "We are excited to welcome Marcum Asia as our new auditor...Their extensive experience and international presence make them the perfect partner to support our financial reporting processes and contribute to our continued growth."

A Strategic Move for Growth

The decision to appoint Marcum Asia is part of a broader strategic shift within Highway Holdings. This realignment comes at a time when the company is preparing for future growth, as it undergoes both restructuring and rejuvenation of its Board of Directors. The introduction of four new directors, each possessing considerable experience in multinational corporate environments, is aimed at enhancing expertise in finance, manufacturing, and strategic management.

Joy Pan, CPA and Senior Partner at Marcum Asia, also expressed excitement over the collaboration, stating, "We look forward to working with Highway Holdings’ leadership team to further strengthen their financial reporting processes and support their continued success."

About Highway Holdings

Highway Holdings is a manufacturer specializing in a wide range of parts and products primarily for blue-chip equipment manufacturers in Germany. The company’s main offices are in Hong Kong, while its manufacturing facilities are strategically located in Myanmar and China.

In conclusion, Highway Holdings’ choice of Marcum Asia marks a strategic step towards enhancing its auditing standards and financial reporting. By leveraging Marcum Asia’s commitment to excellence, Highway Holdings aims to bolster its position in the market and ultimately create greater shareholder value as it prepares for a promising future.