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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."