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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001021408-03-000069.txt : 20030106
<SEC-HEADER>0001021408-03-000069.hdr.sgml : 20030106
<ACCEPTANCE-DATETIME>20030106150717
ACCESSION NUMBER:		0001021408-03-000069
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWAY HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026785
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28990
		FILM NUMBER:		03504871

	BUSINESS ADDRESS:	
		STREET 1:		FLAT G,7/F,PHASE KINGSWAY INDUSTRIAL BLD
		STREET 2:		173-175 WO YI HOP RD
		CITY:			KWAL CHUNG NT HONG K
		STATE:			K3
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		LEVEL 8 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 810
		CITY:			SHEUNG SHUI HONG KONG
		STATE:			K3
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
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 <HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Washington, D.C. 20549 </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR SIZE="1" NOSHADE WIDTH="17%" COLOR="#000000"><DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>FORM 6-K </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"
COLOR="#000000"><B>REPORT OF FOREIGN ISSUER </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3" COLOR="#000000"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>For the month of December 2002 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR SIZE="1" NOSHADE WIDTH="17%" COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="6" COLOR="#000000"><B>HIGHWAY HOLDINGS LIMITED </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Translation of Registrant&#146;s Name Into English) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>Suite 810, Level 8 </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Landmark North </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>39
Lung Sum Avenue </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Sheung Shui </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>New Territories, Hong Kong
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Address of Principal Executive Offices) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR SIZE="1" NOSHADE WIDTH="17%"
COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.)&nbsp;&nbsp;Form 20-F&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT>&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;</FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)&nbsp;&nbsp;Yes&nbsp;&nbsp;</FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">&nbsp;&nbsp;No&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(If &#147;Yes&#148; is marked,
indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.) </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR SIZE="3" NOSHADE
COLOR="#000000" ALIGN="left">

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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Attached to this Report on Form 6-K is (i) a press release issued by the
registrant on December 2, 2002, (ii) a press release issued by the registrant on December 17, 2002, and (iii) a press release issued by the registrant on December 30, 2002. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>SIGNATURES </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV>
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<TD VALIGN="top" COLSPAN="3" WIDTH="45%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;HIGHWAY HOLDINGS LIMITED</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> </TD> </TR>
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<TD VALIGN="top" WIDTH="45%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Date: January 3, 2003 </FONT></DIV> </TD>
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<TD VALIGN="top" WIDTH="4%"> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;By:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="45%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/ ROLAND W. KOHL</FONT></DIV> <HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD> </TR>
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<TD VALIGN="bottom" WIDTH="45%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;Roland W. Kohl</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive
Officer</FONT></DIV> </TD> </TR>
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<TD VALIGN="top" ALIGN="right" WIDTH="9%"> <DIV STYLE="margin-left:2%; text-indent:-2%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>CONTACT:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B></B>Gary S. Maier</FONT></DIV> </TD> </TR>
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<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">PondelWilkinson MS&amp;L</FONT></DIV> </TD> </TR>
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<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(323) 866-6024</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY HOLDINGS&#146; METAL STAMPING OPERATION RECEIVES
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ISO 9001 CERTIFICATION </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>HONG KONG</B> &#151; December 2, 2002 &#151; Highway Holdings Limited (NASDAQ:HIHO) today announced its wholly owned subsidiary Nissin Precision Metal Manufacturing Limited has been registered for ISO 9001 certification by
Rheinisch-Westfalischer TUV e.V. under Certificate Registration No. 0410021295. TUV is a global leader in quality management registrations. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">TUV thoroughly audited Nissin&#146;s quality system and found it to be in complete compliance with the International Organization for Standardization (ISO) 9001: 2000 Quality Management System (QMS),
the global standard for quality assurance in the manufacturing industry. TUV will conduct annual audits to verify continued conformity and to contribute to process improvements. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;Achieving ISO 9001:2000 certification further demonstrates Highway Holdings&#146; ongoing commitment to quality and continuous improvement to the process inherent to
the ISO management system,&#148; said Roland Kohl, chairman and chief executive officer for Highway Holdings. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">&#147;While our long-time Japanese and German blue chip customers have always recognized Highway Holdings&#146; high quality manufacturing capabilities, certification offers a level of comfort that is invaluable to our customers and
advantageous to our marketing efforts,&#148; Kohl added. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Highway Holdings manufactures a wide variety of
high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company&#146;s own Kienzle Uhren brand name, as well as for unaffiliated clock companies.
Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People&#146;s
Republic of China and in Bulgaria. </FONT></DIV>
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<TD VALIGN="top" WIDTH="9%"> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>CONTACT:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Gary S. Maier</FONT></DIV> </TD> </TR>
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<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">PondelWilkinson MS&amp;L</FONT></DIV> </TD> </TR>
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<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(323) 866-6024</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY HOLDINGS RECEIVES INITIAL OEM ORDERS FROM LEADING
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>JAPANESE ELECTRONICS FIRM </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>&#151;Company Poised to Benefit from Two-Year Engineering Investment in Radio&#150; </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Controlled Clock Technology &#151;
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HONG KONG</B> &#151; December 17, 2002 &#151; Highway Holdings Limited (NASDAQ:HIHO) today announced it
has received two initial orders from a major Japanese electronics customer to manufacture a digital radio-controlled alarm clock and a medication timer that dispenses five separate doses. Production of these new products has begun, with delivery of
the first orders scheduled for January 2003. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The customer has indicated that these initial orders represent the
beginning of an OEM manufacturing relationship that is expected to continue on a monthly basis. Future orders for these products will depend on a number of factors, including product sales, but could reach a value of approximately $3 million on an
annualized basis. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">In addition to these two products, the customer has expressed strong interest in Highway
Holdings&#146; analog/digital radio-controlled clock technology, which utilizes a unique patent-pending four- stepping motor design that allows the clock to simultaneously operate analog and digital displays. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;We are gratified by the confidence placed in Highway Holdings by this major Japanese electronics customer. The opportunities are
exciting and significant, especially for our radio-controlled analog and digital clock combination, which is the only clock of its kind in the market today. The uniqueness of this product and its advanced technology is clearly attractive to our
Japanese customer and we look forward to further developing the relationship,&#148; said Roland Kohl, chairman and chief executive officer for Highway Holdings. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Kohl noted that Highway Holdings is presently adapting its four-stepping motor designed clock to the specific requirements of the customer. Although the company has not yet received a purchase order,
it is optimistic that production of this new analog/digital radio controlled alarm clock will commence in the second half of 2003. </FONT></DIV>

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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;Our new Japanese customer is the result of a two-year engineering
investment, which included the necessary adjustments to Highway Holdings&#146; production facility to meet specific requirements, before the client&#146;s Japanese management was willing to commit to an OEM- relationship. We believe this customer
could become the company&#146;s single largest OEM-account if all proposed product sales materialize as currently contemplated.&#148; Kohl said. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Highway Holdings manufactures a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under
the company&#146;s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in
Hong Kong and operates manufacturing facilities both in Shenzhen province of the People&#146;s Republic of China and in Bulgaria. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"># # # </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:2%; text-indent:2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><I>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&#146;s revenues,
operations, markets, products, prices, the revenue potential from the analog and digital radio-controlled clock business, and other factors discussed in the company&#146;s various filings with the Securities and Exchange Commission, including
without limitation the company&#146;s periodic and annual reports on Form 20-F. </I></FONT></DIV>
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<TD VALIGN="top" ALIGN="right" WIDTH="9%"> <DIV STYLE="margin-left:2%; text-indent:-2%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>CONTACT:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B></B>Gary S. Maier</FONT></DIV> </TD> </TR>
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<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">PondelWilkinson MS&amp;L</FONT></DIV> </TD> </TR>
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<TD VALIGN="bottom" WIDTH="90%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(323) 866-6024</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HIGHWAY HOLDINGS ADDS WATCH MANUFACTURING CAPABILITES </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>&#151; Initiates Sales Strategy Utilizing Marketing Partner Relationship &#151; </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>HONG KONG </B>&#151; December 30, 2002 &#151; Highway Holdings Limited<B> </B>(NASDAQ:HIHO) today announced it has added
watch-manufacturing capabilities to its clock division with the establishment of a semi-automatic watch production line to produce daily capacity of more than 1,000 pieces.<B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Highway Holdings said revenues to date from its watch operation for fiscal 2003 already exceed $1.0 million, compared with about $450,000 in the company&#146;s fiscal year
2002 ended March 31. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;The expansion into watches is a natural extension of the company&#146;s purchase in
1997 of Kienzle Uhren, a German clock company founded in 1822,&#148; said Roland Kohl, chairman and chief executive officer of Highway Holdings. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">He noted the company began marketing watches about a year and a half ago, with growth accelerating during the past nine months. &#147; Starting with the watch business, we recognized early on the
tremendous growth potential from utilizing the Kienzle brand name. The relationship with Societa Italiana Orologi Kienzle, an independent Italian watch and clock distributor, helped to jump-start our entry into the watch business by allowing us to
apply their knowledge and experience obtained through being a supplier with a full-range of watches,&#148; Kohl said. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">He noted that Societa Italiana Orologi Kienzle has the rights to the Kienzle watch and clock brand name only in Italy, with Highway Holdings owning the brand in the rest of the world. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;Societa Italiana Orologi Kienzle has been a long-time clock customer and the relationship expanded with Highway Holdings&#146;
purchase of watches by our subsidiaries, Kienzle Time HK Ltd. and Kienzle Uhrenfabriken GmbH, for sale outside the Italian market,&#148; Kohl said. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">He added that the arrangement helped to secure several additional customers, </FONT></DIV>

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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">including Quelle AG &#151;a highly regarded German mail order firm &#151; as a client. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Kohl also noted that due to the new watch business, the web page and Internet shop of Kienzle Uhrenfabriken GmbH,
<U>www.kienzleuhren.de</U>, has received considerable interest, fueled by the potential of the brand name. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">&#147;Lately, the web page has recorded close to 1000 web-page hits a day &#151; a five-fold increase over last year without advertisement or promotion,&#148; Kohl said. He added, &#147;Tremendous growth potential for Highway
Holdings can be realized through the utilization of the Kienzle brand name for the company&#146;s watch business, with even further opportunities through the establishment of additional marketing relationships &#150; which we are
considering.&#148;<I></I> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B></B>Highway Holdings manufactures a wide variety of high-quality metal parts and
components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company&#146;s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings
manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People&#146;s Republic of China and in
Bulgaria. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"># # # </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><I>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&#146;s revenues, operations, markets, products, prices, the revenue potential from its watch business, and other factors discussed in the company&#146;s
various filings with the Securities and Exchange Commission, including without limitation the company&#146;s periodic and annual reports on Form 20-F. </I></FONT></DIV>
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