<SEC-DOCUMENT>0001213900-19-014111.txt : 20190731
<SEC-HEADER>0001213900-19-014111.hdr.sgml : 20190731
<ACCEPTANCE-DATETIME>20190731112031
ACCESSION NUMBER:		0001213900-19-014111
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20190730
FILED AS OF DATE:		20190731
DATE AS OF CHANGE:		20190731

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:	001-38490
		FILM NUMBER:		19987869

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		011-86-755-2813-6056

	MAIL ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k073019_highwayholdings.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORT
OF FOREIGN PRIVATE ISSUER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURSUANT
TO RULE 13a-16 OR 15d-16 OF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
SECURITIES EXCHANGE ACT OF 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the month of July 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File Number 000-28990</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>HIGHWAY
HOLDINGS LIMITED</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of Registrant&rsquo;s Name Into English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1801, Level 18</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Landmark
North</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39
Lung Sum Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sheung
Shui</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New Territories, Hong Kong</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of Principal Executive Offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;20-F
&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;40-F &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T&nbsp;Rule 101(b)(1): ___</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T&nbsp;Rule 101(b)(7): ___</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2019, Highway Holdings Limited (the &ldquo;Company&rdquo;) issued a press release announcing its results for its fiscal
fourth quarter and year ended March 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 31, 2019 the Company mailed to its shareholders certain materials related to the Annual Meeting of Shareholders to be held
at the offices of TroyGould PC, 1801 Century Park East, 16<SUP>th</SUP> Floor, Los Angeles, California U.S.A., on Tuesday, September
10, 2019. The Annual Meeting materials included the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Annual Report, which consisted of the Form 20-F report filed on July 2, 2019 with the U.S. Securities and Exchange Commission
and a letter to the shareholders from the Company&rsquo;s President and Chief Executive Officer. The Form 20-F is available on
the SEC&rsquo;s website at http://www.sec.gov and the full Annual Report is available at the Company&rsquo;s website at www.highwayholdings.com,
Investor Information. Attached hereto is a copy of the letter to the shareholders that was included in the Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s Notice of Annual Meeting of Shareholders and the Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
Index</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="f6k073019ex99-1_highway.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    release issued on July 30, 2019.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="f6k073019ex99-2_highway.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Annual Meeting of Shareholders and the Proxy Statement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="f6k073019ex99-3_highway.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter
    to shareholders.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIGHWAY
    HOLDINGS LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 1.5pt; width: 60%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;July
    31, 2019</FONT></TD>
    <TD STYLE="padding: 0 0 1.5pt; width: 4%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By </FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; width: 36%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ ROLAND W. KOHL</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roland W. Kohl</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f6k073019ex99-1_highway.htm
<DESCRIPTION>PRESS RELEASE ISSUED ON JULY 30, 2019
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="ex99-1_001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>NEWS RELEASE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTACT:</FONT></TD>
    <TD STYLE="width: 85%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gary
    S. Maier</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maier
    &amp; Company, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0">(310) 471-1288</P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HIGHWAY HOLDINGS REPORTS FISCAL 2020
FIRST QUARTER RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B>HONG KONG
&mdash; July 30, 2019 &mdash;</B> Highway Holdings Limited (<B>Nasdaq: HIHO</B>) today reported results for its fiscal 2020
first quarter ended June 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Net loss for the fiscal
first quarter was $102,000, or $0.03 per share, compared with net income of $82,000, or $0.02 per diluted share, last year. Net
sales for the same period were $2.8 million compared with $4.1 million a year earlier.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&ldquo;As noted in the
company&rsquo;s fiscal year-end release, our business is being impacted by a large reduction in orders from two of our larger OEM
customers, which we believe is due in part to a decrease in sales by those OEM customers and the ever-increasing manufacturing
costs in China -- causing some of our customers to move their business to other lower-cost suppliers. We have made progress in
our efforts to reduce this trend by convincing some of our customers to transfer a substantial amount of their business to our
new factory in Myanmar. Unfortunately, the savings through the lower manufacturing costs in Myanmar is being substantially passed
through to our customers; therefore, in the short term, this action will lead to lower sales turnover and lower margin for this
business,&rdquo; said Roland Kohl, chairman, president and chief executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Kohl noted that the company&rsquo;s
ongoing cost-cutting initiatives and the expected benefits of increased utilization of Myanmar will not be fully realized until
the transfer of business and machinery from the company&rsquo;s Shenzhen, China, facility to the Myanmar facility is completed.
&ldquo;We expect the timing of these factors will have a short-term impact, but we remain cautiously optimistic about the expected
long-term benefits to be realized from our emerging operations in Myanmar,&rdquo; Kohl said.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Gross profit for the 2020
fiscal first quarter was $746,000 compared with $1.04 million in the same period a year ago, with gross profit as a percentage
of sales remaining unchanged at 26 percent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Selling, general and administrative
expense for the 2020 fiscal first quarter decreased by $89,000 but increased as a percentage of net sales to 32 percent from 25
percent due of the decrease in net sales and increased costs associated with the Myanmar transition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The company realized a
currency exchange gain of $41,000 in the quarter compared with an exchange gain of $33,000 in the same period last year, primarily
due to a weakening RMB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Kohl highlighted the company&rsquo;s
solid financial position, with cash and restricted cash of $ 8.3 million -- exceeding combined short- and long-term liabilities
by $2.3 million. At June 30, 2019, the company had working capital of $8 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Total shareholders&rsquo;
equity at June 30, 2019 was $10 million compared with $10.1 million as of March 31, 2019. The company&rsquo;s current ratio at
June 30, 2019 was 2.42:1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><B>About Highway Holdings
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Highway Holdings produces a wide variety
of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and
finished products. Highway Holdings&rsquo; administrative offices are located in Hong Kong and its manufacturing facilities are
located in Shenzhen in the People&rsquo;s Republic of China and Myanmar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><I>Except for the historical information
contained herein, the matters discussed in this press release, including all statements about operations in Yangon, Myanmar and
the company&rsquo;s longer-term business outlook, are forward-looking statements which involve risks and uncertainties, including
but not limited to economic, competitive, governmental, political and technological factors affecting the company&rsquo;s revenues, operations,
markets, products and prices, and other factors discussed in the company&rsquo;s various filings with the Securities and Exchange
Commission, including without limitation, the company&rsquo;s annual reports on Form 20-F.</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Financial Tables Follow)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"># # #</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Consolidated Statement of Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Dollars in thousands, except per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Quarter Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2019</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2018</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,845</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,050</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Cost of sales</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,099</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,007</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">912</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,001</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating (loss) / income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-operating income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 13.5pt">Exchange gain (loss), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.5pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 13.5pt">Gain/(loss) on disposal of asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 13.5pt">Other income (expense)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 25.45pt">Total non-operating income (expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -27.5pt; padding-left: 27.5pt">Net (loss)/income before income tax and non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(113</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Income taxes</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(32</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net (loss)/ income before non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(113</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Less: <FONT STYLE="font-family: Times New Roman, Times, Serif">net gain/(loss) attributable to non-controlling interests</FONT></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net (loss)/income attributable to Highway Holdings Limited&rsquo;s Shareholders</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(102</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">82</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net (loss)/income per share &ndash; basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.03</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.02</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted average number of shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; padding-left: 12pt">Basic</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,802</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,802</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 4pt; padding-left: 12pt">Diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,802</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,802</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">HIGHWAY
HOLDINGS LIMITED AND SUBSIDIARIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Consolidated Balance Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(In thousands, except per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>June 30</B></TD><TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>March 31</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2019</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2019</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><U>Current assets:</U></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; text-indent: 11pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8,319</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8,827</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 11pt">Accounts receivable, net of doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 11pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,539</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 11pt">Prepaid expenses and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">677</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 12.1pt">Operating leases</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">753</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 33pt">Total current assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,864</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,352</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">886</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,157</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long-term deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Long-term loan receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Long-term rental prepayment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">871</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total assets</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">16,065</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">15,250</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 12.1pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,161</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 11pt">Accrued expenses and other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,989</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 11pt">Lease liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 11pt">Income tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">602</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 11pt">Dividend payable</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">329</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">329</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 11pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,723</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,081</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 37.05pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lease liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Deferred income taxes</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">32</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">32</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,992</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,113</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 38.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left; padding-left: 12pt">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Common shares, $0.01 par value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 11pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 11pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,335</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,233</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 11pt">Accumulated other comprehensive income/(loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1.05pt; padding-left: 12.1pt">Treasury shares, at cost &ndash; 5,049 shares as of June 30, 2019; and on March 31, 2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -1.05pt; padding-left: 12.1pt">Non-controlling interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">38</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -1.05pt; padding-left: 12.1pt">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,073</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,137</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 12pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total liabilities and shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">16,065</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">15,250</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f6k073019ex99-2_highway.htm
<DESCRIPTION>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND THE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HIGHWAY HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1801, Level 18</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Landmark North </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>39 Lung Sum Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sheung Shui</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New Territories, Hong Kong</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 10, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice is hereby given
that the Annual Meeting of Shareholders of Highway Holdings Limited (the &ldquo;Company&rdquo;), will be held at the offices of
TroyGould PC, 1801 Century Park East, Suite 1600, Los Angeles, California U.S.A., on Tuesday, September 10, 2019, at 10:00 a.m.,
for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(1)&nbsp;To
elect three members of the Company&rsquo;s Board of Directors to serve until the 2022 Annual Meeting of Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(2)&nbsp;To
ratify the appointment by the Board of Directors of Deloitte Touche Tohmatsu as the independent accountants of the Company for
the fiscal year ending March 31, 2020; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(3)&nbsp;To
transact such other business as may properly come before the meeting or any adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your attention is directed
to the accompanying proxy statement. Only shareholders of record at the close of business on July 25, 2019 will be entitled to
notice of and to vote at the meeting and any adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Important Notice Regarding
the Availability of Proxy Materials for the Shareholders&rsquo; Meeting to Be Held on Tuesday, September 10, 2019 at 10:00 a.m.
Pacific time at the offices of TroyGould PC, 1801 Century Park East, Suite 1600, Los Angeles, California U.S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>The Proxy Statement
and 2019 annual report to shareholders, or Annual Report, are available at http://www.edocumentview.com/HIHO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Order of the Board of Directors</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ex99-2_001.jpg" ALT="Text Box:  " STYLE="height: 70px; width: 131px"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Alan Chan</B>, Secretary</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 31, 2019</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are cordially invited to attend
the Annual Meeting in person. Whether or not you expect to attend the Annual Meeting, please complete, date, sign and return the
enclosed proxy, or vote over the Internet as instructed in these materials, as promptly as possible in order to ensure your representation
at the Annual Meeting. A return envelope (which is postage prepaid if mailed in the United States) has been provided for your convenience.
Even if you have voted by proxy, you may still vote in person if you attend the Annual Meeting. Please note, however, that if your
shares are held of record by a broker, bank or other nominee and you wish to vote at the Annual Meeting, you <FONT STYLE="font-family: Times New Roman, Times, Serif">must
obtain a legal proxy issued in your name from the holder of record.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">HIGHWAY HOLDINGS LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1801, Level 18</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Landmark North </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>39 Lung Sum Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sheung Shui</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New Territories, Hong Kong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROXY STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annual Meeting of Shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 10, 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INTRODUCTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Persons Making the Solicitation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Proxy Statement
is furnished in connection with the solicitation by the Board of Directors of Highway Holdings Limited, a British Virgin Islands
corporation (the &ldquo;Company&rdquo;), of proxies for use at the Annual Meeting of Shareholders to be held at 10:00 a.m. at the
offices of TroyGould PC, 1801 Century Park East, Suite 1600, Los Angeles, California U.S.A., on Tuesday, September 10, 2019, and
at any adjournment thereof (the &ldquo;Annual Meeting&rdquo;). This proxy statement is first being mailed to shareholders on or
about July 31, 2019. You are requested to submit your proxy by internet by following the internet voting instructions on the enclosed
proxy card, or to sign, date and return the enclosed proxy card in order to ensure that your shares are represented at the Annual
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A form of proxy is
enclosed for your use. The shares represented by each properly executed unrevoked proxy will be voted as directed by the shareholder
executing the proxy. If no direction is made, the shares represented by each properly executed unrevoked proxy will be voted (i)&nbsp;&ldquo;FOR&rdquo;
the election of management&rsquo;s nominees for the Board of Directors to be elected as Class III directors to serve until the
2022 Annual Meeting of Shareholders, and (ii) &ldquo;FOR&rdquo; the ratification of the appointment by the Board of Directors of
Deloitte Touche Tohmatsu as the independent accountants of the Company for the fiscal year ending March 31, 2020. With respect
to any other item of business that may come before the Annual Meeting, the proxy holders will vote the proxy in accordance with
the recommendation of management of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The cost of solicitation
of proxies, including the cost of preparation and mailing of the Notice of Annual Meeting, this Proxy Statement, and the enclosed
proxy, will be borne by the Company. It is anticipated that brokerage houses, fiduciaries, nominees, and others will be reimbursed
for their out-of-pocket expenses in forwarding proxy material to beneficial owners of stock held in their names. Directors, officers,
or employees of the Company may solicit proxies by telephone or in person without additional compensation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">How to Vote</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><I>Shareholder
of Record: Shares Registered in Your Name</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If on the Record Date
your shares were registered directly in your name with our transfer agent, Computershare, then you are a shareholder of record.
If you are a shareholder of record, there are three ways to vote:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>By Internet</I>
&ndash; To vote through the Internet, go to www.investorvote.com/HIHO to complete an electronic proxy card. You will be asked to
provide the control number from the enclosed proxy card. Your Internet vote must be received by 1:00 a.m. Central Time on September
10, 2019 to be counted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>By Mail</I> &ndash;
You may do this by marking, dating and signing your proxy card or, for shares held in street name, the voting instruction card
provided to you by your broker or nominee, and mailing it in the enclosed, pre-addressed envelope.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>In Person</I> &ndash;
You may vote in person at the Annual Meeting and we will give you a ballot when you arrive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Beneficial Owner:
Shares Registered in the Name of Broker, Bank or Other Nominee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are a beneficial
owner of shares registered in the name of your broker, bank, or other nominee, you should have received a voting instruction form
with these proxy materials from that organization rather than from us. Simply complete and mail the voting instruction form to
ensure that your vote is counted. Alternatively, you may vote over the Internet as instructed by your broker, bank or other nominee.
To vote in person at the Annual Meeting, you must obtain a valid proxy from your broker, bank or other nominee. Follow the instructions
from your broker, bank or other nominee included with these proxy materials, or contact your broker, bank or other nominee to request
a proxy form.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revocability of Proxy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any proxy given by
a shareholder of the Company may be revoked at any time before it is voted at the Annual Meeting by a written notice to the Secretary
of the Company, or upon request if the shareholder is present at the meeting. Each valid proxy submitted by internet, or returned
via mail, that is not revoked, unless indicated otherwise on the proxy card, will be voted in the election of directors for the
nominee as described herein.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of record of
the Company&rsquo;s Common Shares, $0.01 par value (the &ldquo;Common Shares&rdquo;), at the close of business on July 25, 2019
(the &ldquo;Record Date&rdquo;) are entitled to notice of and to vote at the meeting or any adjournment thereof. As of the Record
Date, there were 3,801,874 Common Shares issued and outstanding. Holders of Common Shares are entitled to cast one vote per share
on each matter presented for consideration and action by the shareholders. The presence, in person or by proxy, of shareholders
entitled to cast at least a majority of the outstanding Common Shares will constitute a quorum for the transaction of business
at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Abstentions may be
specified as to all proposals to be brought before the Annual Meeting other than the election of directors. Votes cast by proxy
or in person at the Annual Meeting will be tabulated by the inspectors of election appointed for the meeting, and will determine
whether or not a quorum is present. The inspectors of election will treat abstentions as shares that are present and entitled to
vote for purposes of determining the presence of a quorum, but as unvoted for purposes of determining the approval of any matter
submitted to the shareholders for a vote. Ratification of the appointment of the independent accountants will require the affirmative
vote of at least a majority in voting interest of the shareholders present in person or by proxy at the Annual Meeting and entitled
to vote thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The directors to be
elected at the Annual Meeting will be elected by a plurality of the votes cast. Nominees receiving the highest number of affirmative
votes cast, up to the number of directors to be elected, will be elected as directors. Only votes cast for a nominee will be counted,
except that each properly executed unrevoked proxy will be voted for management&rsquo;s nominee for the Board of Directors in the
absence of instructions to the contrary. Abstentions, broker non-votes and instructions on a proxy to withhold authority to vote
for management&rsquo;s nominees will result in the respective nominees receiving fewer votes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Annual Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Proxy Statement
is accompanied by the Annual Report of the Company for the fiscal year ended March 31, 2019. Shareholders are encouraged to read
the Annual Report in connection with the information contained herein. This proxy statement, the proxy card and the Annual Report
are available at http://www.investorvote.com/HIHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>What is the quorum
requirement?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A quorum of shareholders
is necessary to hold a valid meeting. A quorum will be present if stockholders holding at least a majority of our then outstanding
shares of the common stock entitled to vote are present at the Annual Meeting in person or represented by proxy. On the Record
Date, there were 3,801,874 shares issued and outstanding and entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your shares will be
counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank or other nominee)
or if you vote in person at the Annual Meeting. If there is no quorum, the holders of a majority of shares present at the Annual
Meeting in person or represented by proxy may adjourn the Annual Meeting to another date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>What if I return a
proxy card or otherwise vote but do not make specific choices?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you return a signed
and dated proxy card or otherwise vote without marking voting selections, your shares will be voted, as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &ldquo;<B>For</B>&rdquo; the election of three (3) Class III directors to serve on our Board for three-year terms.</P>





<P STYLE="margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &ldquo;<B>For</B>&rdquo; the ratification of the selection of Deloitte Touche Tohmatsu as our independent registered public accounting firm for the fiscal year ending March 31, 2020.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any other matter
is properly presented at the Annual Meeting, your proxyholder (named on your proxy card) will vote your shares using their best
judgment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROPOSAL I - ELECTION OF DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The directors and executive
officers of the Company as of July 31, 2019 are listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: top">Name</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; vertical-align: top">Age</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">Positions</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 42%; text-align: left; vertical-align: top">Roland W. Kohl</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: top">70</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: left">Chief Executive Officer, Director, Chairman of the Board</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Ringo Tsang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">53</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Alan Chan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">55</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Financial Officer, Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Tiko Aharonov <SUP>(1) (2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">72</TD><TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Uri Bernhard Oppenheimer <SUP>(1) (2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">83</TD><TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Kevin Yang Kuang Yu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">62</TD><TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Irene Wong Ping Yim <SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">53</TD><TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Brian Geary <SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">62</TD><TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">George Leung Wing Chan <SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">66</TD><TD>&nbsp;</TD>
    <TD>Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Current member of Audit Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Member of Compensation Committee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Directors hold
office until their term has expired and they are re-elected at an annual meeting of shareholders. The Company&rsquo;s Amended and
Restated Memorandum and Articles of Association provide that the Board of Directors is divided into three classes of directors
with staggered terms of office. At each annual meeting of shareholders, the members of one class of directors will be elected for
a term of office to expire at the third succeeding annual meeting of shareholders after their election, and until their successors
have been duly elected and qualified. At the Annual Meeting, the terms of one class of directors (consisting of Shlomo Tamir, Kevin
Yang Kuang Yu and George Leung Wing Chan) will expire, and nominees for that class will be nominated elected to hold office for
a three-year term expiring at the 2022 annual meeting. All directors hold office until their respective terms expire and until
his or her successor is elected, or until his or her death, resignation, or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The three candidates
receiving the highest number of affirmative votes cast at the Annual Meeting shall be elected as directors of the Company. Each
nominee listed below has agreed to serve if elected. If for any reason any nominee named below is not a candidate when the election
occurs, the Company intends to vote proxies for the election of the other nominees named below and may vote for any substitute
nominee or, in lieu thereof, our Board of Directors may reduce the number of directors in accordance with our Amended and Restated
Memorandum and Articles of Association. Unless otherwise instructed, the Proxy holders will vote the Proxies received by them in
a manner that will result in the election of the three nominees named below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have three incumbent
directors in Class II whose term expires at the Annual Meeting. The Board of Directors has nominated the incumbent Class III directors,
Roland W. Kohl, Tiko Aharonov and Irene Wong Ping Yim for reelection as Class III directors to serve until the 2022 Annual Meeting
of Shareholders and until their successors are duly elected and qualified. We believe that Roland W. Kohl, Tiko Aharonov and Irene
Wong Ping Yim will be available and able to serve as directors. In the event that any one of them is unable or unwilling to serve,
the proxy holders will vote the proxies for such other nominee as they may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Roland W. Kohl.
</B> Mr. Kohl was the founder of the Company and has been its Chief Executive Officer since its inception in 1990. He has been
a Director of the Company since March 1, 1995. He has overall responsibility for the day-to-day operations of the Company and its
subsidiaries. Prior to forming the Company, Mr. Kohl was the Managing Director of Dialbright Company Limited, a camera manufacturer
located in China. Mr. Kohl received a degree in mechanical engineering and has over twenty years&rsquo; experience in managing
factories and manufacturing operations in China. Mr. Kohl is a German national and resides in Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has concluded that Mr. Kohl should be re-elected because he is a founder of the Company and has been its Chief Executive Officer
since its inception. As a result, he has invaluable experience with the Company and the industry in which the Company operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Tiko Aharonov. </B>
Mr. Aharonov has been a Director of the Company since its inception in 1990 and was a General Manager of the Company&rsquo;s camera
operations from 1998 to 2004. Until the closing of the Company&rsquo;s Bulgarian facility in 2004, Mr. Aharonov acted as the General
Manager of the Bulgarian operations. He was a bank manager for a leading Israeli commercial and retail bank from 1969 to 1989 and
has operated his own real estate and investment company for high net worth individuals desiring to invest in real estate in Israel.
Mr. Aharonov also represents investors in real estate in Bulgaria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has concluded that Mr. Aharonov should be re-elected because of his extensive experience with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Irene Wong Ping
Yim.</B> Ms. Wong was elected to the Board of Directors in July 2005. For over ten years, Ms. Wong was the Chief Accountant of
CNIM Hong Kong Ltd. From 1994 to 2001, she was the Accounting Manager of Highway Holdings. Ms. Wong graduated from Deakin University
with a master degree in Business Administration. She is currently a fellow member of the Association of Chartered Certified Accountant
and a member of Hong Kong Institute of Certified Public Accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
believes that Ms. Wong should be re-elected because her extensive accounting background and expertise are a valuable resource to
the Board of Directors. Ms. Wong also has extensive knowledge and understanding about the Company&rsquo;s financial position and
background, having been the Company&rsquo;s Accounting Manager for seven years. In addition, since she has a degree in accounting,
she is able to serve as the &ldquo;audit committee financial expert&rdquo; of the Audit Committee.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Continuing Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
description of the incumbent Class I and Class II directors whose terms of office will continue after the Annual Meeting:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Class I &mdash; Nominees to Serve as Directors
Until the 2020 Annual Meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Uri Bernhard Oppenheimer.</B>
Mr. Oppenheimer has served on the Board of Directors since July 2005. Mr. Oppenheimer is founder, managing director and the majority
owner of U.B. Oppenheimer GmbH in Germany and MIG Germany GmbH in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
believes that Mr. Oppenheimer is a valuable member of the Board of Directors because his extensive business experience, particularly
with German companies (German companies are currently among the Company&rsquo;s largest clients), is an important contribution
to the functions of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Brian Geary.</B>
Mr. Geary was appointed to the Board of Directors in December 2005. Since 2009, Mr. Geary has been the President and owner of Stretch
Forming Corporation, a metal forming technologies company. From 2002 until 2009, Mr. Geary was a director of LMI Aerospace, a public
company that manufactures components, assemblies, and kits for the aerospace, defense, and technology industries. From 1978 until
2002, Mr. Geary was the President and owner Versaform Corp. and Versaform Canada, two companies that were sold to LMI Aerospace
in 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has concluded that Mr. Geary is a valuable member of the Board of Directors due to his extensive background in manufacturing management
and because he provides valuable insight into business relations with the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Class II Directors
Continuing in Office Until the 2021 Annual Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Kevin Yang Kuang
Yu. </B> Mr. Yang was elected to the Board of Directors in July 2005. From 2004 until his retirement in 2013, Mr. Yang was the
China-USA Director of Holt Asia LLC (now owned by Chesta Co., Inc.) in the U.S. Prior thereto, from 2000 to May 2003, Mr. Yang
set up and managed a factory in Shanghai for CHT Co., Limited ( now owned by Chesta Co., Inc.) and controlled and managed other
manufacturing facilities in China. Mr. Yang has also been involved with the trading companies that were engaged in exporting products
to the US.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has determined that Mr. Yang is a valuable member of the Board of Directors because of his background in manufacturing management,
especially in China, and his experience in dealing with U.S./China business relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>George Leung Wing
Chan. </B> Mr. Leung was appointed to the Board of Directors in December 2005. Since 2004, Mr. Leung has been a management consultant.
Prior thereto, from 1995 to 2004, he was the Managing Director/Vice President of Lucky Metal &amp; Plastic Mfg. Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has concluded that Mr. Leung is a valuable member of the Board of Directors because he has extensive background in manufacturing
management, particularly in metal and plastics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
directors listed above, the following are the other principal members of the Company&rsquo;s management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Alan Chan. </B>Mr.
Chan was appointed as the Company&rsquo;s Chief Financial Officer and Secretary in September 2010. From June 2009 until he joined
the Company, Mr. Chan served as chief financial officer for a joint venture in China with Laureate Education Group. He previously
served as vice president and chief financial officer for DeCoro, an Italian sofa manufacturer with two facilities in Shenzhen,
and as financial controller for San Miguel Shunde Brewery Co. Ltd., a foreign joint venture engaged in the manufacturing and sale
of beer products for China and overseas markets. He also served as financial controller for Hua Yang Printing Holdings Co. Ltd.,
a manufacturer of children&rsquo;s paper products. Mr. Chan began his professional career as an accountant with Nelson Wheeler,
an Australian CPA firm, and subsequently with PricewaterhouseCoopers &mdash; formerly Coopers and Lybrand. Mr. Chan earned a Master
of Arts degree in accounting from Curtin University in Australia and a Bachelor of Arts degree from the University of Lancaster
in the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Ringo Tsang</B>.
Mr. Tsang was appointed as the Chief Operating Officer in November 2017. Mr. Tsang joined the Company in March 2009 as a Production
Engineer and was promoted to Chief Technology Officer in 2010. Since becoming Chief Technology Officer, Mr. Tsang has been in charge
of the Company&rsquo;s engineering department, its tool shop, its Computer Numerical Control (CNC) tooling system, and its automation
and information technologies. Mr. Tsang has a Bachelor of Science degree in mechanical engineering, and a Masters degree in each
of Business Administration, Information Systems, and Professional Accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Officers are elected
by and serve at the discretion of the Board of Directors. There is no family relationship between any of the above-named officers,
directors or employees. To the Company&rsquo;s knowledge, no arrangement or understanding exists between any such director and
executive officer and any major shareholder, customer, supplier or other party pursuant to which any director or executive officer
was elected as a director or executive officer of the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board and Committee Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
held four meetings during the fiscal year ended March 31, 2019. Each director attended at least 75% of the aggregate of the total
meetings of the Board of Directors and the total number of meetings of all Board committees on which he or she served that were
held during the portion of the 2019 fiscal year in which he or she served as a director or served on such committees, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has two standing committees: (i) an Audit Committee, and (ii) a Compensation Committee.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Audit Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During fiscal 2019,
the members of the Audit Committee of the Board of Directors were Irene Wong Ping Yim, Uri Bernhard Oppenheimer, George Leung Wing
Chan, and Tiko Aharonov (Shlomo Tamir also served on the Audit Committee until his resignation on September 14, 2018). The Audit
Committee reviews, acts on and reports to the Board of Directors on various auditing and accounting matters, including the selection
of the Company&rsquo;s auditors, the scope of the annual audits, fees to be paid to the auditors, the performance of the independent
auditors, any additional services to be provided by the auditors, and the Company&rsquo;s accounting practices. Each of these individuals
is a non-employee director and is independent as defined under the Nasdaq Stock Market&rsquo;s listing standards, and each has
significant knowledge of financial matters (one of the members has an advanced degree in business administration). Ms. Wong has
been designated by the Board of Directors as the &ldquo;audit committee financial expert&rdquo; as defined under Item 401(h)(2)
of Regulation S-K of the Securities Exchange Act of 1934, as amended. The Audit Committee met three times during the fiscal year
ended March 31, 2019. The Audit Committee operates under a formal charter that governs its duties and conduct. This formal charter
is available from the Company upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal functions
of the Audit Committee are (i) to recommend the independent auditors to be employed by the Company; (ii) to consult with the independent
auditors with regard to the plan of audit; (iii) to review, in consultation with the independent auditors, their audit report;
(iv) to consult with the independent auditors with regard to the adequacy of the Company&rsquo;s internal accounting controls;
and (v) to approve any additional services to be provided by the auditors to the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Audit Committee Report</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following
is the report of our Audit Committee with respect to our audited financial statements for the fiscal year ended March 31, 2019.
This report shall not be deemed soliciting material or to be filed with the Securities and Exchange Commission or subject to Regulation&nbsp;14A
or 14C under the Securities Exchange Act or to the liabilities of Section&nbsp;18 of the Securities Exchange Act, nor shall any
information in this report be incorporated by reference into any past or future filing under the Securities Act or the Securities
Exchange Act, except to the extent we specifically request that it be treated as soliciting material or specifically incorporate
it by reference into a filing under the Securities Act or the Securities Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In performing its oversight
responsibilities as defined in its charter, the Audit Committee has reviewed and discussed the audited financial statements and
reporting process, including the system of internal controls, with management and with Deloitte Touche Tohmatsu, the Company&rsquo;s
independent registered public accounting firm for the year ended March 31, 2019. The Audit Committee has also discussed with Deloitte
Touche Tohmatsu the matters required to be discussed by the statement on Auditing Standards No. 16, as adopted by the Public Company
Accounting Oversight Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Audit
Committee has received from Deloitte Touche Tohmatsu the written disclosures and the letter required by applicable requirements
of the Public Company Accounting Oversight Board regarding Deloitte Touche Tohmatsu&rsquo;s communications with the Audit Committee
concerning independence and has discussed with Deloitte Touche Tohmatsu their independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on these reviews
and discussions, the Audit Committee recommended to the Board of Directors that the audited financial statements be included in
the Annual Report on Form 20-F for the year ended March 31, 2019 for filing with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 40%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Audit Committee</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Uri Bernhard Oppenheimer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Irene Wong Ping Yim</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">George Leung Wing Chan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tiko Aharonov</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Compensation Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During fiscal 2019,
the Compensation Committee of the Board of Directors consisted of Uri Bernhard Oppenheimer, Brian Geary and Tiko Aharonov (Shlomo
Tamir served on the Compensation Committee until his resignation on September 14, 2018). The Compensation Committee administers
the Company&rsquo;s 2010 Stock Option And Restricted Stock Plan and establishes the salaries and incentive compensation of the
executive officers of the Company. The Compensation Committee held one meeting during the fiscal year ended March 31, 2019.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nominations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All seven of the Company&rsquo;s
current directors (six of whom are independent directors) participated in the selection of 2019 director nominees. Accordingly,
the Board of Directors has not yet found it necessary to have a separate Nominating Committee or a formal charter for the Nominating
Committee. Assuming that the nominees are elected at the Annual Meeting, six of the seven members of the Board will be independent
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has not established any specific minimum qualifications for director candidates or any specific qualities or skills that a candidate
must possess in order to be considered qualified to be nominated as a director. Qualifications for consideration as a director
nominee may vary according to the particular areas of expertise being sought as a complement to the existing board composition.
In making its nominations, the Board of Directors generally will consider, among other things, an individual&rsquo;s business experience,
industry experience, financial background, breadth of knowledge about issues affecting our Company, time available for meetings
and consultation regarding Company matters and other particular skills and experience possessed by the individual. The Board of
Directors has not adopted a formal policy with regard to the consideration of diversity when evaluating candidates for election
to the Board of Directors. However, the Board of Directors believes that membership should reflect diversity in its broadest sense,
but should not be chosen nor excluded based on race, color, gender, national origin or sexual orientation. In this context, the
Board of Directors does consider a candidate&rsquo;s experience, education, industry knowledge, history with the Company, and differences
of viewpoint when evaluating his or her qualifications for election the Board. In evaluating such candidates, the Board of Directors
seeks to achieve a balance of knowledge, experience and capability in its composition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Usually, nominees for
election to the Board are proposed by our existing directors, and all of our current nominees were recommended by our existing
directors. The Company does not have any policy with regard to the consideration of any director candidates recommended by securityholders.
All potential director candidates, regardless of source, are reviewed under the same process. The Board of Directors believes this
approach is appropriate in light of the infrequent occurrence of recommendations made by our shareholders. Notwithstanding the
foregoing, under the Company&rsquo;s Amended and Restated Memorandum and of Articles of Association, no person shall be eligible
for election as a director of the Company if the election of such person as a director would cause the Company to be ineligible
to remain a &ldquo;foreign private issuer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A shareholder may nominate
one or more persons for election to the Board of Directors. In order for such nomination to be considered, the shareholder must
(i) provide timely notice thereof in writing and in proper form to the secretary of the Company and (ii) provide the information
required by Regulation 7.6 of the Company&rsquo;s Amended and Restated Articles of Association. To be timely, a shareholder&rsquo;s
notice must be delivered to, or mailed and received at, the principal executive offices of the Company not less than ninety (90)
days nor more than one hundred twenty (120) days prior to the first anniversary of the preceding year&rsquo;s meeting at which
members of the Board of Directors were elected</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not have a formal
policy regarding attendance by Board members at the Annual Meeting of Shareholders. Our Chairman and Chief Executive Officer attended
our 2018 Annual Meeting and will attend our 2019 Annual Meeting. However, because most of the directors are located outside of
the U.S., none of the other directors is expected to attend the Annual Meeting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board Leadership Structure and Role in Risk Oversight</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
believes it is important to select the Company&rsquo;s Chairman and Chief Executive Officer in the manner it considers in the best
interests of the Company at any given time. Accordingly, the Chairman and Chief Executive Officer positions may be filled by one
individual or by two different individuals, as determined by the Board of Directors based on circumstances then in existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, Roland Kohl
serves as both Chairman and Chief Executive Officer. The Board of Directors considers this leadership structure to be suitable
for the Company because it allows one person to lead and represent the Company and the Board of Directors, while also providing
for effective oversight by an independent Board. The Board of Directors believes that having Mr. Kohl serve in the roles of Chairman
and Chief Executive Officer is appropriate for the Company and its shareholders at this time, in view of Mr. Kohl&rsquo;s continuous
long-standing roles in such positions, and Mr. Kohl&rsquo;s in-depth knowledge of the Company&rsquo;s business and industry. The
Board of Directors also believes that the number of its independent directors mitigates the risk of any potential conflicts that
might result from combining the roles of Chief Executive Officer and Chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tiko Aharonov has been
designated as the &ldquo;lead independent director&rdquo; of the Board of Directors. Mr. Aharonov is responsible for coordinating
the activities of the independent directors, working with the Chief Executive Officer to set the agenda for Board meetings, chairing
executive sessions of the independent directors, and leading the Board&rsquo;s review of the Chief Executive Officer. The Board
of Directors is currently comprised of a majority of individuals who are independent from the management of the Company and, assuming
that the three nominees are elected at the Annual Meeting, six of the future seven members of the Board will continue to be independent
directors. The Board of Directors and its committees meet regularly throughout the year to assure that the independent directors
are well briefed and informed with regard to the Company&rsquo;s affairs. Each of the independent directors has unfettered access
to any employee within the Company and each director is encouraged to call upon whatever employee he deems fit to secure the information
each director feels is important to his understanding of our Company. In this fashion, we seek to maintain well informed, independent
directors who are prepared to make informed decisions regarding our business affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management is responsible
for the day-to-day management of risks the Company faces, while the Board of Directors as a whole plays an important role in overseeing
the identification, assessment and mitigation of such risks. The Board of Directors reviews information regarding the Company&rsquo;s
finances and operations, as well as the risks associated with each. For example, the oversight of financial risk management lies
primarily with the Board&rsquo;s Audit Committee, which is empowered to appoint and oversee our independent auditors, monitor the
integrity of our financial reporting processes and systems of internal controls and provide an avenue of communication among our
independent auditors, management and the Board of Directors. The Company&rsquo;s Compensation Committee is responsible for overseeing
the management of risks relating to the Company&rsquo;s compensation plans and arrangements, as well as risks associated with the
independence of the Board of Directors and potential conflicts of interest. In fulfilling its risk oversight responsibility, the
Board of Directors, as a whole and acting through any established committees, regularly consults with management to evaluate and,
when appropriate, modify our risk management strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROPOSAL II - RATIFICATION OF INDEPENDENT
PUBLIC ACCOUNTANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
is considering retaining the firm of Deloitte Touche Tohmatsu, independent certified public accountants, to act as the Company&rsquo;s
independent auditors for the year ending March 31, 2020. Deloitte Touche Tohmatsu has acted as the Company&rsquo;s independent
auditors for all fiscal years since 1995, other than the fiscal year ended March 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholder ratification
of the selection of Deloitte Touche Tohmatsu as the Company&rsquo;s independent public accountants is not required by the Company&rsquo;s
Amended and Restated Memorandum and Articles of Association or otherwise. However, the Board of Directors is submitting the anticipated
selection of Deloitte Touche Tohmatsu to the shareholders for ratification as a matter of good corporate practice. The Board of
Directors will consider the shareholders&rsquo; vote in its determination of whether or not to retain that firm. However, even
if the selection is ratified, the Board of Directors in its discretion may direct the appointment of a different independent accounting
firm, or change such appointment at any time during the year if it determines that such a change would be in the best interests
of the Company and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
does not anticipate a representative of Deloitte Touche Tohmatsu will attend the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
presents the aggregate fees for professional services and other services rendered by Deloitte Touche Tohmatsu to the Company in
the fiscal year ended March 31, 2019 and 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Audit Fees (1) &#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">251,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">257,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax Fees (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">251,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">257,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>








<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Audit fees represent fees for professional services provided in connection with the audit of the Company&rsquo;s consolidated
financial statements, and audit services provided in connection with other statutory or regulatory filings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Tax Fees include fees for the preparation of tax returns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of its policies
and procedures, all audit related services, tax services and other services rendered by Deloitte Touche Tohmatsu were pre-approved
by the Audit Committee.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Equity Compensation Plan Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
provides information, as of March 31, 2019, with respect to all of our compensation plans under which equity securities are authorized
for issuance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Number of Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Number of Shares Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Shares Reflected In Column&nbsp;(a))</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">(a)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">(b)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">(c)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-style: normal; text-align: left">Equity compensation plans approved by our shareholders:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">600,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Equity compensation plans not approved by our shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2010 the Company
adopted the &ldquo;2010 Stock Option And Restricted Stock Plan&rdquo; (the &ldquo;2010 Option Plan&rdquo;) to replace the prior
1996 option plan that had expired. No options remained outstanding under the 1996 option plan as of March 31, 2019. Under the new
2010 Option Plan, the Company is authorized to grant options, and to issue restricted shares, for a total of 600,000 shares. The
2010 Option Plan is administered by the Compensation Committee appointed by the Board, which determines the terms of the options
granted, including the exercise price, the number of Common Shares subject to the option and the option&rsquo;s exercisability.
The exercise price of options granted to participants who are not subject to taxation in the United States may be less than the
fair market value of the Common Shares on the date of grant. Unless otherwise specified by the Compensation Committee, the maximum
term of options granted under the 2010 Option Plan is five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of July 31, 2019,
no options or shares of restricted stock have been granted under the 2010 Option Plan. However, at its regular meeting in June
2019, the Board decided to grant stock options and shares of restricted stock to members of the Board of Directors, to senior
executive officers, and to key managers and employees at the Company&rsquo;s Hong Kong, Shenzhen and Yangon manufacturing facilities.
The Board informed management that these options and shares of restricted stock will contain various vesting and other restrictions
in order to incentivize and retain the grantees. Management has been instructed to make recommendations to the Compensation Committee
regarding the allocation of these awards to key managers and to present the Compensation Committee with the forms of the option
and restricted stock agreements that contain the restrictive provisions. Based on the Board&rsquo;s recommendation, the Company
currently anticipates that a total of 590,000 options and shares of restricted stock will be awarded under the 2010 Plan in August
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Security Ownership of Certain Beneficial Owners and Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth, as of July 31, 2019, certain information with respect to the beneficial ownership of the Company&rsquo;s Common Shares
by (i) each person known by the Company to own beneficially more than 5% of the outstanding Common Shares outstanding as of such
date, (ii) each of the director nominees, (iii) executive officers, and (iv) the officers and directors of the Company as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Name of Beneficial Owner or Identify of Group</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Common Shares Beneficially Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><B>Percent Beneficial Owned<SUP>(**)</SUP></B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left"><U>Officers, Directors and Nominees</U><SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: left">Roland W. Kohl&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">614,067</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tiko Aharonov&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ringo Tsang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">George Leung Wing Chan&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brian Geary&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Irene Wong Ping Yim&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Kevin Yang Kuang Yu&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Uri Bernhard Oppenheimer&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Alan Chan&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">All officers, directors and nominees as a group (10 persons)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">895,463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left">Greater than 5% stockholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Zeff Capital, LP<SUP>(2)</SUP>&#9;<BR> 885 Avenue of the Americas<BR> New York, NY 10001</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Renaissance Technologies LLC&#9;<BR> 800 Third Avenue<BR> New York, New York 10022<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.5</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>Less than 1%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">Under the rules of the Securities and Exchange Commission, shares of Common Shares that an individual or group has a right
to acquire within 60 days pursuant to the exercise of options or warrants are deemed to be outstanding for the purpose of computing
the percentage ownership of such individual or group, but are not deemed to be outstanding for the purpose of computing the percentage
ownership of any other person shown in the table.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; text-align: justify"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">The address of each of the named holders is c/o Highway Holdings Limited, Suite 1801, Level 18, Landmark North, 39 Lung Sum
Avenue, Sheung Shui, New Territories, Hong Kong.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Based on a Schedule 13G/A jointly filed with the SEC by Zeff Capital, LP, Zeff Holding Company, LLC and Daniel Zeff on January
3, 2019.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Based on a Schedule 13G jointly filed with the SEC by Renaissance Technologies LLC and Renaissance Technologies Holdings Corporation
on February 12, 2019.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no arrangements
known to the Company the operation of which may at a subsequent date result in a change in control of the Company. All holders
of the Common Shares have the same voting rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation of Directors and Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate amount
of compensation (including non-cash benefits) paid by the Company and its subsidiaries during the year ended on March 31, 2019
to all of the directors and officers, as a group (ten people), for services rendered to the Company and its subsidiaries in all
capacities was approximately $801,000, excluding amounts paid by the Company as dividends to directors and executive officers in
their capacity as shareholders of the Company. Mr. Kohl&rsquo;s prior employment agreement expired in March 2019. Mr. Kohl has
entered into a new employment agreement on substantially the same terms as the prior agreement, except that under his new agreement,
his compensation will be reduced by one-half from his initial base salary following any fiscal quarter in which the Company has
a net quarterly loss, which salary reduction will remain in effect until the Company has net income in any subsequent quarter.
Accordingly, in the event that the Company has a quarterly loss, Mr. Kohl&rsquo;s annual base salary for the following quarter
will be reduced by one-half. The forfeited salary will not be recouped if/when the Company has a profitable fiscal quarter. As
a result of the Company&rsquo;s most recent quarterly loss, Mr. Kohl&rsquo;s monthly salary currently is 50% of the prior rate.
The lower salary will not be further reduced in subsequent quarters if the Company continues to incur net losses. Mr. Kohl, and
the four other senior managers of the Company, are entitled to receive cash payments equal to three times their annual salary in
the event of a change of control of the Company without the approval of the Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the past fiscal
year, the Company paid each non-executive director (Tiko Aharonov, Uri Bernhard Oppenheimer, Kevin Yang Kuang Yu, Irene Wong Ping
Yim, Brian Geary, and George Leung Wing Chan) an annual director&rsquo;s fee of $12,000, and reimbursed them for their reasonable
expenses incurred in connection with their services as directors. In addition, the Chairman of any committee is paid an additional
fee of $2,000 per year, and the members of a committee are paid an additional fee of $2,000 per year for each committee on which
they serve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHAREHOLDER PROPOSALS AT THE<BR>
NEXT ANNUAL MEETING OF SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholder proposals
submitted for inclusion in the Company&rsquo;s Proxy Statement and form of proxy relating to the Company&rsquo;s 2020 annual meeting
of shareholders must be received by May 28, 2020. If the Company is not notified of a shareholder proposal by May 28, 2020, then
the proxies held by management of the Company may provide the discretion to vote against such shareholder proposal, even though
such proposal is not discussed in the Proxy Statement. Shareholder proposals should be submitted to the Company at Suite 1801,
Level 18, Landmark North, 39 Lung Sum Avenue, Sheung Shui, New Territories, Hong Kong.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OTHER MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
does not know of any other business that may be presented for consideration at the meeting. However, if any matters not referred
to in this Proxy Statement should properly come before the meeting, the persons named in the proxies will vote the shares represented
thereby in accordance with their judgment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMMUNICATIONS WITH THE BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders may communicate
directly with the Board of Directors by writing to them at Board of Directors, c/o Secretary, Highway Holdings Limited, Suite 1801,
Level 18, Landmark North, 39 Lung Sum Avenue, Sheung Shui, New Territories, Hong Kong. Such communications will be forwarded to
the director or directors to whom it is addressed, except for communications that are (1) advertisements or promotional communications,
(2) solely related to complaints with respect to ordinary course of business customer service and satisfaction issues, or (3) clearly
unrelated to the Company&rsquo;s business, industry, management or Board or committee matters.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AVAILABILITY OF ANNUAL REPORT ON FORM
20-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will furnish
without charge a copy of the Company&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2019 as filed with
the Securities and Exchange Commission to any shareholder desiring a copy. Shareholders may request such Annual Reports from the
following: Gary S. Maier, Maier &amp; Company, Inc. 815 Moraga Drive, Suite 306, Los Angeles, California 90049. Phone (310) 471-1288.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July 31, 2019</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Order of the Board of Directors</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="ex99-2_002.jpg" ALT="" STYLE="height: 56px; width: 108px"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Alan Chan</B>, Secretary</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>f6k073019ex99-3_highway.htm
<DESCRIPTION>LETTER TO SHAREHOLDERS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><B>Dear Shareholders,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As I have previously mentioned, Highway Holdings Limited has
been experiencing a difficult operating environment for the past several years in China, which has had broad implications for the
company and our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been working diligently to address the challenges, particularly
the erosion of our fundamental business concept which historically has enabled us to provide customers with high quality manufacturing
services at the lowest costs through our manufacturing operations in China. However, manufacturing in China has become expensive
and burdensome.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortunately, our company had the foresight to recognize early
on that the tide in China was shifting. In 2012, we established a <I>beach head</I> operation in Myanmar, a country with lower
costs than in China and an excellent work force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our customers were initially sceptical and were unwilling to
accept the risk. We were forced to continue to operate in China and increase prices to our customers to offset the inflationary
environment in China. Last year, our customers suddenly realized sales of their products decreased substantially due to the high
price of their products. Customer complacency and not being focused on new product development further impacted business for them.
Consequently, our business dropped significantly, and production lines were underutilized for a large portion of last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foresight I mentioned, we were prepared,
but our customers did not immediately appreciate Myanmar and our emerging presence there as a viable lower-price option. Initially
the customers turned to Eastern Europe, or to heavily subsidized local companies in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consequences to our business were severe, and the untimely
passing away of our COO, Holger Will, at the young age of 51, exacerbated the situation. As a result of these and related factors,
our financial performance suffered greatly in 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite this, we are a resourceful company, and our entrepreneurial
spirit has served us well for more than 25 years since we first established roots in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We remain cautiously optimistic that business will improve,
supported by our ongoing pro-active strategic initiatives, particularly the increasing utilization of our Myanmar complex and the
expected cost-savings and competitive advantage it provides for the long term. Our customers are finally beginning to realize that
Myanmar and our long-standing relationship are invaluable, and an increasingly attractive solution to the inflationary trends in
China. The escalating trade war between the United States and China further enhances the appeal of our expanding capacity and manufacturing
capabilities in Myanmar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our new management team, particularly in Myanmar, is excited,
vibrant and determined to succeed. Our customers appreciate these qualities, and are increasingly receptive to our presence in
Myanmar, and our top-quality, lower cost advantage of our services. This is further enhanced by Myanmar&rsquo;s position as a developing
country with international sponsorship and the benefit of preferential tax and duty treatment for most Myanmar-manufactured products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In short, we are excited to be in the right place at the right
time with cost-effective solutions for our customers, and we expect to see financial benefits as a result of the company&rsquo;s
strategic turnaround plans and management&rsquo;s focus on improving financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We appreciate the support of our shareholders, customers and
employees during these challenging times and look forward to reporting new milestones throughout the new fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; padding: 0 0 0 -0.375in; text-indent: 0"><IMG SRC="ex99-3_001.jpg" ALT=""></TD>
    <TD STYLE="width: 40%; padding: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">Sincerely Yours</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"><B>Roland Kohl</B></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">Chief Executive Officer&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>ex99-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" ![ < # 2(  A$! Q$!_\0
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M_M_M']!_/H[+PUI5BH"6J2..KS#>3^? _"K.D6*Z=I=O;*N"J#=[L>I_.KM
M)#$C2,81%4>BC%/HIDLL<$32RN$11EF8X % Q]%<G>>.K.)RMK;23X_B8[ ?
MIU/\JSG\>W9^Y9P#_>8F@5T=[17 ?\)Y?_\ /K;?^/?XTB^(_$>J?)9P!<_Q
M0Q'^9SBBP7)]8DO/^$VMH([N5E,D9"!B @SR,#VY_&NYKFO#WAR6QN&U#4)/
M-O&S@9SMSU)/<UTM (****!A1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !7&>%L2^//&-QG<?-MXP2.1M0@_T_*NSK
MB_!!,NN>+9N"#JC1[L?W1C'X5K#X)?UU,Y_%'^NAR'Q+TVX\-^*K'Q7IHV>:
MXWX' E4=_9E_D?6O5='U2WUK2+74K4YAN$#@9^Z>X/N#D?A4'B/1(?$6@W6F
M3X'FK\CG^!QRK?@?TS7F?PJUZ72=4O/"VI'RCO9H@Y^Y(OWU_$#/X'UK7^+1
MOUC^1E_"J^4OS.W\=:M<6>DQ:9IW.IZJ_P!EMP.J@_>?Z 'KVR#5Z/1[;1?!
MDNEVZYAALW0Y_B)4[B?J23^-8/A?/BCQ7?\ BJ0$V=OFSTT'^Z/OR#ZYZ^Y'
M:NRO5#V%PC#*M$P(_"LY>Y:'W^O_  "X^]>?W>G_  3S7X)D?V1JHR,B=#C_
M (#7J5>3?!%P;;6D_B#PD_B'_P *]9JL5_&D+#?PD8=YXFMX;BXM+"VN-3O+
M<?O8;0 ^7Z!F) !X/&<^U4?#/CJQ\0WLVG26T]AJ4.=UK<#DXZX/J.XX-:FB
M>'=-\/I.+")P]P^^:21RS2-SR<_4]*\]UM1#\==)>W #R(AD*]SM=3G_ ("*
M(0A.\5VO<)RG&S??8]6=UC0N[!549))P *YH>.M(N/$EIH6GRB]N9V8.\3?N
MXPJEC\W<\=!^==+)&DL;1R(KHPPRL,@CW%>3Z98V]K\>;N&VB2&**+>L<:@*
M"85SP.G+$U-*$9*5^BN55E*+C;JSUJL?4M?CL[EK*TM9]0OU0.UM; 90'H78
MD!<]LG)]*O:E>#3]+N[UAE;>%YB/4*I/]*\\^&]_J<FAWE]%I<M[=WMV\LMS
M).D<9.  N<EN.?X>,TH0O%R?0)SM)174Z;1/&^GZOJ;Z5/;W.G:F@S]ENTVE
MN,_*>];6IZK8:-9-=ZC=1V\"_P 3GJ?0#J3["N5UGP;J?B74['4;V\M-.N+(
M[HWLD:1SR" 7;:."./E[FNQ-NDD"1W"K/A<$R(#N.,$XZ<T34+IKYK_@A!SU
M3^1R.B?$C2]9N=2<@6EA9JF)YV ,A8D<+^' Y)J31OB%I^M^)Y-%AM+J)@A:
M.65-N_')RO5>.1G]*Y7X7Z39_P#"7>))OL\9-E/Y<!(R8P7<<>G"@9KU);*U
M6]>]6WB%TZ!&FV#>5';/7'M6E54X2<4NA%)U)Q3;+%>5:[)N\2W;OT$^#]!Q
M_2O5:\O\5VS6WB*YR,+)B1?<$<_KFN=&TCU#\:*R_#^H+J6C02[LR*H20>C#
M_'K^-:E(H*Y+Q9/+>W]EHD#A//(:0^V<#^1./I76UP7C&"ZMM>M[V(-A@OEL
M!T<'I_*@3.AL_">D6J -;^>_=Y3G/X=*36]%L3H5V+>S@BD6,NK)& <KSU_#
M'XUMQEC&I<88@9 [&L_7KI;30KR5CUB*+[EN!_.@#.\'"*7P_&3$A9'92VT9
M/.?ZUT58'@V$Q>'8F88\UV?\,X_I704 MBO=7MO91A[F58P3A<\ECZ #D_A5
M236HH%WS6E['$.3(8#@#WQR/RK&T"0ZQX@OM1G.X6Y\N!3T0'/3WP/U-=70!
M%;7,-W;I<0/OB<95L8S^=57U>'YC!#<7*J<%H(RRY]CT/X9K,\1RC3M&MK"V
M8QK.ZP;AU"=_\^]=!%$D$*11*%C10JJ.P% %6PU6SU+>MO+F1.'C8%67Z@TW
M4-6ATQ#)<13^4,9D5-RUA>*XVTV\L]:MOED5Q'+C^,=1G\ 1^5;&O8ET"Y !
M(D50/Q( _G0!<LKV#4+1+FW;=$_0XQ[5+)(L4;2.P5$!9B>P%<SH3'1M:NM$
ME)\ISYML3W'I^7\C5[7&>]_XE<+$;HS+.RGH@Z+_ ,"/Z T!<M6&L6VI1&2V
M29D&<L8R!D=JC77[-[MK2-+AKA.6B$+!A^=4_!A_XIU..DC_ ,ZKP #XAW1'
M>W!/Y+0!O6NHVUY(\43D31_?B=2KK^!_G4MS<1VEK+<2G$<:EFQZ"N<U?+^,
M=*%I_P ?"#,VWM'GO^&?SK0UR%M2"Z5&^TR(99&'91]W\VQ^1H"YKHZR1JZ'
M*L 0?452U#5[73,&[\U$.,.(R5SZ9%4/"=XUSHXMY>)[5C"X/7 Z?X?A5GQ#
M"D^CO%(,J\L2G\9%']: Z&E'(DL:R1L'1AE64Y!%4[W58-/=1<),JN0JNL98
M$GMQWKGK:XN?"5Z+.\9I=+E;]U-C_5_Y[C\16]J8CGMK5U8,OVF%U8'(/SB@
M+BWFLVNGQ)+<B>-&Z,8FP/8\<&K-G>17T"SPA_+894LI7(]1FGW%O%=6\D$R
M!XW&&4]ZYBRO)/#-W)I=YOEMF!>T<#)/^Q]<_K]: -M-9MWNC:B*Y\\ %D\E
MOE![D]*T:IZ?:M!$TDV#<S-OE(]>P'L!@#Z5<H&%%%% !1110 4444 %%%%
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F&C1-<033W%Q<?9YFF@64KB-B&'! !( 8@ D]O05HT4<S'RH__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>ex99-2_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !& (,# 2(  A$! Q$!_\0
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MPGO+@XBA0NV/04 +:W2W:.Z8VK(R9#9S@XJMK%^]E;1I!M-U<R+# #_>/?Z
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MG6DGER.9&+2S2)G&X] H)R .^* ,G3=8;2O":2279.HWES,&DD'S@JQ!^7U
M &/4BNNT:^6^TY&\SS)8OW,S8P#(H ;]<UC:EH4Q\3+?65E"3-!Y9G;&('W9
M:3;W8C &.XYI+7PSJD,!@&K+$L-RT]NZ1;B^3G]X.,\'&!]: .JHJA91ZI%*
M5O;BUN(L</'$8WS[C)%7Z "BBB@ HHHH *CG$K6\@AV>:5.W?G;GWQ4E% %+
M2+5[+2+2VD4*T404J#D#':KM%% !1110 4444 %%%% !1110 4444 %%%% !
F1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>ex99-2_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-2_002.jpg
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L3Z51EAD?7K>7RCY<<+J) >.2O&.W2M"BBBBBBBBBBBBBBBBBBBBBBBBO_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>ex99-3_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-3_001.jpg
M_]C_X  02D9)1@ ! 0$ 9 !D  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !R (\# 2(  A$! Q$!_\0
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M683C*+I0G"4)1C&\9QE&:MS;QE&+3M9ZI?,] @#P? >_)4;9);%0.>06#$9
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M@]!U.,G\"!7C'A\R.!O SY\I(^\0JS.<@#. V>YY /6M(KW6^OM/P4(+_/\
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M#7=0F1M[EVC ?*L#D J3QMP#GUYKTGPL<> /$<AR"-(U1BQX;"6$YP3W[=.
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M$47B#QIXLUN:XCBB>[M]QNY]9N[G>!<"#1[2VA:ZDD\Y;2RA0D+$K#\<+_\
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MR<96=]XMO71IJ[6FC:LSY>>&GAZU6C5MSTIRA.TE*+DM[2CHULUZZZW&.<#
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1_P ;T45L_M^J)A\2^?Y'_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
