<SEC-DOCUMENT>0001213900-20-023036.txt : 20200820
<SEC-HEADER>0001213900-20-023036.hdr.sgml : 20200820
<ACCEPTANCE-DATETIME>20200820123235
ACCESSION NUMBER:		0001213900-20-023036
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200820
DATE AS OF CHANGE:		20200820

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:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38490
		FILM NUMBER:		201119455

	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>20-F/A
<SEQUENCE>1
<FILENAME>f20f2020a1_highway.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM 20-F
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></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; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C.&nbsp; 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 20&ndash;F/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Amendment No. 1)</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>


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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&#9746;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>


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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>For
the fiscal year ended March 31, 2020</B></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&#9744;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;For the transition period from&nbsp;____________
to ______________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&#9744;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission file number 001-38490</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>HIGHWAY
HOLDINGS LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified
in its charter and translation of Registrant&rsquo;s name into English)</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: center">British Virgin Islands<BR>
(Jurisdiction of incorporation or organization)</P>

<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: 0pt 0; text-align: center">Suite 1801, Level 18, Landmark North 39 Lung Sum Avenue<BR>
Sheung Shui<BR>
New Territories, Hong Kong<BR>
(Address of principal executive offices)</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: center">Roland Kohl<BR>
Chief Executive Officer<BR>
Suite 1801, Level 18, Landmark North<BR>
39 Lung Sum Avenue<BR>
Sheung Shui<BR>
New Territories, Hong Kong<BR>
telephone: (852) 2344-4248<BR>
fax: (852) 2343-4976<BR>
roland.kohl@highwayholdings.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Telephone, E-mail and/or Facsimile
number and Address of Company Contact Person)</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: center">Securities registered or to be registered
pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 42%; border-bottom: black 1.5pt solid; padding-top: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: black 1.5pt solid; padding-top: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="width: 37%; border-bottom: black 1.5pt solid; padding-top: 5.4pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 5.4pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, $0.01 par value per share</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIHO</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ Capital Market</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 5.4pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Share Purchase Rights</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ Capital Market</FONT></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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered
pursuant to Section 12(g) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None</P>

<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: 0pt 0; text-align: center">Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act:<BR>
None</P>

<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: 0pt 0">Indicate the number of outstanding shares of each of the issuer&rsquo;s
classes of capital or common stock as of the close of the period covered by the annual report: 3,971,825 Common Shares were outstanding
as of March 31, 2020.</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">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes&nbsp;&#9744; No&nbsp;&#9746;</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">If this report is an annual or transition report, indicate by
check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act
of 1934. Yes&nbsp;&#9744;&nbsp;No&nbsp;&#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes&nbsp;&#9746;&nbsp;No&nbsp;&#9744;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes&nbsp;&#9746;&nbsp;No&nbsp;&#9744;</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">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer,&nbsp;or an emerging growth company. See definition of large accelerated filer,&rdquo;
&ldquo;accelerated filer,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 33%; padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer &#9744;</FONT></TD>
    <TD STYLE="width: 34%; padding-top: 1.3pt; padding-right: 1.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#9744;</FONT></TD>
    <TD STYLE="width: 33%; padding-top: 1.3pt; padding-right: 1.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer &#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company &#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</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">Indicate by check mark which basis of accounting the registration
has used to prepare the financial statements included in this filing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. GAAP &#9746;</FONT></TD>
    <TD STYLE="width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other&nbsp;&#9744;</FONT></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">If &ldquo;Other&rdquo; has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant has elected to follow: &#9744; Item 17 Item 18 &#9744;</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">If this is an annual report, indicate by check mark whether
the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the Exchange Act). Yes&nbsp;&#9744;&nbsp;&nbsp;No&nbsp;&#9746;</P>




<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: 0pt 0; text-align: center"></P>

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<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: 0pt 0; text-align: center"></P>

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<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: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</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: left; text-indent: 0.5in">This Amendment No.
1 (this &ldquo;<U>Amendment</U>&rdquo;) to the Annual Report on Form 20-F of Highway Holdings Limited for the year ended March
31, 2020 filed on August 17, 2020 (the &ldquo;<U>Original Filing</U>&rdquo;) is being filed solely for the purpose of filing the
correctly dated version of the Consent of Independent Registered Public Accounting Firm - Centurion ZD CPA &amp; Co. as Exhibit
15.2 hereto. Except as noted above, this Amendment does not update or modify any disclosures in the Original Filing or reflect
any events occurring after the filing of the Original Filing. Accordingly, this Amendment should be read in conjunction with the
Original Filing.&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: 0pt 0"></P>

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<P STYLE="font: 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"><B>Item 19. Exhibits. </B>The following
exhibits are filed as part of this annual report:</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 5%; padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="width: 94%; padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000161577418003647/s110125_ex1-1.htm">Amended and Restated Memorandum and Articles of Association of Highway Holdings Limited (incorporated by reference to Exhibit 1.1 of registrant&rsquo;s Form 6-K filed on May 11, 2018).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390019025294/f6k112719ex99-2_highway.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Highway Holdings Limited&rsquo;s Amended and Restated Articles of Association (incorporated by reference to Exhibit 99.2 of registrant's Form 6-K filed on December 4, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000161577418003647/s110125_ex2-1.htm">Rights Agreement, dated as of May 8, 2018, between Highway Holdings Limited and Computershare Trust Company, N.A., as Rights Agent (incorporated by reference to Exhibit 2.1 of registrant&rsquo;s Form 6-K filed on May 11, 2018).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000114420410035590/v189246_ex4-24.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2010 Stock Option And Restricted Stock Plan (incorporated by reference to the registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2010)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000161577417003429/s106719_ex4-25.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long Cheung Industrial Zone General Estate Rental Agreement between Shenzhen Long Cheng Industry Trade industrial Limited and Nissin Metal and Plastic (Shenzhen) Limited dated 18 July 2016 (incorporated by reference to the registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2017).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000161577417003429/s106719_ex4-26.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tenancy agreement for the Myanmar factory in Yangon between Kayser Myanmar Manufacturing Company Limited and U Khin Hla dated 17<SUP>th</SUP> August 2016 (incorporated by reference to the registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2017).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000161577417003429/s106719_ex4-27.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tenancy Agreement Office No. 1823-1823A on level 18 of Landmark North, Hong Kong dated 21st March 2017 between Kayser Limited and SHK Sheung Shui Landmark Investment Limited dated 21st March 2017 (incorporated by reference to the registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2017).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000161577417003429/s106719_ex4-28.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tenancy Agreement Office No. 1801 on Level 18 of Landmark North, Hong Kong, dated 21st March 2017 between Nissin Precision Metal Manufacturing Limited and SHK Sheung Shui Landmark investment Limited dated 21<SUP>st</SUP> March 2017 (incorporated by reference to the registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2017).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000161577419008386/s118521_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease Agreement, dated March 29, 2019, between Kayser Myanmar Manufacturing Company Ltd. and Konig Company Limited (incorporated by reference to the registrant&rsquo;s Annual Report on Form 6-K filed on May 24, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390019011948/f20f2019ex4-7_highwayhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long Cheng Industrial Zone General Estate Rental Supplementary Agreement between Shenzhen Long Cheng Industry &amp; Trade Industrial Ltd. and Nissin Metal and Plastic (Shenzhen) Limited, effective January 1, 2019 (incorporated by reference to the registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2019)#</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex4-8_highwayhold.htm">Rental Contract between Shenzhen Long Cheng Industrial Ltd. and Nissin Metal and Plastic (Shenzhen) Limited, effective March 1, 2020#</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex4-9_highwayhold.htm">Rental Contract Supplementary Agreement between Shenzhen Long Cheng Industrial Ltd. and Nissin Metal and Plastic (Shenzhen) Limited, effective March 1, 2020#</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex4-10_highwayhold.htm">Tenancy Agreement Office No. 1823-1823A on level 18 of Landmark North, Hong Kong dated 21st March 2017 between Kayser Limited and SHK Sheung Shui Landmark Investment Limited dated 8th April 2020</A></FONT></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>

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<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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 5%; padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="width: 94%; padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex4-11_highwayhold.htm">Tenancy Agreement Office No. 1801 on Level 18 of Landmark North, Hong Kong, dated 21st March 2017 between Nissin Precision Metal Manufacturing Limited and SHK Sheung Shui Landmark investment Limited dated 8<SUP>th</SUP> April 2020</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex4-12_highwayhold.htm">Letter dated August 17, 2020 from Deloitte Touche Tohmatsu Certified Public Accountants LLP regarding Item 16F of this Annual Report.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020019270/ea124699ex99-1_highwayhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter dated July 30, 2020 from Gumbiner Savett, Inc. regarding Item 16F of this Annual Report (incorporated by reference to Exhibit 99.1 of registrant&rsquo;s Form 6-K filed on July 30, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex8-1_highwayhold.htm">List of all of registrant&rsquo;s subsidiaries, their jurisdictions of incorporation, and the names under which they do business.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000114420405020342/v020622_ex11-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics (incorporated by reference to the registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended March 31, 2005).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex12-1_highwayhold.htm">Certifications pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex12-2_highwayhold.htm">Certifications pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex13-1_highwayhold.htm">Certifications pursuant to Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex13-2_highwayhold.htm">Certification pursuant to Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</A> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/f20f2020ex15-1_highwayhold.htm">Consent of Independent Registered Public Accounting Firm - Deloitte Touche Tohmatsu</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><A HREF="f20f2020a1ex15-2_highway.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm - Centurion ZD CPA &amp; Co.*</FONT></A></TD></TR>
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    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1026785/000121390020022510/0001213900-20-022510-index.htm">Financial information from registrant for the year ended March 31, 2015 formatted in eXtensible Business Reporting Language (XBRL):</A></FONT></TD></TR>
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    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
Balance Sheets as of March 31, 2019 and 2020; (ii)&nbsp;Consolidated Statements of Operations for the Years Ended March 31, 2018,
2019 and 2020; (iii)&nbsp;Consolidated Statements of Changes in Equity and Comprehensive Income (Loss) for the Years Ended March
31, 2018, 2019 and 2020; (iv)&nbsp;Consolidated Statements of Cash Flows for the Years Ended March 31, 2018, 2019 and 2020; (v)&nbsp;Notes
to the Consolidated Financial Statements; and (vi) Additional Information - Financial Statement Schedule I</FONT></TD>
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<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
herewith</FONT></TD>
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<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement is written in Chinese and an English Translation is provided in accordance with Form 20-F Instructions to Exhibits and
Rule 12b-12(d) under the Exchange Act).</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">The registrant hereby certifies that it
meets all of the requirements for filing on Form 20-F/A and has duly caused this Annual Report to be signed on its behalf.</P>

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    <TD COLSPAN="2" STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HIGHWAY HOLDINGS LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 1.3pt; padding-right: 1.3pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ ALAN CHAN</FONT></TD></TR>
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    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Chan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Chief Financial Officer and Secretary</I></FONT></TD></TR>
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    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;August 19, 2020</FONT></TD></TR>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">4</P>

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<TYPE>EX-15.2
<SEQUENCE>2
<FILENAME>f20f2020a1ex15-2_highway.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - CENTURION ZD CPA & CO.
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 15.2</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</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">We consent to the incorporation by reference in the Registration
Statement on Form F-3 (File No. 333-230122) of Highway Holdings Limited (the &ldquo;Company&rdquo;) of our report dated August
17, 2020 relating to the Company&rsquo;s consolidated financial statements which appears in this Annual Report on Form 20-F of
the Company for the year ended March 31, 2020.</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">/s/ Centurion ZD CPA &amp; Co.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 17, 2020</P>


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