<SEC-DOCUMENT>0001213900-22-036645.txt : 20220701
<SEC-HEADER>0001213900-22-036645.hdr.sgml : 20220701
<ACCEPTANCE-DATETIME>20220701151044
ACCESSION NUMBER:		0001213900-22-036645
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20220701
FILED AS OF DATE:		20220701
DATE AS OF CHANGE:		20220701

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:		221061056

	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>ea162330-6k_highway.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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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-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</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: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 6-K</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">REPORT OF FOREIGN PRIVATE ISSUER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">THE SECURITIES EXCHANGE ACT OF 1934</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">For the month of June 2022</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">Commission File Number 001-38490</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"><FONT STYLE="text-decoration: none">HIGHWAY
HOLDINGS LIMITED</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-decoration: none"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-decoration: none">(Translation
of Registrant's Name Into English)</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">Suite 1801, Level 18</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive Offices)</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">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F &#9746; Form 40-F &#9744;</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">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): ___</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">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): ___</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>

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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: justify; text-indent: 0.5in">On June 30, 2022, Highway
Holdings Limited (the &ldquo;Company&rdquo;) issued a press release to announce its financial results for the fourth quarter and year
ended March 31, 2022.</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">Commencing on July 1, 2022,
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 Monday, August 15, 2022. The Annual Meeting materials
included the following:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">1.&nbsp;An
Annual Report, which consisted of the Form 20-F report filed on June 30, 2022 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'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.</P>

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

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

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<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: center; text-indent: 0in"><B><U>Exhibit Index</U></B>.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 9%; padding-right: 0pt; padding-left: 0pt"><B></B> <B>Exhibit<BR>
 No.</B></TD>
    <TD STYLE="width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%; padding-right: 0pt; padding-left: 0pt; text-align: center"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><A HREF="ea162330ex99-1_highway.htm">Press release issued on June 30, 2022</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center">99.2</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><A HREF="ea162330ex99-2_highway.htm">Notice of Annual Meeting of Shareholders and the Proxy Statement.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center">99.3</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><A HREF="ea162330ex99-3_highway.htm">Letter to shareholders.</A></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 228.95pt">&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="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><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="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: July 1, 2022</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roland W. Kohl</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><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: 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;</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea162330ex99-1_highway.htm
<DESCRIPTION>PRESS RELEASE ISSUED ON JUNE 30, 2022
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.1</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"></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="text-align: left; width: 33%">&nbsp;<IMG SRC="ex99-1_001.jpg" ALT=""></TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-size: 12pt">NEWS RELEASE</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(310) 471-1288</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"><B>HIGHWAY HOLDINGS REPORTS FISCAL 2022 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOURTH QUARTER AND YEAR-END RESULTS</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>--Sales Up Sharply for Both Periods; Return
to Profitability for Year--</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>HONG KONG &mdash;June 30, 2022 &mdash;</B> Highway
Holdings Limited (<B>Nasdaq: HIHO</B>) today reported results for its fiscal year ended March 31, 2022 &ndash; reflecting a year-over-year
improvement due to more normalized levels of operational activity at the company&rsquo;s factories since the beginning of the global pandemic,
coupled with increased demand for products.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net sales for the fiscal 2022 fourth quarter increased
62.8 percent to $3.0 million from $1.8 million a year ago &ndash; reflecting the benefit of a more normalized level of operations at the
company&rsquo;s factory in Myanmar. Sales a year ago were impacted by the closure of the company&rsquo;s Myanmar factory for a two-week
period in March due to the military takeover and a shortage of raw materials and components that limited production.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The company reported a reduced net loss for the
quarter of $369,000, or $0.09 per share, compared with a net loss of $551,000, or $0.14 per share, a year earlier. Results for the quarter
were impacted by a shutdown at the company&rsquo;s factory in China for approximately 10 days due to government mandates related to Covid-related
case levels in the area. In addition, results were impacted by conservative provisions related to certain items for income tax provisions,
anticipated credit losses on accounts receivable, aged inventories and potential severance payments.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net sales for fiscal 2022 increased 34.8 percent
to $12.4 million from $9.2 million a year ago. Net income for fiscal 2022 was $443,000, or $0.11 per diluted share, compared with a net
loss of $461,000, or $0.12 per diluted share, a year earlier.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;The increase in net sales for fiscal 2022,
as well as the fourth quarter, was primarily attributable to (i) a more normalized level of operating activity at both our Yangon, Myanmar
and Shenzhen, China factories, (ii) improved delivery of electronic components and delivery of a new electronic product to a new customer
based in the United States, and (iii) a general resurgence of demand in Europe, following the reduction of COVID-19 cases,&rdquo; said
Roland Kohl, chairman, president and chief executive officer.</P>

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

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

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">He noted fiscal 2022 financial results were impacted
by world-wide material shortages, including electronic components and semiconductors, in particular electronic components and circuits
for an electronic game product for a U.S. customer, which was delayed by approximately one year due to these supply chain factors.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit for the fiscal 2022 fourth quarter
was $889,000 compared with $387,000 a year ago. Gross profit as a percentage of sales was 29.6 percent compared with 20.9 percent in fiscal
2021. Gross profit as a percentage of sales for the fiscal 2022 fourth quarter returned to more normalized levels. Gross margin a year
ago was impacted by negative events such as the closure of the company&rsquo;s Myanmar factory for a two-week period in March and the
shortage of raw materials and components that limited production.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit for fiscal 2022 was $3.8 million compared
with $2.7 million a year earlier. Gross profit as a percentage of sales for fiscal 2022 was 30.5 percent compared with 29.5 percent a
year earlier.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Selling, general and administrative expenses increased
slightly to $1,055,000 from $1,046,000 a year ago. For the full fiscal year, selling general and administrative expenses decreased slightly
to $3.2 million from $3.3 million last year, as a result of the company&rsquo;s continuous control of expenses.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The company realized a currency exchange loss of
$24,000 in fiscal 2022 compared with a currency exchange loss of $60,000 a year ago, mainly due to a stronger RMB. The company does not
undertake any currency hedging transactions.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kohl noted that the company&rsquo;s balance sheet
remains strong. Total current assets at March 31, 2022, were $12.3 million, with working capital of $7.1 million and a current ratio of
2.4:1. Total cash and time deposits were $7.1 million, or $1.69 per diluted share. Total accounts receivable at March 31, 2022 increased
to $2.3 million from $1.0 million a year ago. The significant increase in net sales in the fiscal 2022 fourth quarter contributed to this
increase.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kohl highlighted the company&rsquo;s strong financial
position with total equity of $9.3 million at March 31, 2022 -- representing approximately $2.21 per diluted share.</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Highway Holdings is an international manufacturer
of a wide variety of high-quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings&rsquo;
administrative office is located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar and Shenzhen, China.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Except for the historical information contained
herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but
not limited to economic, competitive, governmental, political and technological factors affecting the company&rsquo;s revenues, operations,
markets, products and prices, the impact of the worldwide COVID-19 pandemic, the political situation in Myanmar, 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: 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"><I>(Financial Tables Follow)</I></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"># # # #</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: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold">Three Months Ended</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold">Year Ended</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">March 31, <BR>
(Unaudited)</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">March 31,<BR>
 (Audited)</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2022</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2021</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2022</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>2021</B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,848</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12,365</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">9,168</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">2,119</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">1,461</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">8,595</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">6,461</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">889</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,707</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">1,055</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">1,046</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">3,203</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">3,323</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">(659</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">567</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(616</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><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 items</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><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>&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><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="padding-left: 0.125in; text-align: left">Exchange loss, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4</TD><TD STYLE="text-align: left">)</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>&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">(60</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Interest income</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><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">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Gain on disposal of assets</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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other (expense)/income</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">)</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">43</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">0</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">51</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">Total non-operating (expenses)/income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44</TD><TD STYLE="text-align: left">&nbsp;</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">16</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><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">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">(169</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(615</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(600</TD><TD STYLE="text-align: left">)</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">(201</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">66</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">(101</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">146</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">Net (loss)/income before non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(370</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(549</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(454</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><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: 1.5pt">Less: Net gain/(loss) attributable to non-controlling interests</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">)</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</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">24</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">7</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">Net (loss)/income attributable to Highway Holdings Limited shareholders</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(369</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(551</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">443</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(461</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</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><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>Net (loss)/income per share:</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><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="padding-left: 0.25in; padding-bottom: 4pt">Basic</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.09</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double"><U STYLE="text-decoration: none">&#12288;(0.14</U></FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.11</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.12</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 4pt">Diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.09</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.14</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.11</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.12</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT></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><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>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><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="padding-left: 0.25in; padding-bottom: 4pt">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">4,033</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double"><U STYLE="text-decoration: none">&#12288;4,006</U></FONT></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">4,033</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">4,006</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 4pt">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">4,033</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double"><U STYLE="text-decoration: none">&#12288;4,006</U></FONT></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">4,188</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">4,006</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"><B>&nbsp;</B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 STYLE="text-align: center; padding-left: 0pt">&nbsp;</TD><TD STYLE="text-align: center; padding-left: 0pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-left: 0pt; font-weight: bold">March 31,</TD><TD STYLE="text-align: center; padding-left: 0pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; padding-left: 0pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0pt; font-weight: bold; text-align: center">March 31,</TD><TD STYLE="text-align: center; padding-left: 0pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 0pt">&nbsp;</TD><TD STYLE="text-align: center; padding-left: 0pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-left: 0pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="text-align: center; padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; padding-left: 0pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-left: 0pt; font-weight: bold; text-align: center">2021</TD><TD STYLE="text-align: center; padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><U>Current assets:</U></TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; width: 76%; text-align: left; padding-left: 0pt">Cash and cash equivalents</TD><TD STYLE="padding-left: 0pt; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">6,010</TD><TD STYLE="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">7,757</TD><TD STYLE="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Time deposits</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">1,075</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Accounts receivable, net of doubtful accounts</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">2,260</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">973</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt">Inventories</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">2,350</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">2,238</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Prepaid expenses and other current assets</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">620</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">513</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Income tax recoverable</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">7</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Total current assets</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">12,322</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">11,481</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: justify; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Property, plant, and equipment, (net)</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">643</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">833</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Operating lease right-of-use assets</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">1,799</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">2,795</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Long-term deposits</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">282</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Long-term loan receivable</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">95</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">95</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Investments in equity method investees</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 4pt; padding-left: 0pt">Total assets</TD><TD STYLE="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">14,859</TD><TD STYLE="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">15,486</TD><TD STYLE="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: underline; text-align: left; text-indent: 0pt; padding-left: 0pt">Current liabilities:</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Accounts payable</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">828</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">653</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Operating lease liabilities, current</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">933</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">821</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Accrual expenses and other liabilities</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">2,599</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">2,347</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Income tax payable</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">620</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">58</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Dividend payable</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">202</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">85</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Total current liabilities</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">5,182</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">3,964</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-decoration: underline; text-align: left; padding-left: 0pt">Long-term liabilities:</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Operating lease liabilities, non-current</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">268</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">1,142</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Deferred income taxes</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">140</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">607</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Total liabilities</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">5,590</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">5,713</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left; text-indent: 0pt; padding-left: 0pt">Shareholders&rsquo; equity:</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt">Preferred shares, $0.01 par value</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt">Common shares, $0.01 par value</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">40</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">40</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0.125in">Additional paid-in capital</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">11,816</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">11,709</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Accumulated deficit</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">(2,284</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">)</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">(2,041</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Accumulated other comprehensive (loss)/income</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">(303</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">)</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">48</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Non-controlling interests</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">-</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">17</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-left: 0pt">Total equity</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">9,269</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; text-align: right; text-indent: 0pt">9,773</TD><TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Total liabilities and shareholders&rsquo; equity</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">14,859</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt">$</TD><TD STYLE="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">15,486</TD><TD STYLE="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea162330ex99-2_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="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

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

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

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

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

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

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

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

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

<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">August 15, 2022</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: 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 Monday, August 15, 2022, at 8:00 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) To
elect three members of the Company&rsquo;s Board of Directors to serve until the 2025 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) To
ratify the selection by the Board of Directors of Centurion ZD CPA &amp; Co. as the independent accountants of the Company for the fiscal
year ending March 31, 2023; 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) 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 June 24, 2022 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 Thursday, August 15, 2022 at 8:00 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 2022
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">&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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">By Order of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ <FONT STYLE="font-size: 10pt"><B>Alan Chan</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Alan Chan</B>, Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Hong Kong</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>July 1, 2022</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">We intend to
hold the Annual Meeting in person. However, we are actively monitoring COVID-19 as part of our effort to maintain a healthy and safe environment
at the Annual Meeting. In the event it is not possible or advisable to hold the Annual Meeting in person, we will announce alternative
arrangements for the Annual Meeting as promptly as practicable, which may include holding the Annual Meeting solely by means of remote
communication. If we take this step, details on how to participate will be issued by press release, posted on our website, and filed with
the Securities and Exchange Commission. We also encourage you to review guidance from public health authorities if you plan to attend
the Annual Meeting in person.</FONT></P>

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


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<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</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Suite 1801, Level 18</B></P>

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

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

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

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

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

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

<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">Annual Meeting of Shareholders</P>

<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">August 15, 2022</P>

<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">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 8:00 a.m. at the offices of TroyGould PC, 1801 Century Park East,
Suite 1600, Los Angeles, California U.S.A., on Monday, August 15, 2022, and at any adjournment thereof (the &ldquo;Annual Meeting&rdquo;).
This proxy statement is first being mailed to shareholders on or about July 1, 2022. 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) &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 2025 Annual
Meeting of Shareholders and (ii) &ldquo;FOR&rdquo; the ratification of the selection by the Board of Directors of Centurion ZD CPA &amp;
Co. as the independent accountants of the Company for the fiscal year ending March 31, 2023. 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">&nbsp;</P>

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

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<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 <B>www.investorvote.com/HIHO</B> 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 11:59 p.m. Eastern Time on August 14, 2022 to
be counted.</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 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 June 24, 2022 (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 4,036,825 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 selection 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"></P>

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<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">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, 2022. 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 <B><I>http://www.investorvote.com/HIHO</I></B>.</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
4,036,825 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="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&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="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&ldquo;<B>For</B>&rdquo; the ratification of the selection of Centurion ZD CPA &amp; Co. as our independent registered public accounting firm for the fiscal year ending March 31, 2023.</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>


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<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 1, 2022 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; width: 34%; padding-right: 1.4pt; padding-left: 1.4pt">
    <P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name</P></TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 8%; padding-right: 1.4pt; padding-left: 1.4pt">Age</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; width: 56%; padding-right: 1.4pt; padding-left: 1.4pt">Positions</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Roland W. Kohl</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">73</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Chief Executive Officer, Director, Chairman of the Board</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Ringo Tsang</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">56</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Chief Operating Officer</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Alan Chan</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">58</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Chief Financial Officer, Secretary</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Tiko Aharonov <SUP>(1) (2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">75</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Uri Bernhard Oppenheimer <SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">86</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Kevin Yang Kuang Yu <SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">65</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Irene Wong Ping Yim <SUP>(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">56</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Heiko Sonnekalb <SUP>(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">51</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">George Leung Wing Chan <SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">69</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">Dirk Hermann, Ph.D.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 1.4pt; padding-left: 1.4pt">58</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt">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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Current member of Audit Committee.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">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 will expire, and nominees for that class will be nominated elected to hold office
for a three-year term expiring at the 2025 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 2025 annual meeting of the 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 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 thirty 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>

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<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&rsquo;s
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 III and Class I directors whose terms of office will continue after the 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>Class I </B>&ndash; <B>Directors
Continuing in Office Until the 2023 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>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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Dirk Hermann, Ph.D.</B>
Dr. Hermann was appointed to the Board of Directors on April 1, 2020. Dr. Hermann previously served as a member of the Company&rsquo;s
Board of Directors from January 2003 until August 2010. Dr. Hermann currently serves as chief executive officer of Saarland Feuerversicherung
AG, a German insurance companies. He joined Versicherungskammer Bayern in 2012, parent company of Saarland Insurance Group. Prior thereto,
he held a variety of positions with Allianz Versicherungen AG, including a tenure as a member of the management board. Dr. Hermann currently
also serves on the board of two German banks, Landesbank Saar and Sparkassenverband, and on the board the Consal Insurance Group. Dr.
Hermann graduated from the University of Konstanz in Germany with a bachelor&rsquo;s degree in business administration. He also holds
a master&rsquo;s degree in business administration from the University of St. Gallen in Switzerland. He earned a Ph.D. degree in business
administration from the University of Leipzig, in Germany.</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></B></P>

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<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 </B>&ndash; <B>Directors
Continuing in Office Until the 2024 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. 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">&nbsp;</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. 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>Heiko Sonnekalb</B>. Mr.
Sonnekalb was appointed to the Board of Directors on April 1, 2020. Mr. Sonnekalb currently serves as the chief executive officer of Dr.
Arnold Schaefer GmbH, a German holding company, Lakal GmbH, a German manufacturer of shutter blinds, and Bartz Werke GmbH, a German casting
foundry and heat and pipe technology company. In addition, he serves as a member of the supervisory board of Germany-based Herwick AG
and Stadtwerke Voelklingen Vertrieb GmbH. Mr. Sonnekalb also is a committee member of both the IHK Saarland Industrial Research and Foreign
Trade Committee and the DIHK Berlin Industrial Research and Foreign Trade Committee. He also serves as a judge on the labor court in Saarbruecken,
Germany. Mr. Sonnekalb received a degree in Business Administration from the University of Fulda, Germany, in 1997.</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
&ndash; 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 master&rsquo;s 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"></P>

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<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.</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">Dr. Hermann is the brother-in-law
of Roland Kohl, the Chairman, President and Chief Executive Officer of the Company. Other than Mr. Hermann&rsquo;s relationship with Mr.
Kohl, there are no other family relationships 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, 2022. 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 2022 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 2022, the members
of the Audit Committee of the Board of Directors were Irene Wong Ping Yim, Heiko Sonnekalb and Tiko Aharonov. 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 fiscal 2022. 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: 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, 2022. 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 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 Centurion ZD CPA &amp; Co., the Company&rsquo;s independent
registered public accounting firm for the year ended March 31, 2022. The Audit Committee has also discussed with Centurion ZD CPA &amp;
Co. 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>

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<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 Centurion ZD CPA &amp; Co. the written disclosures and the letter required by applicable requirements of the Public
Company Accounting Oversight Board regarding Centurion ZD CPA &amp; Co.&rsquo;s communications with the Audit Committee concerning independence
and has discussed with Centurion ZD CPA &amp; Co. 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, 2022 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><U>Audit Committee</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Irene Wong Ping Yim</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Heiko Sonnekalb</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Tiko Aharonov</TD></TR>
  </TABLE>

<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 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 the past fiscal year,
the Compensation Committee of the Board of Directors consisted of Uri Bernhard Oppenheimer, George Leung Wing Chan, Kevin Yang Kuang Yu
and Tiko Aharonov. The Compensation Committee administers the Company&rsquo;s 2020 Stock Option and Restricted Stock Plan (the &ldquo;2020
Option Plan&rdquo;) and establishes the salaries and incentive compensation of the executive officers of the Company.</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">The Board of Directors does
not have a separate Nominating Committee. Nominees for the election to the Board are selected and nominated by the independent directors
(there currently are eight directors, six of whom are independent). Accordingly, the Board of Directors has not yet found it necessary
to have a separate Nominating Committee. Assuming that the nominees are elected at the Annual Meeting, six of the eight 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">To date, all nominees for
election to the Board were recommended for nomination by our existing independent directors, and all of our current nominees were recommended
by our existing independent 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"></P>

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<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 will attend our
2022 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 eight 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, the Board seeks to maintain well informed, independent directors who are prepared to make informed decisions
regarding the Company&rsquo;s 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: 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"></P>

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    <DIV STYLE="break-before: page; 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 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 Audit Committee of the
Board has selected Centurion ZD CPA &amp; Co., an accounting firm based in Hong Kong, to continue as the Company&rsquo;s independent registered
public accounting firm for the fiscal year ended March 31, 2022.</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 Centurion 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 Centurion
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 to retain that firm. However, even if the selection is ratified, the Board of Directors in its discretion
may direct the selection of a different independent accounting firm or change such selection 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 Centurion will attend the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents the aggregate fees
for professional services and other services rendered by Centurion to the Company for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">2021</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">2022</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) -Centurion</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">220,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">200,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other Fees (2) -Deloitte Touche Tohmatsu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">53,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">Tax Fees (3)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">273,000</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">200,000</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"></P>

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








<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">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>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">In addition to the audit fees paid during 2021 and 2022 to the
Company&rsquo;s principal accountant, in 2021 the Company also paid Deloitte Touche Tohmatsu, the Company&rsquo;s former accountant,
a fee of $53,000 in connection with the filing of Form 20-F.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">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; 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">As part of its policies and
procedures, all audit related services, tax services and other services, if any, rendered by our independent registered public accounting
firms 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, 2022, 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="padding-bottom: 1.5pt; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Number of Shares to<BR>
    be Issued Upon<BR>
    Exercise of Outstanding Options,<BR>
    Warrants and Rights</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="border-bottom: Black 1.5pt solid; text-align: center"><B>Weighted-Average<BR>
    Exercise<BR>
    Price of<BR>
    Outstanding Options, <BR>
    Warrants and Rights</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="border-bottom: Black 1.5pt solid; text-align: center"><B>Number of Shares<BR>
    Remaining Available<BR>
    for Future Issuance<BR>
    Under Equity<BR>
    Compensation Plans<BR>
    (Excluding Shares<BR>
    Reflected in<BR>
    Column&nbsp;(a))</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(c)</TD><TD>&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">350,000</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">1.97</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">585,000</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">--</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">--</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>

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<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">At the meeting held on October
8, 2020, the shareholders of the Company adopted the 2020 Option Plan to replace the prior 2010 Option Plan that expired on June 26, 2020.
On the date that the 2010 Stock Option And Restricted Stock Plan expired, awards for all 600,000 shares available for grant under the
2010 Plan had been granted, and no additional shares were available for grant under the 2010 Plan. To date, no options have been granted
under the 2020 Option Plan. However, the Company has issued 15,000 shares of restricted stock to three consultants based 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: 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 June 24, 2022, the record date, 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="margin: 0">&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: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Beneficial Owner or Identity
    of Group<SUP>(1)</SUP></B></FONT></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>Number of Common<BR> Shares Beneficially<BR> Owned</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"><FONT STYLE="font-size: 10pt"><B>Percent Beneficial<BR>
    Owned<SUP>(**)</SUP></B></FONT></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">Roland W. Kohl</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">674,067</TD><TD STYLE="width: 1%; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16.7</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tiko Aharonov</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,000</TD><TD STYLE="text-align: left"><SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.1</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Heiko Sonnekalb</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">George Leung Wing Chan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></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">Dirk Hermann</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Irene Wong Ping Yim</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,000</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Kevin Yang Kuang Yu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,224</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Uri Bernhard Oppenheimer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,000</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Alan Chan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</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">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">All Directors and Officers as a Group (10 Persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,294,577</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32.1</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>




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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Less than 1%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</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"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Includes currently exercisable options to purchase 60,000 shares.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Includes currently exercisable options to purchase 50,000 shares.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Includes currently exercisable options to purchase 25,000 shares.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Includes currently exercisable options to purchase 40,000 shares.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Includes currently exercisable options to purchase 225,000 shares.</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
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<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">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, but excluding equity compensation) paid by the Company and its subsidiaries during the year ended on March
31, 2022 to directors on the Company&rsquo;s Board of Directors and officers as a group (ten people), for services rendered to the Company
and its subsidiaries in all capacities was approximately $876,000, excluding amounts paid by the Company as dividends to directors and
executive officers in their capacity as shareholders 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">Mr. Kohl is employed pursuant
to an employment agreement that can only be terminated by the Company, other than for cause or in the case of Mr. Kohl&rsquo;s incapacity,
by paying Mr. Kohl a severance payment equal to three times his annual base salary. However, since April 2019 under the employment agreement
Mr. Kohl&rsquo;s base salary 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. Two of the Company&rsquo;s other senior
managers have also agreed to voluntarily reduce their base salaries by 50% in the same manner as Mr. Kohl.</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">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 of the non-executive directors 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: 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-top: 0pt; margin-bottom: 0pt; 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 2022 annual meeting of shareholders
must be received by March 1, 2023. If the Company is not notified of a shareholder proposal by March 1, 2023, 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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>

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

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<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, 2022 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. by email at gmaier@maierco.com or by phone at (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: 60%">July 1, 2022</TD>
    <TD STYLE="width: 40%">By Order of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ <FONT STYLE="font-size: 10pt"><B>Alan Chan</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Alan Chan</B>, Secretary</FONT></TD></TR>
  </TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">14</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ea162330ex99-3_highway.htm
<DESCRIPTION>LETTER TO SHAREHOLDERS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
99.3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dear Shareholders,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Despite
the continued impact of the COVID-19 global pandemic and the considerable global challenges during the past three years, our financial
results for fiscal 2022 ended March 31, 2022 were respectable, particularly compared with a year earlier.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
financial achievements for fiscal 2022 are gratifying to highlight: net sales increased by 35 percent over fiscal 2021; gross profit
was up 39.2 percent; and we returned to profitability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
success and resiliency are even more remarkable if you consider the following headwinds that impacted our operations this past year:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            imposition of numerous government restrictions on our operations, including lock downs at
                                            both of our manufacturing facilities, due to the COVID-19 pandemic</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Raw
                                            material shortages, including semiconductor chip shortages, with corresponding price increases</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Freight
                                            and shipping logistic issues, coupled with a significant increase in related costs</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade
                                            sanctions related to the war in Ukraine that have impacted major customers</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            uncertainty and disruptions related to the Myanmar military takeover</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As we have
done since we first established our company&rsquo;s operations in Shenzhen, China, almost 30 years ago, we were able to overcome these
obstacles. However, new challenges continue to arise, and we will have to continue to be creative and resilient.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As noted
above, this past year we experienced numerous production shutdowns in China and Myanmar because of the COVID pandemic, and we experienced
shortages of raw materials that affected our production output and net sales. The latest shutdown was in Shenzhen, China, earlier this
year, and our factory was forced to close for several days. Our fiscal year-end results would have been even better had it not been for
these production interruptions. But adversity leads to opportunities, and we remain optimistic about our company&rsquo;s future and success
despite the challenges.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">I would like
to highlight several encouraging developments during the past year to support our optimistic view of our business moving forward:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            were finally able to produce and ship the game consoles for a new customer, after being delayed
                                            by semiconductor chip shortages by almost one year. </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            have continued the design and development of a line of our own proprietary brushless electro
                                            motors. We believe that this proprietary line of motors has exciting applications for both
                                            our existing customers and for others. </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            global COVID pandemic seems to be easing, and the business of our customers appears to be
                                            returning to pre-COVID levels.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
are continuing with our strategy to transition from being an OEM Supplier to more of an ODM supplier that is engaged in product development
at various stages with our customers. </TD></TR></TABLE>

<P STYLE="text-align: justify; 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">
    <TD STYLE="width: 50%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely Yours, <B>&nbsp;</B></FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Roland
Kohl</B></FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B>Chairman, President and Chief Executive officer</FONT></P></TD>
    <TD STYLE="text-align: center; width: 50%; font-size: 10pt">&nbsp;<IMG SRC="ex99-3_001.jpg" ALT=""></TD></TR>
  </TABLE>

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

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