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HONG KONG - Highway Holdings Limited (NASDAQ:HIHO) announced today the appointment of Marcum Asia CPAs LLP as its new independent auditor, effective immediately. The New York-based audit firm replaces ARK Pro CPA & Co, adhering to the company’s commitment to uphold the highest standards of financial reporting.
The selection of Marcum Asia followed a thorough evaluation process, with the company considering several top audit firms to ensure superior professional service and expertise. According to InvestingPro data, Highway Holdings maintains a strong liquidity position with a current ratio of 2.56, indicating solid financial management. Highway Holdings confirmed that there were no disputes with the outgoing auditor, ARK, over accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have led to a mention in ARK’s report.
The audit committee’s decision to appoint Marcum Asia was ratified by Highway Holdings’ board of directors. Marcum Asia, known for its quality audit and assurance services, will oversee the auditing of Highway Holdings’ financial statements and reporting processes.
Roland Kohl, CEO and Chairman of Highway Holdings, expressed enthusiasm for Marcum Asia’s role in supporting the company’s future growth and enhancing shareholder value. The company currently offers an attractive dividend yield of 11.05% and demonstrates relatively low price volatility with a beta of 0.25, according to InvestingPro data, which shows 6 additional key insights available to subscribers. Joy Pan, CPA and Senior Partner at Marcum Asia, reciprocated the sentiment, looking forward to strengthening the financial reporting processes of Highway Holdings.
The appointment coincides with a broader restructuring of Highway Holdings’ Board of Directors to support the company’s long-term growth strategy. This restructuring included the addition of four new directors with diverse expertise in multinational business environments.
Marcum Asia is part of a global network of independent accounting and advisory firms, providing services tailored to cross-border and international businesses. Highway Holdings operates as an international manufacturer for blue chip equipment manufacturers, primarily in Germany, with administrative offices in Hong Kong and manufacturing facilities in Yangon, Myanmar, and Shenzhen, China.
This press release contains forward-looking statements subject to risks and uncertainties, such as economic, competitive, governmental, political, and technological factors that could affect the company’s operations and market position. The company maintains a "FAIR" financial health score according to InvestingPro analysis, with particularly strong scores in cash flow management. The company’s SEC filings provide further details on these risks.
This news article is based on a press release statement from Highway Holdings Limited.
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