Company: FSHPU
Filing Date: 2025-11-12
Form Type: DEF 14A
Source: 0001829126-25-009060
Chunk: 19

Company: Flag Ship Acquisition Corp
Filing Date: 2025-11-12
Form: DEF 14A
Chunk 19
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to the conduct of the audit of the Company’s annual financial statements.

The Audit Committee has also received the written disclosures and the letter from
MaloneBailey, LLP required by applicable requirements of the Public Company Accounting Oversight Board
regarding the independent registered public accountant’s communications with the Audit
Committee concerning independence and has discussed with MaloneBailey, LLP the issue of their independence from our company and management. In addition, the
Audit Committee has considered whether the provision of non-audit services by the
independent registered public accounting firm in 2023 is compatible with maintaining the auditors’ independence and has concluded that
it is.

Based on its review of the audited financial statements and the various discussions
noted above, the Audit Committee recommended to the Board that the audited financial
statements be included in our Annual Report on Form 10-K for the year ended December 31,
2024. The Audit Committee has also recommended, subject to shareholder ratification, the selection of our independent registered public accounting firm
for the year ending December 31, 2025.

Respectfully submitted
by the Audit Committee,

| Shan Cui |
| Wen He   |
| Pai Liu  |

The information contained in this Audit Committee Report shall not be deemed to be
“soliciting material” or to be “filed” with the SEC, nor shall such information be
incorporated by reference into any filings under the Securities Act or under the Exchange Act,
except to the extent that we specifically incorporate this information by reference
into any such filing.

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EXECUTIVE COMPENSATION</div>

No executive officer has received any cash compensation for services rendered to us
during the year ended December 31, 2025.

No compensation or fees of any kind, including finder’s, consulting fees and other
similar fees, will be paid to our founders, members of our management team or their
respective affiliates, for services rendered prior to, or in order to effectuate the
consummation of, our initial business combination (regardless of the type of transaction
that it is). Directors, officers and founders will receive reimbursement for any out-of-pocket
expenses incurred by them in connection with activities on our behalf, such as identifying
potential target businesses, performing business due diligence on suitable target
businesses and business combinations as well as traveling to and from the offices,
plants or similar locations of prospective target businesses to examine their operations.
There is no limit on