Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 199

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 199
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 the governing body of the combined company, and the Company’s senior management comprising the senior management of the combined
company. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of the Company issuing share
for the net assets of Chenghe, accompanied by a recapitalization. The net assets of Chenghe will be stated at historical cost, with no
goodwill or other intangible assets recorded. Operations prior to the Transactions will be those of the Company.

The impact of new tariffs policy in U. S.

In April, 2025, the U. S. has recently enacted
and proposed to enact significant new tariffs. There continues to exist significant uncertainty about the future relationship between
the U. S. and other countries with respect to such trade policies, treaties and tariffs. The Group is in the process of evaluating the
effect of these developments, or the perception that any of them could occur.

The Group has evaluated subsequent events through
the date of issuance of the consolidated financial statements, and it did not identify any other subsequent events with material financial
impact on the Group’s consolidated financial statements.

F-32

INDEX TO FINANCIAL STATEMENTS

                                                                                                         Page  
  Report of Independent Registered Public Accounting Firm (Marcum Asia CPAs LLP, PCAOB ID No. 5395)      F-34  
  Balance Sheets                                                                                         F-35  
  Statements of Operations                                                                               F-36  
  Statements of Changes in Shareholders’ Deficit                                                         F-37  
  Statements of Cash Flows                                                                               F-38  
  Notes to Financial Statements                                                                          F-39  

F-33

Report of Independent Registered Public Accounting
Firm

To the Shareholders and Board of Directors of

FST Ltd. (Formerly Chenghe Acquisition I Co.)

Opinion on the Financial Statements

We have audited the accompanying balance sheetsof FST Ltd. (Formerly Chenghe Acquisition I Co.) (the “ Company”) as of December 31, 2024 and 2023, the related statements
of operations, changes in shareholders’ deficit and cash flows for each of the two years in the period ended December 31, 2024,
and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations
and its cash flows for each