Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 40

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 40
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 shopping, significantly enhancing the Company’s and brands’ capabilities to accept orders and negotiate.
Since 2016, the Company has supplied golf shafts directly to PGA players. This initiative allows PGA players to test the shafts and
participate in competitions using them, and opens up a pathway for the Company to collect feedback from professional players. Close
interactions with the top professional players also provides the Company with opportunities to market its KBS shafts. As of
December 31, 2024, 67 PGA players were using KBS brand shafts in their professional competitions. Propelled by the professional
endorsement and high market visibility, the Company has successfully evolved from being an OEM for international brands to a trusted
provider of golf shafts under its proprietary brand “ KBS.”

To further raise brand awareness and directly connect with customers,
the Company has established KBS Golf Experience stores in Carlsbad, California in the U. S. and Tokyo in Japan. These stores offer
golf club customization and fitting services for individual customers, and are equipped with simulation tracking technology, software
tools, and data recording systems. By quantifying the performance of golf clubs used on courses and analyzing consumer preferences and
swing performance on-site, the staff are able to recommend suitable golf equipment for golfers of different age, gender, and experience
level. The Company believes these direct interactions with customers will enhance brand awareness and loyalty. The customer feedback serves
as a valuable reference point for future product development, which, in turn, helps sustain the competitiveness of the Company’s
products.

The Company believes that it will be able to continue to improve its
competitive positioning by adhering closely to consumer demand, augmented by strong brand development efforts, a comprehensive product
line, and online and offline sale touch points.

History as Taiwanese Public Company

In Taiwan, only “public companies” are subject to the regulations
of the Taiwan Securities and Exchange Act (TSEA). To become a public company, a company needs approval from the Securities and Futures
Bureau (SFB) of Taiwan’s Financial Supervisory Commission. Public company status is a prerequisite for listing on a Taiwanese stock
exchange. Femco became a public company in Taiwan on January 16, 2019, and its stock was subsequently registered on the Taiwan Stock
Market for public trading on April 3, 2019.

However, the TSEA and its related regulations create limitations. As
long as Femco remained a public company, its directors, officers,