Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 165

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 165
---
 Cash and cash equivalents, beginning of the year                               $8,904,618       $20,740,375  
  Restricted cash, beginning of the period                                          401,110            81,537  
  Total cash, cash equivalents and restricted cash, beginning of the year        $9,305,728       $20,821,912  

                                                                         December 31,      December 31,  
                                                                                                         
                                                                                 2024              2023  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash and cash equivalents, end of the year                               $5,098,420        $8,904,618  
  Restricted cash, end of the period                                          203,779           401,110  
  Total cash, cash equivalents and restricted cash, end of the year        $5,302,199        $9,305,728  

F-7

FST Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U. S. dollars, except for share and per
share data, or otherwise noted)

1. ORGANIZATION
AND PRINCIPAL ACTIVITIES

FST Corp. (the “ Company”) was incorporated
under the laws of the Cayman Islands onNovember 24, 2023. The Company and its subsidiary, FST Merger Ltd., Femco Steel Technology Co.,
Ltd. (“ FST”) and FST’s subsidiaries (collectively, the “ Group”) are principally engaged in developing, producing
and selling of golf shafts and other sports equipment.

FST Merger Ltd., wholly owned by the Company,
was incorporated under the laws of the Cayman Islands on November 27, 2023, was formed for the purpose of effecting a merger between Chenghe
Acquisition I Co. (“ Chenghe”), FST and certain other affiliated entities through a series of transactions (the “ Business
Combination”) pursuant to the definitive agreement entered into on December 22, 2023.

FST,99.34% owned by the Company, was incorporated
under the law of Taiwan with limited liability on May 18, 1976.

FST America, Inc., wholly owned by FST, was incorporated
on September 9, 2015 in Colorado, US.

FST Japan LLC, wholly owned by FST America, Inc.,
was incorporated on September 16, 2020 in Japan.

FST Restructuring

To maximize the Company’s