Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 201

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 201
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 examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our auditsalso included evaluating the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial statements. We believe that our auditsprovide a reasonable basis
for our opinion.

/s/ Marcum Asia CPAs llp

Marcum Asia CPAs llp

We have served as the Company’s auditor since 2024.

New York, New York
May 15, 2025

F-34

FST LTD.

(FORMERLY CHENGHE ACQUISITION I CO.)

BALANCE SHEETS

                                                                                                                                                                                                            December 31,                      December 31,                  
                                                                                                                                                                                                            2024                              2023                          
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                                                                                                                    
  Current Assets                                                                                                                                                                                                                                                            
  Prepaid expenses                                                                                                                                                                                          $                          ―      $                      3,640  
  Total Current Assets                                                                                                                                                                                                                 ―                             3,640  
  Cash held in Trust Account                                                                                                                                                                                                  41,746,692                        43,605,597  
  Total Assets                                                                                                                                                                                              $                 41,746,692      $                 43,609,237  
  Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit                                                                                                                                                                                                         
  Current Liabilities                                                                                                                                                                                                                                                       
  Accounts payable and accrued expenses                                                                                                                                                                     $                  2,949,312      $                  1,716,466  
  Promissory note - related party                                                                                                                                                                                              1,794,938                           404,170  
  Transaction costs payable                                                                                                                                                                                                    1,028,375                                 ―  
  Commitment shares liability                                                                                                                                                                                                  1,179,000                                 ―  
  Total Current Liabilities                                                                                                                                                                                                    6,951,625                         2,120,636  
  Warrant liabilities                                                                                                                                                                                                            603,566                           144,000  
  OET derivative liability                                                                                                                                                                                                       914,764                                 ―  
  Total Liabilities                                                                                                                                                                                                            8,469,955                         2,264,636  
  Commitments and Contingencies (Note 7)                                                                                                                                                                                                                                    
  Class A ordinary shares subject to possible redemption 3,534,431 and 3,941,873 shares at redemption value of $11.81 and $11.06 at December 31