Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 162

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 162
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 financial statements. We believe that our audits provide
a reasonable basis for our opinion.

/s/KPMG Taiwan

KPMG Taiwan

We have served as the Company’s auditor since 2006.

Hsinchu, TaiwanMay 15, 2025

F-2

Report of Independent Registered Public Accounting
Firm

To the Board of Directors and Shareholders of

Femco Steel Technology Co., Ltd.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheets of Femco Steel Technology Co., Ltd. (the “ Company”) and its subsidiaries (the “ Group”) as of December
31, 2023, and the related consolidated statements of operations and comprehensive loss, changes in shareholders’ equity, and cash
flows for the year ended December 31, 2023, including the related notes (collectively referred to as the “2023 consolidated financial
statements”). In our opinion, the 2023 consolidated financial statements present fairly, in all material respects, the financial
position of the Group as of December 31, 2023, and the results of its operations and its cash flows for year ended December 31, 2023,
in conformity with accounting principles generally accepted in the United States of America (“ U. S. GAAP”).

Restatement of 2023 Consolidated Financial
Statements

As discussed in Note 2(aa) to the consolidated financial statements,
the 2023 consolidated financial statements have been restated to correct for errors and to enhance comparability with current year’s
consolidated financial statements.

Basis for Opinion

These 2023 consolidated financial statements are
the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U. S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 2023
consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting.