Shareholders’ equity |
12 Months Ended |
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Dec. 31, 2024 | |
| Equity [Abstract] | |
| Shareholders’ equity | Note 13 Shareholders’ equity
Ordinary shares
The Company was established under the laws of Cayman Islands on September 30, 2022. The authorized number of ordinary shares was shares with a par value of US$ per ordinary share.
For the purpose of undertaking an initial public offering (“IPO”) of the Company’s ordinary shares, the Company performed a series of re-organizing transactions resulting in ordinary shares outstanding effected on November 18, 2022. On December 1, 2023 the Company closed on the IPO. The offering was conducted pursuant to the Company’s registration statement and ordinary shares were issued at the IPO price of $ per share in the offering. All these shares rank pari passu with the existing shares in all aspects. The Ordinary Shares were approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “FEBO.”
The Company believes it is appropriate to reflect the above transactions as re-denomination and nominal issuance of shares on a retroactive basis similar to stock split or dividend pursuant to ASC 260. According to the above transactions, the Company has retroactively adjusted the shares and per share data for all periods presented.
Statutory reserves
In accordance with the relevant PRC laws and regulations, the Group’s subsidiaries in the PRC are required to provide for certain statutory reserves, which are appropriated from net profit as reported in accordance with PRC accounting standards. The Group’s subsidiaries in the PRC are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has reached 50% of their respective registered capital. Appropriations to other types of reserves in accordance with relevant PRC laws and regulations are to be made at the discretion of the board of directors of each of the Group’s subsidiaries in the PRC. The statutory reserves are restricted from being distributed as dividends under PRC laws and regulations.
On January 11, 2024, the representative of the underwriters partially exercised the over-allotment option and on January 16, 2024 purchased ordinary shares at the IPO price of $ per share. All these shares rank pari passu with the existing shares in all aspects.
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