Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 315

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 315
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 | 450,883 |     |           | 27,750 |     |         | 478,633 |

|                                                          |     | As of December 31, |         |     |         |         |     |         |         |
|                                                          |     |               2022 |         |     |    2023 |         |     |    2024 |         |
|                                                          |     |            US$’000 |         |     | US$’000 |         |     | US$’000 |         |
| Accounts payable                                         |     |                    |   9,846 |     |         |   8,808 |     |         |   2,785 |
| Other payables and accruals                              |     |                    |   9,804 |     |         |  17,151 |     |         |   7,309 |
| Borrowings                                               |     |                    |  51,697 |     |         |  62,304 |     |         | 219,609 |
| Amounts due to subsidiary’s non-controlling shareholders |     |                    |  52,611 |     |         |  53,727 |     |         |  63,019 |
| Amount due to ultimate holding company                   |     |                    |  62,810 |     |         |  70,196 |     |         | 102,622 |
|                                                          |     |                    | 186,768 |     |         | 212,186 |     |         | 395,344 |

<div align='center'>F-68

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 32. | FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL 
 INSTRUMENTS                                      |

The carrying amounts and fair values of the Group’s
financial instruments measured at fair value are as follows:

|                                  |     | As of December 31, |         |     |         |        |     |         |         |
|                                  |     |               2022 |         |     |    2023 |        |     |    2024 |         |
|                                  |     |            US$’000 |         |     | US$’000 |        |