Company: TGE
Filing Date: 2025-03-21
Form Type: DRSLTR
Source: 0001013762-25-001138
Chunk: 5

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRSLTR
Chunk 5
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 Settlement Contract with the counterparty
and the fair value change of these derivative financial instruments is classified as “gain related to disposed financial assets
at fair value through profit or loss” on the consolidated statements of profit or loss and other comprehensive income. The fair
value change is measured under IFRS 9 and the related accounting policies are disclosed in the note 2.3 under the header of “Financial
instruments - Investments and other financial assets”.

“Dividend income and gain
related to disposed financial assets at fair value through profit or loss” and “Net fair value changes on FVTPL” are
grouped as part of the revenue because strategic investment segment is a part of the Company’s ordinary course of operations and
disclosed in page F-35 of the financial statements.

The Company has also revised the
disclosure on page 219 of the Revised Draft Registration Statement.

Securities and Exchange Commission

March 21, 2025

Page 6

Unaudited Pro Forma Condensed Combined Financial Information, page 224

| 13. | We note that the historical financial statements of Black Spade                            
 II are prepared based on the U.S. GAAP while the historical financial statements of aWME   
 and the pro forma financial statements appear prepared based on the IFRS as issued by the  
 IASB. Please tell us your consideration for presenting the adjustments to give effect to   
 the differences between the U.S. GAAP and IFRS for the purposes of the unaudited pro forma 
 condensed combined financial information.                                                  |

In response to the Staff’s
comment, the Company respectfully submits that the revised unaudited pro forma condensed combined financial information contained in
the Revised Draft Registration Statement includes the adjustment effected to convert the financial statements of Black Spade II from
U.S. GAAP to IFRS.

| 14. | Your disclosure on page 136 indicates that following the closing                                    
 of the business combination, earnout shares may be issued to AMTD Digital, AMTD IDEA Group,         
 and AMTD Group Inc. upon occurrence of certain triggering events. Please tell us what consideration 
 you gave to accounting for the arrangement within your pro forma financial statements. As           
 part of your response, please provide us with your analysis and cite the authoritative guidance     
 you relied upon in determining your accounting treatment.                                           |

In response to the Staff’s
comment, the Company respectfully submits that earnout shares issuable after the Closing are excluded during the preparation of the una