Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 229

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 229
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ception) through December 31, 2024                       |     | F-4         |
| Statement of Changes in Shareholder’s Deficit for the Period from May 9, 2024 (Inception) through December 31, 2024 |     | F-5         |
| Statement of Cash Flows for the Period from May 9, 2024 (Inception) through December 31, 2024                       |     | F-6         |
| Notes to Financial Statements                                                                                       |     | F-7 to F-22 |

<div align='center'>THE GENERATION ESSENTIALS GROUP</div>

|                                                                                                                               |     | Page(s)      |
| Report of Independent Registered Public Accounting Firm (PCAOB Id No. 6783)                                                   |     | F-23         |
| Consolidated Financial Statements                                                                                             |     |              |
| Consolidated Statements of Profit or Loss and Other Comprehensive Income for the Years Ended December 31, 2022, 2023 and 2024 |     | F-24         |
| Consolidated Statements of Financial Position as of December 31, 2022, 2023 and 2024                                          |     | F-25         |
| Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2023 and 2024                             |     | F-26 to F-28 |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2023 and 2024                                    |     | F-29 to F-30 |
| Notes to the Consolidated Financial Statements for the Years Ended December 31, 2022, 2023 and 2024                           |     | F-31 to F-82 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Shareholders and the Board of Directors of
Black Spade Acquisition II Co

Opinion on the Financial Statements

We have audited the accompanying balance sheets
of Black Spade Acquisition II Co. as of December 31, 2024, the related statements of operations, changes in shareholders’
deficit and cash flows for the period from May 9, 2024 (inception) through December 31, 2024 and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present