Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 321

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 321
---
                              |     |                    |   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-71

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 |        |     | US$’000 |         |
| Financial assets at FVTPL        |     |                    | 123,921 |     |         | 77,801 |     |         | 420,544 |
| Derivative financial instruments |     |                    | 185,069 |     |         |      — |     |         |  30,339 |
|                                  |     |                    | 308,990 |     |         | 77,801 |     |         | 450,883 |

Management has assessed that the fair values of bank balances,
accounts receivable, deposits and other receivables, amounts due from joint ventures, restricted cash, accounts payable, other payables
and accruals, borrowings, amounts due to