Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 302

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 302
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000 |        |     | US$’000 |       |
| Payroll and related expenses payable    |     |                    | 4,089 |     |         |  3,974 |     |         |   686 |
| Other tax payables                      |     |                    | 3,923 |     |         |  5,121 |     |         |   821 |
| Payable for acquisition of subsidiaries |     |                    |     — |     |         |  3,506 |     |         | 3,009 |
| Interest expense payable                |     |                    |     — |     |         |  2,263 |     |         |   840 |
| Accruals and other payables             |     |                    | 1,792 |     |         |  2,287 |     |         | 1,953 |
|                                         |     |                    | 9,804 |     |         | 17,151 |     |         | 7,309 |

| 21. | CONTRACT LIABILITIES |

|                                                                       |     | As of December 31, |       |     |         |     |     |         |     |
|                                                                       |     |               2022 |       |     |    2023 |     |     |    2024 |     |
|                                                                       |     |            US$’000 |       |     | US$’000 |     |     | US$’000 |     |
| Fashion, arts and luxury media and advertising and marketing services |     |                    |   511 |     |         | 658 |     |         | 378 |
| Hotel operation, hospitality and VIP services                         |     |                    |   792 |     |         | 151 |     |         | 186 |
|                                                                       |     |                    | 1,303 |     |         | 809 |     |         | 564 |

Contract liabilities carried forward from each of January 1
are recognized as revenue during the next reporting period.

<div align='center'>F-62

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

| 22. | BORROWINGS |

|                                               |     | As of December 31, |        |     |         |