Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 254

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 254
---
 of this report.                                                                                
 L’Officiel Group Inc. is the holding company                                                   
 of the Group’s media and entertainment business unit of “L’Officiel”                           
 at the date of this report. During the year ended December 31, 2022, the Group acquired        
 100% interests of L’Officiel. Details refer to note 34.                                        
 The Art Newspaper Group Inc. is the holding company                                            
 of the Group’s media and entertainment business unit of “The Art Newspaper”                    
 at the date of this report. During the year ended December 31, 2023, the Group acquired        
 100% interests in The Art Newspaper. Details refer to note 34.                                 |
|:------|:-----------------------------------------------------------------------------------------------|
| (iv)  | The reorganization of the Group is not yet completed                                           
 as of December 31, 2022 and 2023, the combination of entities and related businesses           
 are common control of AMTD Group. The effective interests attributable to the Group as of      
 December 31, 2022 and 2023 represented the effective interests of respective entities          
 under AMTD Group. The effective interests of certain entities are lower than 50%, AMTD Group   
 owns class B shares of AMTD IDEA Group and AMTD IDEA Group owns class B shares of AMTD Digital 
 Inc., of which class B shares of AMTD IDEA Group and AMTD Digital Inc. entitled 20 votes       
 on each share. As such, AMTD Group can exercise their control over the combined entities.      |

<div align='center'>F-28

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

| 2. | APPLICATION OF INTERNATIONAL FINANCIAL REPORTING 
 STANDARDS                                        |

| 2.1 | BASIS OF     
 PRESENTATION |

The consolidated financial statements
include the financial statements of certain subsidiaries of AMTD Group arising from the reorganization, and also include the results
of operations of the investments business, which have been prepared on a carve-out basis. Such reorganization of entities is under common
control, which is outside of the scope of IFRS 3 Business Combinations, as such entities were under common control and managed
by AMTD Group. The Group prepared the consolidated financial statements to capture the stand-alone media and entertainment services,