Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 134

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 134
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 the audiovisual sector is eligible for financial 
 aid from the CNC (Centre National du Cinéma et de l’image animée), distributors              
 of a certain number of works must send to the CNC, accounts of the exploitation of the work  
 on a regular basis (art. L251-5 CMI); and                                                    |

| ● | the                                                                                        
 FHC (art. L131-1 to L133-1, and art. R131-1 à R133-1-1) that requires distributors         
 of all foreign cinematographic works broadcast in cinemas to submit a legal deposit to the 
 CNC, once they have been approved for broadcasting. Depending on the case, the distributor 
 may also be responsible for obtaining the necessary visa before any public broadcasting    
 of the audiovisual work.                                                                   |

European rules resulting
from Audiovisual Media Services Directive 2018/1808 that were transposed by the Order of 21 December 2020. This order
sets out financing of audiovisual creation requirements and strengthens the powers of ARCOM, the authority responsible for regulating
audiovisual and digital communication in France.

<div align='center'>85

MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION</div>

This discussion and analysis should be read together with “Business,” “Selected Historical Financial Data,” and our consolidated financial statements and related notes that are included elsewhere in this prospectus. In addition to historical financial information, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties and assumptions. For more information about forward-looking statements, see the section of this prospectus entitled “Forward-Looking Statements.” Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section of this prospectus entitled “Risk Factors” or elsewhere in this prospectus.

Our combined financial statements for the years ended December 31, 2022 and 2023 presented and discussed in this prospectus capture the stand-alone media and entertainment services, hotel operation, hospitality and VIP services and strategic investment business (“Carve-out Businesses”), which were operated under AMTD Group Inc., our controlling shareholder, during the historical periods. A series of reorganization steps were undertaken from October 2024 to November 2024 to establish us as the holding company of the Carve-out Businesses and the corresponding subsidiaries of AMTD Group Inc. The reorganization was not completed as of December 31