Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 243

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 243
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IAL LIABILITIES AT FVTPL |

As of June 30, 2025, there were
16,220,000 warrants outstanding. The warrants will expire five years after the completion of a business combination between the Company
and Black Spade II or earlier upon redemption or liquidation. The exercise price of the warrants is US$11.50 per warrant.

The Group has recognized the warrants
as financial liabilities at FVTPL in the condensed consolidated statement of financial position. The changes in fair value during the
reporting period have been recorded in the profit or loss under “fair value changes on financial liabilities at FVTPL”. During
the six months ended, the Group recognized a fair value gain of US$5,221,000 on the warrants.

<div align='center'>F-16

THE GENERATION ESSENTIALS GROUP

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE six months ended June 30, 2025</div>

| 19. | SHARE CAPITAL |

The movement of share capital is as follows:

|                                                             |     | Voting ordinary shares |              |   |     |         |     |    |     | Voting Class A 
 ordinary       
 shares         |                   |     |         |    |   |     | Voting Class B 
 ordinary       
 shares         |                |     |         |   |   |     | Non-voting redeemable 
 preferred shares      |                |     |         |   |   |     | Total     |                   |     |         |    |   |
|                                                             |     | Number of              
 shares                 |              |   |     | Amount  |     |    |     | Number of      
 shares         |                   |     | Amount  |    |   |     | Number of      
 shares         |                |     | Amount  |   |   |     | Number of             
 shares                |                |     | Amount  |   |   |     | Number of 
 shares    |                   |     | Amount  |    |   |
|                                                             |     |                        |              |   |     | US$’000 |     |    |     |                |                   |     | US$’000 |    |   |     |                |                |     | US$’000 |   |   |     |                       |                |     | US$’000 |   |   |     |           |                   |     | US$’000 |