Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 160

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 160
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,964 |
| Amount due to ultimate holding company                   |     |                                   |  81,563 |     |                       |      — |     |           |  81,563 |
| Amount due to subsidiaries’ non-controlling shareholders |     |                                   |  64,255 |     |                       | 64,255 |     |           |       — |
| Lease liabilities                                        |     |                                   |     456 |     |                       |    191 |     |           |     265 |
| Total                                                    |     |                                   | 376,451 |     |                       | 64,659 |     |           | 311,792 |

Other than as shown above,
we did not have any other significant capital and other commitments, long-term obligations or guarantees as of June 30, 2025.

To provide additional
consideration to Black Spade II Public Shareholders, The Generation Essentials Group agreed to make a cash payment equal to $1.25
multiplied by the number of BSII Class A Ordinary Shares held by eligible Black Spade II Public Shareholders on the Closing
Date immediately before the Merger Effective Time (the “Non-Redemption Payment Amount”) which additional cash payment was
covenanted to be made no earlier than 60 days and no later than 90 days after the Closing Date. Non-Redemption Payment Amount paid to
eligible Black Spade II Public Shareholders totaled US$0.2 million at the date of this statement.

Off-Balance Sheet Commitments
and Arrangements

We have not entered into
any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered
into any derivative contracts that are indexed to our shares and classified as shareholders’ equity or that are not reflected in
our combined financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated
entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated
entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development
services with us.

<div align='center'>100</div>

Critical Accounting Estimates

Impairment assessment
of intangible assets

Determining whether intangible
assets are impaired requires an estimation of the recoverable amount of the cash-generating unit to which intangible assets have been
allocated, which