Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 231

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 231
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 F-42          |
| Audited                                                                                                                       
 Consolidated Financial Statements                                                                                             |     |               |
| Consolidated Statements of Profit or Loss and Other Comprehensive Income for the Years Ended December 31, 2022, 2023 and 2024 |     | F-43          |
| Consolidated Statements of Financial Position as of December 31, 2022, 2023 and 2024                                          |     | F-44          |
| Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2023 and 2024                             |     | F-45 to F-47  |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2023 and 2024                                    |     | F-48 to F-49  |
| Notes to the Consolidated Financial Statements for the Years Ended December 31, 2022, 2023 and 2024                           |     | F-50 to F-101 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Shareholders and the Board of Directors of
Black Spade Acquisition II Co

Opinion on the Financial Statements

We have audited the accompanying balance sheets
of Black Spade Acquisition II Co. as of December 31, 2024, the related statements of operations, changes in shareholders’
deficit and cash flows for the period from May 9, 2024 (inception) through December 31, 2024 and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2024 and the results of its operations and its cash flows for the period
from May 9, 2024 (inception) through December 31, 2024 in conformity with accounting principles generally accepted in the United States
of America.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules