Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 236

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 236
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976 |     |          | 10,446 |
| Hotel operation, hospitality and VIP services |     |                  |        |     |          |        |
| - China (including Hong Kong)                 |     |                  |  2,929 |     |          |  2,788 |
| - Southeast Asia                              |     |                  |  9,739 |     |          |  5,117 |
|                                               |     |                  | 12,668 |     |          |  7,905 |
| Total                                         |     |                  | 22,644 |     |          | 18,351 |

| 5. | SHARE-BASED PAYMENTS |

The business combination between
the Company and Black Spade II. which is not within the scope of IFRS 3 since Black Spade II does not meet the definition of a business
in accordance with IFRS 3, is accounted for as a share-based payment transaction within the scope of IFRS 2.

The net assets of the Company are
stated at their pre-combination carrying amounts, with no goodwill or other intangible assets recorded. Any excess of the fair value
of consideration transferred to Black Spade II shareholders over the fair value of Black Spade II’s identifiable net assets acquired
represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred. During the six months
ended June 30, 2025, the Company recognized US$58,878,000 as share-based payment expenses as the result of the business combination.

<div align='center'>F-11

THE GENERATION ESSENTIALS GROUP

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

| 6. | OTHER OPERATING EXPENSES |

|                                    |     | Six months ended |        |     |          |       |
|                                    |     |         June 30, |        |     |          |       |
|                                    |     |             2025 |        |     |     2024 |       |
|                                    |     |          US$’000 |        |     |  US$’000 |       |
|                                    |     |       -unaudited |        |     | -audited |       |
| Advertising and promotion expenses |     |                  |    350 |     |