Company: TGE
Filing Date: 2025-03-21
Form Type: DRSLTR
Source: 0001013762-25-001138
Chunk: 4

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRSLTR
Chunk 4
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 THE BUSINESS COMBINATION PROPOSAL, page 145

| 9. | State whether or not a majority of the directors (or members                                  
 of a similar governing body) of Black Spade II have retained an unaffiliated representative   
 to act solely on behalf of unaffiliated security holders for purposes of negotiating terms    
 of the business combination and/or preparing a report concerning the approval of the business 
 combination. Refer to Item 1606(d) of Regulation S-K.                                         |

In response to the
Staff’s comment, the Company has revised the disclosure on page 158 of the Revised Draft Registration Statement.

Securities and Exchange Commission

March 21, 2025

Page 5

INFORMATION ABOUT BLACK SPADE II, page 165

| 10. | Please revise your disclosure here and wherever applicable to                                
 specifically identify the controlling persons of the SPAC sponsor. Disclose, as of the most  
 recent practicable date, the persons who have direct and indirect material interests in the  
 SPAC sponsor, as well as the nature and amount of their interests. Refer to Item 1603(a)(7). |

In response to the Staff’s
comment, the Company has revised the disclosure on page 167 of the Revised Draft Registration Statement.

| 11. | Briefly describe the fiduciary duties of each officer and director                         
 of the special purpose acquisition company to other companies to which they have fiduciary 
 duties. Please refer to Item 1603(c) of Regulation S-K.                                    |

In response to the Staff’s
comment, the Company has revised the disclosure on page 132 of the Revised Draft Registration Statement.

aWME's Management's Discussion and Analysis of Financial Condition and Results of Operations

Discussion of Segment Operations

Year Ended December 31, 2022 Compared to Year Ended December 31, 2023, page 218

| 12. | We note your disclosure that the revenue from the strategic                                     
 investment segment increased in 2023 partly due to the termination of certain derivative        
 contract in 2023. Please tell us in sufficient detail what the transaction entailed and how     
 you accounted for the revenue. Please revise your notes to the financial statements to disclose 
 the related revenue recognition policy as required.                                             |

The Company respectfully refers
the Staff to note 17 of the financial statements regarding details of derivative financial instruments of the Company. In December 2023,
the Company terminated the Upside Participation and Profit Distribution Agreements and Future