Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 345

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 345
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 1,792 |     |         |  2,287 |     |         | 1,953 |
|                                         |     |                    | 9,804 |     |         | 17,151 |     |         | 7,309 |

| 21. | CONTRACT LIABILITIES |

|                                                                       |     | As of December 31, |       |     |         |     |     |         |     |
|                                                                       |     |               2022 |       |     |    2023 |     |     |    2024 |     |
|                                                                       |     |            US$’000 |       |     | US$’000 |     |     | US$’000 |     |
| Fashion, arts and luxury media and advertising and marketing services |     |                    |   511 |     |         | 658 |     |         | 378 |
| Hotel operation, hospitality and VIP services                         |     |                    |   792 |     |         | 151 |     |         | 186 |
|                                                                       |     |                    | 1,303 |     |         | 809 |     |         | 564 |

Contract liabilities carried forward from each of January 1
are recognized as revenue during the next reporting period.

<div align='center'>F-84

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 22. | BORROWINGS |

|                                               |     | As of December 31, |        |     |         |        |     |         |         |
|                                               |     |               2022 |        |     |    2023 |        |     |    2024 |         |
|                                               |     |            US$’000 |        |     | US$’000 |        |     | US$’000 |         |
| Secured bank borrowings are denominated in:   |     |                    |        |     |         |        |     |         |         |
| – Hong Kong Dollar                            |     |                    | 51,117 |     |         | 50,655 |     |         |  50,135 |
| – Singapore Dollar                            |     |                    |      — |     |         |      — |     |         | 158,466