Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 325

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 325
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 be a projection of future events.

<div align='center'>F-78

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

| 35. | NON-CONTROLLING INTERESTS |

The table below shows details of non-wholly
owned subsidiaries of the Group which have material non-controlling interests:

|                                              |     | As of December 31, |         |     |         |         |     |         |         |
|                                              |     |               2022 |         |     |    2023 |         |     |    2024 |         |
|                                              |     |            US$’000 |         |     | US$’000 |         |     | US$’000 |         |
| Fine Cosmos Development Limited (note (i))   |     |                    |  24,949 |     |         |  26,942 |     |         |  26,602 |
| Singapore hotel companies (note (ii))        |     |                    |       — |     |         |       — |     |         |  70,054 |
| Other non-controlling interests (note (iii)) |     |                    | 172,429 |     |         | 147,112 |     |         |   7,197 |
|                                              |     |                    | 197,378 |     |         | 174,054 |     |         | 103,853 |

Notes:

| (i) | Fine Cosmos Development Limited is 50% owned by the 
 Group for the years.                                |

| (ii) | Singapore hotel companies is 51% owned by the Group 
 for the years.                                      |

| (iii) | The consolidated financial statements represent                                                
 a combination of entities and business under common control of AMTD Group, as such, the assets 
 and liabilities of the consolidated entities are subject to the non-controlling shareholders   
 of immediate holding company (i.e. AMTD Digital Inc.) and the intermediate holding company     
 (i.e. AMTD IDEA Group). Upon the completion of the reorganization of the Group subsequent      
 to the end of the reporting period, and accordingly, the amounts of non-controlling interests  
 of AMTD IDEA Group and AMTD Digital Inc. are then transferred to the reverses attributable     
 to the owners of