Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 379

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 379
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S |

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 the Company.                                                                                                                |

| 36. | SUBSEQUENT EVENTS |

Other than disclosed elsewhere in the consolidated financial
statements, the Group has the following subsequent events:

In January 2025, the Company and Black Spade Acquisition II
Co, a special purpose acquisition company founded by Black Spade Capital, entered into a business combination agreement.

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