CORRESP Filing
Generation Essentials Group
Date: April 25, 2025 · CIK: 0002053456 · Accession: 0001213900-25-035537
AI Filing Summary & Sentiment
File numbers found in text: 333-286501
Referenced dates: April 24, 2025
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CORRESP
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filename1.htm
Partners
Geoffrey
Chan *
Shu
Du *
Andrew
L. Foster *
Chi
T. Steve Kwok *
Haiping
Li *
Rory
McAlpine ¨
Jonathan
B. Stone *
Paloma
P. Wang ¨
Friven
Yeoh ¨
¨
(Also Admitted in England &
Wales)
*
(Also Admitted in New York)
Skadden,
Arps, Slate, Meagher & Flom
世達國際律師事務所
42/F, EDINBURGH
TOWER, THE LANDMARK
15 QUEEN'S
ROAD CENTRAL, HONG KONG
________
TEL: (852) 3740-4700
FAX: (852) 3740-4727
www.skadden.com
AFFILIATE OFFICES
-----------
BOSTON
CHICAGO
HOUSTON
LOS ANGELES
NEW YORK
PALO ALTO
WASHINGTON, D.C.
WILMINGTON
-----------
ABU DHABI
BEIJING
BRUSSELS
FRANKFURT
LONDON
MUNICH
PARIS
SÃO PAULO
SEOUL
SINGAPORE
TOKYO
TORONTO
April 25, 2025
Confidential
Mr. Bradley Ecker
Ms. Erin Purnell
Ms. Stephany Yang
Mr. Hugh West
Division of Corporation Finance
Office of Manufacturing
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Re: The Generation Essentials Group
Registration Statement on Form F-4
Filed April 11, 2025
333-286501
Dear Sir/Madam,
On behalf of our client, The Generation Essentials
Group, a foreign private issuer organized under the laws of the Cayman Islands (the " Company "), we are hereby submitting
to the staff (the " Staff ") of the Securities and Exchange Commission (the " Commission ") this letter
setting forth the Company's responses to the comments contained in the Staff's letter dated April 24, 2025 on the Company's
registration statement on Form F-4 filed on April 11, 2025 (the " Registration Statement ") relating to the proposed
business combination involving the Company and Black Spade Acquisition II Co (" Black Spade II "), a Cayman Islands exempted
company.
Concurrently with the submission of this letter,
the Company is filing amendment No. 1 to its registration statement on Form F-4 (the " Revised Registration Statement ")
and certain exhibits via EDGAR with the Commission.
Securities and Exchange Commission April 25, 2025 Page 2
The Company has responded to the Staff's
comments by revising the Registration Statement to address the comments, or by providing an explanation if the Company has not so revised
the Registration Statement. The Staff's comments are repeated below in bold and are followed by the Company's responses. We
have included page references in the Revised Registration Statement where the language addressing a particular comment appears. Capitalized
terms used but not otherwise defined herein have the meanings set forth in the Revised Registration Statement.
The Company and Black Spade II plan to convene
the extraordinary general meeting of the shareholders of Black Spade II and consummate the proposed business combination as soon as possible
during the month of May 2025. The Company would appreciate the Staff's timely assistance and support to the Company in meeting this
proposed timetable.
Registration Statement on Form F-4 filed
April 11, 2025
Cover Page
1. Please revise your outside front cover page of the prospectus to include the requirements called
for by Item 1602(a)(4) of Regulation S-K. In this regard, we note your dilution table on page 36. Please revise your dilution table, and
similarly your pro forma ownership table to include quartile intervals based on percentages of the maximum redemption threshold.
In response to the Staff's
comment, the Company has revised the disclosure on the cover page and pages 16, 17, 18, 36, 37 and 38 of the Registration Statement.
SUMMARY OF THE PROXY STATEMENT/PROSPECTUS
Ownership of TGE After the Closing,
page 36
2. We note your response to our prior comment 1. Please revise your table here and in your Questions and Answers section to include
the beneficial owners of TGE Class A, Class B, and Preferred shares so that it is clear to investors who the controlling shareholders
of the surviving company will be. In this regard, we note your disclosure on your cover page that "AMTD Group Inc. will beneficially
own 94.4%, 96.2%, and 97.8% of the total voting power of the outstanding TGE Shares."
In response to the Staff's
comment, the Company has revised the disclosure on pages 16, 17, 16, 36, 37 and 38 of the Registration Statement.
Securities and Exchange Commission April 25, 2025 Page 3
SUMMARY OF THE PROXY STATEMENT/PROSPECTUS
Dilution, page 37
3. Please tell us, and revise your disclosure to explain, how you calculated the net tangible book value at or above which the potential
dilution results in pro forma net tangible book value per share, as adjusted being at least $10.00 per share.
In response to the Staff's
comment, the Company has revised the disclosure on page 37 of the Registration Statement.
Item 21. Exhibits and Financial Statement
Schedules Exhibit 5.1, page II-2
4. The legal opinion of Conyers Dill & Pearman Pte. Ltd. does not appear to reflect the securities to be registered on the resale
prospectus. Please have counsel file a revised opinion that reflects the resale prospectus, confirm that the resale securities will be
opined on in Exhibit 5.2, or advise.
In response to the Staff's
comment, the Company has filed the updated legal opinion of Conyers Dill & Pearman Pte. Ltd as Exhibit 5.1.
* * *
Securities and Exchange Commission April 25, 2025 Page 4
If you have any questions regarding the Revised
Registration Statement, please contact the undersigned by phone at +852 3740 4858 or via email at shu.du@skadden.com.
Very truly yours,
/s/ Shu Du
Shu Du
cc: Giampietro Baudo, Chief Executive Officer, The Generation Essentials Group
Samuel Chao, Director and Chief Financial Officer, The Generation
Essentials Group
Dennis Tam, Executive Chairman of the Board and Co-CEO, Black
Spade Acquisition II Co
Kester Ng , Director, Co-CEO
and CFO, Black Spade Acquisition II Co
Richard Taylor, Director, Co-CEO and COO, Black
Spade Acquisition II Co
Sharon Lau, Partner, Latham & Watkins LLP
Stacey Wong, Partner, Latham & Watkins LLP