TGE, a subsidiary of AMTD Digital Inc., announced on November 24 2025 that it will pursue a secondary listing on the London Stock Exchange (LSE). The company already trades on the New York Stock Exchange following its business combination with Black Spade Acquisition II Co., which closed on June 3 2025.
The LSE listing is intended to broaden TGE’s geographic reach and improve trading liquidity for its Class A ordinary shares. By adding a European market, TGE will diversify its shareholder base, tap into UK and European capital, and complement its existing NYSE presence, aligning with the company’s strategy to strengthen its footprint across the UK and Europe.
Financially, TGE posted 2024 revenue of $77.01 million, up 81 % year‑over‑year, and earnings that rose 239.92 %. Operating, net, and EBITDA margins stood at 64.73 %, 54.77 %, and 135.59 % respectively, underscoring the company’s high‑margin media and property model. AMTD Digital’s six‑month results to April 30 2025 showed revenue surging 1,085.9 % to $73.2 million and profit climbing 49.5 % to $51.5 million, driven largely by the media and entertainment segment that consolidates L’Officiel and The Art Newspaper under TGE.
TGE’s portfolio spans L’Officiel, The Art Newspaper, movie and entertainment projects, and premium properties. The media and entertainment segment has been a key growth engine for AMTD Digital, while the premium property assets contribute to the company’s robust margins. Despite strong profitability, the Altman Z‑Score signals potential financial distress risk, highlighting the importance of the LSE listing as a capital‑raising and liquidity‑enhancing tool.
The secondary listing signals TGE’s confidence in continued growth and its need to access European capital markets to fund expansion into its hotel portfolio, pursue acquisitions, and explore cryptocurrency opportunities. By listing in London, TGE positions itself to leverage its strong media and entertainment presence in the UK and Europe, while providing investors with broader geographic exposure.
The LSE listing is a material event that will likely enhance liquidity and support TGE’s strategic growth plans, offering investors a more diversified market presence and reinforcing the company’s commitment to expanding its global footprint.
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