
GEM GEM GEMGEMGEM GEMGEM 3 567892027 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 2023130 1002–10083 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 183171712–1716 GEM 8107 www.vision-holdings.com.hk 20236302022 2023630 2023630 2023630 1. 20171192219613201854GEMMetro Vanguard LimitedMetro VanguardMetro Vanguard 2. 34GEM18 GEM 202363020221231202311 1720201020222171 52020 2023630 2023630 3. 820231231 1. 2. 3. 2023630 3. (i)(ii)(iii) 2023630 3. 20221231 2023630 3. •• (i)(ii)(iii) 2023630 3.10% #*10% 4. 2023630 28.25%216.5%16.5% 2023630 7. 8. 2023630 9. 202363019,262,00020226301,143,000119,934,0002022630100,000,0002023113202361220,000,00012,000,000 10. 2017710,000,000 2023630 11. 20%10% 20236302022630 202363024,941,0002022123125,461,000 12. 120 13. 2023630 14. (i)20221223IIII 0.21320,000,000I202311320,000,000I4.06 (ii)2023529IIIIIIII 1.80II12,000,000II202361212,000,000II20.9 15. 20222023630 (i)(ii)(iii) 2023630 202263064.321.9%202363050.2202346.24.0 202263060.912.8%202363053.12023630 20226303.420232.95.52.6202263020236305.3%5.2% 202263020236300.020.03 202263030,00020236302.22023630 202220236300.82.4 202220236 303.515.29.4 202220236300.61.3 20222023630124,000155,140 202363019.320226301.12023630(i)(ii) 2023630100831357 2020832020850.010.1100,000,0000.1 202212230.21320,000,0002023113202212232023113 20235291.8012,000,00020236122023529612 202363013,200,000132,000,0000.1 6302023113 6302023612 2023630 2023630 2023630 COVID-19COVID-19 COVID-19 202363060.42022123153.819.3202212 310.7202363037.92022123131.820236301.8202212311.7202363069.4%2022123179.3% 20236302022630 3 20236302022630 202363082022630202363011.520226302.0 2023630 A. 2023630571XVXV78352GEM5.465.67 (a) 1.L2.Metro VanguardXVMetro Vanguard3.2023630132,000,000 (b) 2023630XVXV78352GEM5.465.67 B. 2023630XV23336 1.L 2.Metro Vanguard 3.Arena Investors, LPArenaFinance Markets, LPArena Special Opportunities (Offshore) Master, LP Arena SpecialOpportunities Fund, LPArena Special Opportunities Partners II, LPArena SpecialOpportunities Partners (Cayman Master) II, LP 4.20236 30132,000,000 2023630XV23336 202363018 2023630GEM GEM2023630 GEM5.485.672023630 2023630 2018416 10 2018416 — D. 20184 16GEM5.28D.3.3 2023630GEM 2023814