Vala Inc. (formerly known as 51 Credit Card Inc.) released a supplemental announcement regarding the retirement of two non-executive directors after the annual general meeting on 5 June 2025. The company provided additional details on the disagreements raised by Ms. Jiang and Ms. Gao before their departure.

According to the announcement, at a board meeting on 21 October 2024, both directors dissented to a proposed placing of up to 271,664,037 new shares under a general mandate. Company management responded by outlining why the terms of the placing were considered fair and reasonable.

On 24 January 2025, the board presented resolutions for the sale of shares held in China Netcom Technology Holdings Limited (a then-subsidiary) and related placing transactions. Ms. Gao abstained from voting due to insufficient information regarding the initial investment, and Ms. Jiang dissented based on concerns over potential loss on disposal and the approach management adopted in both investing in and divesting from China Netcom. The board noted that reasons for the sale had been explained and disclosed at that meeting.

A further board meeting on 31 March 2025 addressed the review of the company’s annual results for the year ended 31 December 2024 and a proposed name change to “Vala Inc.” Ms. Gao abstained from voting on the annual results due to questions around senior management remuneration and certain cost items in the report. She also abstained from the proposed name change, citing potential impact on the group’s existing financial technology services clients. Ms. Jiang likewise abstained from the vote on the name change. Management provided clarifications during and after the meeting on these matters.

The company confirmed that all other information in the earlier announcement remains unchanged and reiterated its plan to present each proposed item to the board by way of separate resolutions for clarity. The board stated that the announcement should be read in conjunction with its previous disclosure on 5 June 2025.