On November 20, HUITONGDA NET (09878.HK) issued an announcement stating that it terminated the employment relationship with former Vice President and Board Secretary Ni Juan on June 30, 2025. The company alleged that she concealed regulatory violations involving the Xinjiang Securities Regulatory Bureau and the Shanghai Stock Exchange. Additionally, the announcement claimed Ni failed to meet performance targets during her tenure and was deemed unfit for her role.

The company further disclosed that after the termination, Ni had made public statements under the titles of Vice President and Board Secretary of HUITONGDA NET.

In response, Ni provided a signed written statement on the same day, refuting the allegations of "concealing violations upon employment" and "underperformance" in the dismissal notice. She asserted full transparency regarding regulatory measures and satisfactory performance, accusing the company of altering evaluation criteria to obstruct her work. Ni confirmed she has filed a lawsuit against the company, condemning the announcement as defamatory and reserving the right to pursue legal action.

When contacted by an investor, HUITONGDA NET declined to comment further, stating that all inquiries should refer to the official announcement.