Vala Inc. — Board/Management Information 2021

Sep 3, 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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51 CREDIT CARD INC. 51 信用卡有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2051)

CHANGE OF EXECUTIVE DIRECTOR, CHIEF FINANCIAL OFFICER AND AUTHORISED REPRESENTATIVE

The Board hereby announces the following changes with effect from 3 September 2021:

1. Mr. Zhao Ke resigned as an executive Director, the Chief Financial Officer and an Authorised Representative;

2. Mr. Zhu Jianfei has been appointed as an executive Director and an Authorised Representative; and

3. Mr. Lam Yu Hon has been appointed as the Chief Financial Officer.

RESIGNATION OF EXECUTIVE DIRECTOR, CHIEF FINANCIAL OFFICER AND AUTHORISED REPRESENTATIVE

The board (the “ Board ”) of directors (the “ Directors ”) of 51 Credit Card Inc. (the “ Company ” and together with its subsidiaries, the “ Group ”) hereby announces that Mr. Zhao Ke (“ Mr. Zhao ”) has resigned as an executive Director, the chief financial officer (the “ Chief Financial Officer ”) and an authorised representative of the Company (the “ Authorised Representative ”) for the purpose of Rule 3.05 of the Rules (the “ Listing Rules ”) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) with effect from 3 September 2021 due to his decision to devote more time to pursue his other work commitments.

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Mr. Zhao has confirmed to the Board that he does not have any disagreement with the Board and there are no other matters with respect to his resignation that needs to be brought to the attention of the shareholders of the Company (the “ Shareholders ”) or the Stock Exchange.

APPOINTMENT OF EXECUTIVE DIRECTOR AND AUTHORISED REPRESENTATIVE

The Board further announces that Mr. Zhu Jianfei (“ Mr. Zhu ”) has been appointed as an executive Director and an Authorised Representative with effect from 3 September 2021. The biographical details of Mr. Zhu are as follows:

Mr. Zhu Jianfei （ 朱劍飛 ）, aged 38, is a vice-president of the Company. He has considerable experience in management consultancy, human resources practices and business management, as well as ample experience in and insightful views on different aspects such as organizational planning and management, business innovation and operations, etc. in each development stage of enterprises. He serves as an executive director, an authorised representative, the compliance officer and a member of the senior management committee of China Netcom Technology Holdings Limited (a subsidiary of the Company whose shares are listed and traded on GEM of the Stock Exchange (stock code: 8071)) (“ China Netcom ”). Currently, he also serves as a general manager of Hangzhou Panniu Financing and Guarantee Co., Ltd.（杭州磐牛融資擔 保有限公司）, which is an indirect wholly-owned subsidiary of the Company. From May 2015 to present, Mr. Zhu served in a number of positions in the Company, including the director of the human resources and administration department of the Company, etc. From June 2010 to April 2013, Mr. Zhu served in a number of positions at Cloudary Corporation（盛霆信息 技術（上海）有限公司, also known as 盛大文學）, and subsequently served as the managing director of DataYes Inc.*（通聯數據股份公司）from April 2013 to April 2015.

Mr. Zhu obtained a Bachelor’s degree in Human Resources Management from the Peking University in the People’s Republic of China (“ PRC ”) in July 2006 and obtained a Master’s degree in Accounting from the Shanghai University of Finance and Economics in the PRC in June 2012.

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Mr. Zhu has entered into a service agreement with the Company for an initial term of three years from 3 September 2021 and automatically renewable for a further term of three years. According to the service agreement, he is entitled to a Director’s fee of RMB708,000 per year and discretionary bonus as determined in accordance with the internal regulations of the Company. The Company may grant share options and/or award shares to Mr. Zhu from time to time pursuant to the terms and conditions of the share option scheme and/or share award scheme adopted by the Company, and such share options and/or award shares will form part of Mr. Zhu’s remuneration. Mr. Zhu’s remuneration will be subject to annual review by the remuneration committee of the Company and the Board from time to time with reference to the prevailing market level and his responsibilities and performance.

Mr. Zhu will hold office until the next general meeting of the Company and will be eligible for and subject to re-election at such meeting, and thereafter he will be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

As at the date of this announcement, Mr. Zhu is interested in 1,906,810 shares of the Company.

Save as disclosed above, as at the date of this announcement, Mr. Zhu does not (i) hold any other position in the Group nor any directorship in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; (ii) have any relationship with any Director(s), senior management, substantial or controlling Shareholder(s) (as defined under the Listing Rules); and (iii) have, and is not deemed to have, any interests or short positions (both within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the “ SFO ”)) in any shares, underlying shares or debentures of the Company or its associated corporations (as defined under Part XV of the SFO).

Save as disclosed above, as at the date of this announcement, there is no other matter relating to the appointment of Mr. Zhu that needs to be brought to the attention of the Shareholders and there is no other information which is required to be disclosed pursuant to any requirements of Rules 13.51(2)(h) to (v) of the Listing Rules.

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APPOINTMENT OF CHIEF FINANCIAL OFFICER

The Board further announces that Mr. Lam Yu Hon (“ Mr. Lam ”) has been appointed as the Chief Financial Officer with effect from 3 September 2021. The biographical details of Mr. Lam are as follows:

Mr. Lam is currently the financial controller of the Group, the company secretary of the Company, an Authorised Representative and an authorised representative for accepting service of process and notices on the Company’s behalf in Hong Kong for the purpose of Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong). He is also the company secretary of China Netcom. Mr. Lam has over 14 years of auditing and finance experiences from various international accounting firms and Hong Kong listed companies. He obtained a Master of Science degree in Professional Accounting and Corporate Governance and a Bachelor of Applied Science degree in Computer Engineering. He is a fellow member of the Hong Kong Institute of Certified Public Accountants, a member of the Association of Chartered Certified Accounts, a member of the Chartered Professional Accountants of British Columbia Canada, a Certified Internal Auditor and a Certified Treasury Professional.

The Board would like to express its gratitude to Mr. Zhao for his service and contribution to the Group during his tenure of office and welcome Mr. Zhu and Mr. Lam on their new appointments.

By order of the Board 51 Credit Card Inc. Sun Haitao

Chairman and Executive Director

3 September 2021

As at the date of this announcement, the executive Directors are Mr. Sun Haitao, Mr. Zheng Haiguo and Mr. Zhu Jianfei; the non-executive Directors are Ms. Zou Yunli and Mr. Yu Jin; and the independent nonexecutive Directors are Mr. Wong Ti, Mr. Ye Xiang and Mr. Xu Xuchu.

• For translation and identification purposes only

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