New Risk • Jun 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$766.1m (US$97.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • May 29
Vala Inc., Annual General Meeting, Jun 24, 2026 Vala Inc., Annual General Meeting, Jun 24, 2026, at 11:00 China Standard Time. Location: room 3, 10/f., united conference centre, united centre, 95 queensway, admiralty, Hong Kong Reported Earnings • Mar 30
Full year 2025 earnings released: CN¥0.10 loss per share (vs CN¥0.047 loss in FY 2024) Full year 2025 results: CN¥0.10 loss per share (further deteriorated from CN¥0.047 loss in FY 2024). Revenue: CN¥243.0m (up 11% from FY 2024). Net loss: CN¥150.7m (loss widened 151% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 70% per year, which means it is well ahead of earnings. Announcement • Mar 17
Vala Inc. to Report Fiscal Year 2025 Results on Mar 27, 2026 Vala Inc. announced that they will report fiscal year 2025 results on Mar 27, 2026 Recent Insider Transactions • Oct 22
Founder recently bought HK$329k worth of stock On the 17th of October, Haitao Sun bought around 490k shares on-market at roughly HK$0.67 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$640k. Haitao has been a buyer over the last 12 months, purchasing a net total of HK$3.8m worth in shares. Recent Insider Transactions • Sep 12
Founder recently bought HK$594k worth of stock On the 9th of September, Haitao Sun bought around 940k shares on-market at roughly HK$0.63 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Haitao has been a buyer over the last 12 months, purchasing a net total of HK$2.3m worth in shares. Reported Earnings • Sep 03
First half 2025 earnings released: CN¥0.031 loss per share (vs CN¥0.035 loss in 1H 2024) First half 2025 results: CN¥0.031 loss per share. Revenue: CN¥127.2m (up 12% from 1H 2024). Net loss: CN¥47.3m (loss widened 12% from 1H 2024). Announcement • Aug 19
Vala Inc. to Report First Half, 2025 Results on Aug 29, 2025 Vala Inc. announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Jul 16
Zheng Minggao completed the acquisition of 29% stake in China Netcom Technology Holdings Limited (SEHK:8071) from 51 Credit Card Inc. (SEHK:2051). Zheng Minggao agreed to acquire 29% stake in China Netcom Technology Holdings Limited (SEHK:8071) from 51 Credit Card Inc. (SEHK:2051) for HKD 21.8 million on January 24, 2025. A cash consideration of HKD 21.75 million will be paid by the buyer. As part of consideration, HKD 21.75 million is paid towards common equity of China Netcom Technology Holdings Limited. The deal is expected to close by July 31, 2025. As of July 15, 2025, the conditions set out in the share purchase agreement has been fulfilled.
Zheng Minggao completed the acquisition of 29% stake in China Netcom Technology Holdings Limited (SEHK:8071) from 51 Credit Card Inc. (SEHK:2051) on July 15, 2025. New Risk • Jul 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (HK$684.6m market cap, or US$87.2m). Recent Insider Transactions • Jun 11
VP & Executive Director recently bought HK$53k worth of stock On the 5th of June, Shan Wu bought around 150k shares on-market at roughly HK$0.36 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$115k. Insiders have collectively bought HK$1.9m more in shares than they have sold in the last 12 months. Announcement • Jun 05
51 Credit Card Inc. Announces Retirement of Non-Executive Directors Effective June 5, 2025 51 Credit Card Inc. announced the retirement of Ms. Jiang Chloe Cuicui and Ms. Gao Li as non-executive directors, effective from the conclusion of the Annual General Meeting (AGM) held on June 5, 2025. Both directors were not re-elected at the AGM. Recent Insider Transactions • May 24
Founder recently bought HK$54k worth of stock On the 20th of May, Haitao Sun bought around 220k shares on-market at roughly HK$0.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$115k. Haitao has been a buyer over the last 12 months, purchasing a net total of HK$1.7m worth in shares. Announcement • May 12
51 Credit Card Inc., Annual General Meeting, Jun 05, 2025 51 Credit Card Inc., Annual General Meeting, Jun 05, 2025, at 11:15 China Standard Time. Location: room 3, 10/f.,united conference centre, united centre, 95 queensway, admiralty, Hong Kong Recent Insider Transactions • May 11
Founder recently bought HK$71k worth of stock On the 6th of May, Haitao Sun bought around 290k shares on-market at roughly HK$0.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$115k. Haitao has been a buyer over the last 12 months, purchasing a net total of HK$1.5m worth in shares. Recent Insider Transactions • Apr 17
Founder recently bought HK$89k worth of stock On the 11th of April, Haitao Sun bought around 380k shares on-market at roughly HK$0.23 per share. This trade did not impact their existing holding. In the last 3 months, they made an even bigger purchase worth HK$501k. Haitao has been a buyer over the last 12 months, purchasing a net total of HK$791k worth in shares. Recent Insider Transactions • Apr 09
VP & Executive Director recently bought HK$115k worth of stock On the 1st of April, Shan Wu bought around 520k shares on-market at roughly HK$0.22 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth HK$501k. Insiders have collectively bought HK$818k more in shares than they have sold in the last 12 months. Reported Earnings • Apr 02
Full year 2024 earnings released: CN¥0.05 loss per share (vs CN¥0.009 profit in FY 2023) Full year 2024 results: CN¥0.05 loss per share (down from CN¥0.009 profit in FY 2023). Revenue: CN¥224.6m (up 6.8% from FY 2023). Net loss: CN¥60.2m (down CN¥71.2m from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Mar 20
51 Credit Card Inc. to Report Fiscal Year 2024 Results on Mar 31, 2025 51 Credit Card Inc. announced that they will report fiscal year 2024 results on Mar 31, 2025 Recent Insider Transactions • Jan 29
Founder recently bought HK$501k worth of stock On the 23rd of January, Haitao Sun bought around 2m shares on-market at roughly HK$0.25 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Haitao has been a buyer over the last 12 months, purchasing a net total of HK$702k worth in shares. Recent Insider Transactions • Jan 23
Founder recently bought HK$201k worth of stock On the 16th of January, Haitao Sun bought around 840k shares on-market at roughly HK$0.24 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Haitao's only on-market trade for the last 12 months. New Risk • Nov 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (HK$348.8m market cap, or US$44.8m). Announcement • Nov 14
51 Credit Card Inc. has completed a Follow-on Equity Offering in the amount of HKD 39.662949 million. 51 Credit Card Inc. has completed a Follow-on Equity Offering in the amount of HKD 39.662949 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 271,664,037
Price\Range: HKD 0.146
Discount Per Security: HKD 0.001752
Transaction Features: Subsequent Direct Listing Announcement • Oct 23
51 Credit Card Inc. has filed a Follow-on Equity Offering in the amount of HKD 39.662949 million. 51 Credit Card Inc. has filed a Follow-on Equity Offering in the amount of HKD 39.662949 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 271,664,037
Price\Range: HKD 0.146
Discount Per Security: HKD 0.001752
Transaction Features: Subsequent Direct Listing Reported Earnings • Oct 01
First half 2024 earnings released: CN¥0.035 loss per share (vs CN¥0 in 1H 2023) First half 2024 results: CN¥0.035 loss per share (further deteriorated from CN¥0 in 1H 2023). Revenue: CN¥113.2m (down 16% from 1H 2023). Net loss: CN¥42.2m (down CN¥42.3m from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 27
First half 2024 earnings released: CN¥0.035 loss per share (vs CN¥0 in 1H 2023) First half 2024 results: CN¥0.035 loss per share (further deteriorated from CN¥0 in 1H 2023). Revenue: CN¥113.2m (down 16% from 1H 2023). Net loss: CN¥42.2m (down CN¥42.3m from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. New Risk • Aug 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (HK$326.0m market cap, or US$41.8m). Announcement • Aug 17
51 Credit Card Inc. Provides Earnings Guidance for the Six Months Ended 30 June 2024 51 Credit Card Inc. provided earnings guidance for the six months ended 30 June 2024. The Group is expected to record a comprehensive loss attributable to owners of the Company ranging from approximately RMB 37 million to RMB 40 million during the Reporting Period as compared with the comprehensive profit attributable to owners of the Company of approximately RMB 2.4 million in the corresponding period of 2023. Announcement • Aug 14
51 Credit Card Inc. to Report First Half, 2024 Results on Aug 23, 2024 51 Credit Card Inc. announced that they will report first half, 2024 results on Aug 23, 2024 Announcement • May 31
51 Credit Card Inc., Annual General Meeting, Jun 27, 2024 51 Credit Card Inc., Annual General Meeting, Jun 27, 2024, at 11:15 China Standard Time. Location: room 3, 10/f., united conference centre, united centre, 95 queensway, admiralty, Hong Kong Reported Earnings • Mar 29
Full year 2023 earnings released: CN¥0.01 loss per share (vs CN¥0.068 loss in FY 2022) Full year 2023 results: CN¥0.01 loss per share (improved from CN¥0.068 loss in FY 2022). Revenue: CN¥217.2m (down 44% from FY 2022). Net income: CN¥11.0m (up CN¥93.7m from FY 2022). Profit margin: 5.1% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. New Risk • Mar 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (HK$163.0m market cap, or US$20.8m). Announcement • Mar 16
51 Credit Card Inc. to Report Fiscal Year 2023 Results on Mar 27, 2024 51 Credit Card Inc. announced that they will report fiscal year 2023 results on Mar 27, 2024 New Risk • Nov 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (HK$138.5m market cap, or US$17.7m). Reported Earnings • Sep 04
First half 2023 earnings released: EPS: CN¥0 (vs CN¥0.005 loss in 1H 2022) First half 2023 results: EPS: CN¥0 (improved from CN¥0.005 loss in 1H 2022). Revenue: CN¥134.9m (down 48% from 1H 2022). Net income: CN¥133.0k (up CN¥6.52m from 1H 2022). Profit margin: 0.1% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Announcement • Aug 22
51 Credit Card Inc. to Report First Half, 2023 Results on Aug 31, 2023 51 Credit Card Inc. announced that they will report first half, 2023 results on Aug 31, 2023 Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-executive Director Jian Shou was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 02
First half 2022 earnings released: CN¥0.005 loss per share (vs CN¥0.15 loss in 1H 2021) First half 2022 results: CN¥0.005 loss per share (improved from CN¥0.15 loss in 1H 2021). Revenue: CN¥258.4m (up 26% from 1H 2021). Net loss: CN¥6.39m (loss narrowed 96% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
First half 2022 earnings released: CN¥0.01 loss per share (vs CN¥0.15 loss in 1H 2021) First half 2022 results: CN¥0.01 loss per share (up from CN¥0.15 loss in 1H 2021). Revenue: CN¥261.9m (up 28% from 1H 2021). Net loss: CN¥6.39m (loss narrowed 96% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Xuchu Xu was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings released: CN¥0.19 loss per share (vs CN¥1.56 loss in FY 2020) Full year 2021 results: CN¥0.19 loss per share (up from CN¥1.56 loss in FY 2020). Revenue: CN¥440.1m (up 68% from FY 2020). Net loss: CN¥233.7m (loss narrowed 86% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 12 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 03
First half 2021 earnings released: CN¥0.15 loss per share (vs CN¥0.73 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: CN¥204.8m (up 29% from 1H 2020). Net loss: CN¥177.3m (loss narrowed 76% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Executive Departure • Sep 07
CFO & Executive Director Ke Zhao has left the company During their tenure, earnings grew by 20% annually compared to the industry average, which went down by 13%. As of June 2021, Ke still personally held 3.10m shares (HK$1.6m worth at the time). Ke is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.67 years. Reported Earnings • Aug 31
First half 2021 earnings released: CN¥0.15 loss per share (vs CN¥0.73 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: CN¥204.8m (up 29% from 1H 2020). Net loss: CN¥177.3m (loss narrowed 76% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 01
Full year 2020 earnings released: CN¥1.56 loss per share (vs CN¥1.13 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CN¥274.3m (down 87% from FY 2019). Net loss: CN¥1.70b (loss widened 51% from FY 2019). Recent Insider Transactions • Feb 26
Insider recently bought HK$148m worth of stock On the 23rd of February, Shen Guojun bought around 70m shares on-market at roughly HK$2.12 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$153m more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Feb 22
New 90-day high: HK$0.90 The company is up 73% from its price of HK$0.52 on 24 November 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 26% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: HK$0.63 The company is up 30% from its price of HK$0.48 on 06 November 2020. The Hong Kong market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 04
New 90-day low: HK$0.46 The company is down 26% from its price of HK$0.62 on 06 October 2020. The Hong Kong market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 31
New 90-day low: HK$0.48 The company is down 35% from its price of HK$0.74 on 31 July 2020. The Hong Kong market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is down 6.0% over the same period. 
