Carson C. Block · research-note
NQ Mobile (NQ)
81 pages · 3 arc beats · 0 loops
NQ Mobile (NQ)
Carson C. Block · 2013-10 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
1510152025303540455055606570758081
Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 33 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 10 slides 100% 10/10 slides 100% 10/10 slides · 57 hits — 0/10 slides
— 0/10 slides
40% 4/10 slides 100% 10/10 slides — 0/10 slides
Villain Critique 3 slides 100% 3/3 slides 100% 3/3 slides · 19 hits — 0/3 slides
33.3% 1/3 slides 66.7% 2/3 slides 100% 3/3 slides — 0/3 slides
Appendix Data 20 slides 100% 20/20 slides 100% 20/20 slides · 84 hits — 0/20 slides
— 0/20 slides
15% 3/20 slides 100% 20/20 slides — 0/20 slides
Slide inventory
81 every slide · same image gating as the playbook
02
This is a classic short-seller research note (Muddy Waters style).expose_contradiction
03
This is a classic short-seller research note (Muddy Waters style) exposing corporate malfeasance.name_villain
Open slide detailBeat · Villain Critique
04
This is a page from a short-seller research report (likely Muddy Waters or similar) exposing corporate malfeasance.name_villain
Open slide detailBeat · Villain Critique
05
The document structure is highly accusatory, focusing on fraud allegations, financial irregularities, and operational failures.front_matter
Open slide detailBeat · Villain Critique
06
The slide uses a forensic accounting approach to expose the discrepancy between reported revenue and actual business operations.expose_contradiction
Open slide detailBeat · Expose Contradiction
07
The slide uses forensic accounting logic to expose inconsistencies between SAIC filings and NQ's public claims.expose_contradiction
Open slide detailBeat · Expose Contradiction
08
The slide provides raw financial data to support a claim that YDT is a 'ghost company' and that NQ's reported accounts receivable from YDT are inconsistent withanalyze_data
Open slide detailBeat · Expose Contradiction
09
The text highlights the discrepancy between NQ's claims about YDT's revenue contribution and the physical evidence of non-existent office operations.expose_contradiction
Open slide detailBeat · Expose Contradiction
10
The slide serves as evidence of fraudulent or non-existent corporate presence at claimed addresses.expose_contradiction
Open slide detailBeat · Expose Contradiction
11
The slide serves as a forensic investigation of corporate addresses.expose_contradiction
Open slide detailBeat · Expose Contradiction
12
The slide presents evidence of a fake address and billing discrepancies to support a short-seller thesis.expose_contradiction
Open slide detailBeat · Expose Contradiction
13
This is a text-heavy research note page, likely part of a short-seller report.expose_contradiction
Open slide detailBeat · Expose Contradiction
14
The slide uses forensic evidence (shared phone numbers, email servers, and office locations) to expose a corporate fraud scheme.expose_contradiction
Open slide detailBeat · Expose Contradiction
15
Includes technical evidence (ping results) showing shared server IP addresses.expose_contradiction
Open slide detailBeat · Expose Contradiction
16
The slide uses a series of bullet points to systematically dismantle NQ's narrative about Ms. Xu's departure and role.expose_contradiction
17
Includes a network diagram of individuals and entities, followed by anecdotal evidence of personal relationships and a failed attempt to use the company's paymeexpose_contradiction
18
This is a text-heavy research note page detailing investigative findings regarding NQ Mobile's alleged fraud.expose_contradiction
19
This is a forensic research note exposing potential fraud or misrepresentation by NQ.expose_contradiction
20
The slide uses a 'Wheel of Fortune' metaphor to mock the company's customer service responses.expose_contradiction
21
The slide uses field research/interviews to cast doubt on the legitimacy of the reported distribution network.expose_contradiction
22
The slide uses physical evidence (old logo cards) to argue that the company's retail presence is a facade for investors rather than a real business.expose_contradiction
23
This is a page from a short-seller research report (likely Muddy Waters or similar) investigating NQ Mobile.expose_contradiction
24
The table highlights low sales volume for NQ products, supporting the thesis of an anemic market presence.analyze_data
25
This is a text-heavy research note page from a short-seller report (Muddy Waters). It uses a 'preempt_rebuttal' strategy to defend its survey methodology.expose_contradiction
26
The text explicitly justifies the selection of Zhejiang province as a 'pro-NQ' bias to ensure the survey results are conservative.diagnose_problem
27
The slide presents two sets of pie charts: one for general adoption (Yes/No/Don't Know) and one for brand market share (Qihoo 360, QQ/Tencent, etc.) segmented banalyze_data
28
The slide contains two rows of pie charts, each row showing an 'Overall' view followed by 'Tier 1', 'Tier 3', and 'Tier 4' breakdowns.analyze_data
29
The slide uses a skeptical tone to challenge the credibility of NQ's market share reports and suggests potential manipulation of retail installations.expose_contradiction
30
The table highlights NetQin (NQ) in red text, and the text notes its negative user sentiment and ownership by BIDU.analyze_data
31
The slide highlights NQ security's low market share (1%) and includes a quote from NQ attempting to explain away discrepancies in market data.preempt_rebuttal
32
This is a text-heavy research note slide detailing the methodology of identifying fraud in Chinese companies listed in the US.expose_contradiction
33
This is a research note page from a short-seller report (likely Muddy Waters) exposing fraudulent practices and security flaws.expose_contradiction
34
Includes Wireshark packet capture screenshots as evidence of insecure data transmission to Chinese servers.expose_contradiction
35
Screenshots of Wireshark packet captures showing plain text XML and HTTP traffic.expose_contradiction
36
The slide shows a Wireshark packet capture of unencrypted/encoded traffic followed by a sequence of screenshots showing a malicious app update prompt.illustrate_case
37
Includes a satirical illustration of a clown carrying a 'USER DATA' briefcase, mocking the company's security claims.expose_contradiction
38
The slide uses data to cast doubt on NQ's reported revenue and market strength, specifically contrasting US retail presence with reported ARPU.analyze_data
39
The slide uses investigative research to challenge the company's claims regarding international partnerships and financial efficiency.expose_contradiction
40
This slide serves as a critical assessment of NQ Mobile's business model and market positioning.name_villain
41
The slide uses anecdotal evidence and visual proof to undermine the credibility of the company's operations.name_villain
42
This is a text-heavy research note page documenting investigative findings regarding NQ Mobile's business practices.expose_contradiction
43
The text argues that the domain purchase was likely a related-party transaction or a fabrication to inflate cash figures.expose_contradiction
44
The slide uses evidence from the application's code and UI to demonstrate deceptive practices.expose_contradiction
45
The slide uses screenshots of search results to show how NQ Mobile's press releases were blindly republished, contrasting this with the actual investigative finexpose_contradiction
46
This is a text-heavy research note page detailing specific instances of corporate malfeasance.expose_contradiction
47
The slide uses a narrative structure to expose the mechanics of a corporate fraud scheme, specifically focusing on the role of a 'front' executive.expose_contradiction
48
The text discusses the 'China Fraud' ecosystem, specifically referencing Longtop Financial Technologies (LFT) and the complicity of auditors and bank employees.name_villain
49
The slide highlights a suspicious reclassification of cash assets from Level 1 (quoted prices) to Level 2 (observable inputs) without explanation, suggesting poexpose_contradiction
50
The slide uses a corporate structure diagram to illustrate the complexity and potential for fund diversion in VIE structures.expose_contradiction
51
The slide uses forensic accounting logic to challenge the legitimacy of reported cash movements between the WFOE and VIE.expose_contradiction
53
The slide argues that NQ Mobile's cash claims are inflated and that acquisitions are used to launder money back into the company as fake revenue.expose_contradiction
54
The slide serves as a forensic research note documenting suspicious business practices and potential shell company usage.expose_contradiction
55
This is a text-heavy research note page detailing allegations of corporate fraud.expose_contradiction
56
The slide uses direct quotes from company executives to highlight inconsistencies in their business strategy and claims.expose_contradiction
57
The slide uses a combination of anecdotal evidence from a former employee and specific technical accounting criticisms to build a case for fraud.expose_contradiction
58
This appears to be a forensic research note exposing potential financial fraud or audit negligence.expose_contradiction
59
This is a research note page detailing forensic accounting concerns.expose_contradiction
60
The slide highlights a specific accounting manipulation where R&D expenses increased by 10x during consolidation.expose_contradiction
63
The table appears to be a raw data dump from a field survey or mystery shopping exercise.analyze_data
Open slide detailBeat · Appendix Data
66
The table appears to be a raw data dump of store-level audits or inventory checks.analyze_data
Open slide detailBeat · Appendix Data
67
The slide uses specific tax regulation citations to highlight discrepancies between SAIC filings and reported revenue.expose_contradiction
Open slide detailBeat · Appendix Data
68
The slide presents a forensic accounting argument regarding potential financial fraud by NQ Mobile.expose_contradiction
Open slide detailBeat · Appendix Data
69
This slide is part of a short-seller research report (likely Muddy Waters or similar) alleging accounting fraud.expose_contradiction
Open slide detailBeat · Appendix Data
70
The table contains 90 rows of data detailing specific device configurations across multiple Chinese cities.analyze_data
Open slide detailBeat · Appendix Data
71
Includes a Wireshark packet capture screenshot and WHOIS registration details for nqsrv.com.expose_contradiction
Open slide detailBeat · Appendix Data
72
The slide documents network traffic analysis, specifically identifying a server in Beijing associated with TalkingData.other
Open slide detailBeat · Appendix Data
73
This appears to be a standard WHOIS lookup result used for corporate verification or due diligence.appendix
Open slide detailBeat · Appendix Data
74
The slide documents specific security vulnerabilities related to unencrypted HTTP traffic and data exfiltration to third-party providers like TalkingData and Neanalyze_data
Open slide detailBeat · Appendix Data
75
Contains two Wireshark screenshots demonstrating data exfiltration of IMSI/IMEI and browsing history.analyze_data
Open slide detailBeat · Appendix Data
76
Includes Python code snippet for decryption logic.analyze_data
Open slide detailBeat · Appendix Data
77
The slide displays a network traffic analysis (Wireshark) and the decoded XML payload from a server, likely used to demonstrate malware behavior or communicatioillustrate_case
Open slide detailBeat · Appendix Data
78
The slide contains a screenshot of an XML response from a server, with specific fields highlighted (BOKU chargeId, Price, Currency).analyze_data
Open slide detailBeat · Appendix Data
79
This appears to be a technical research note detailing a malware delivery or software deployment mechanism.plan_implementation
Open slide detailBeat · Appendix Data
80
The slide documents a user flow for updating an application, highlighting the permissions requested during installation.illustrate_case
Open slide detailBeat · Appendix Data
81
This appears to be a concluding page of a security research report detailing a specific exploit path.diagnose_problem