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No stake disclosed beyond the standard short-position TOS boilerplate on p.1.", "kpisCited": [ { "detail": "Maintaining <$1 per share", "metric": "Price target" }, { "detail": "Fell 62% from $23.05 to $8.80 in three trading days following Oct 24 report", "metric": "Stock price decline" }, { "detail": "USD 880 million wiped out; market value down to USD 453 million", "metric": "Market cap destruction" }, { "detail": "Alleged at least 72% of 2012 China security revenue is fake", "metric": "China revenue fabrication" }, { "detail": "Actual ~1.5% vs NQ's claimed ~55%", "metric": "China market share" }, { "detail": "Actual <250,000 vs NQ's claimed ~6 million", "metric": "Paid users in China" }, { "detail": "ZTE, Huawei, Lenovo and Coolpad all deny any cooperation with NQ", "metric": "Pre-installation OEM denials" } ], "closingAsk": "Maintain a sub-$1 price target on NQ and treat its denials and lawsuit threats as further confirmation of the fraud thesis.", "extraction": { "at": "2026-04-22 19:11:49+00", "model": "unknown-legacy", "runId": null, "seconds": 124.15325, "promptVersion": null }, "scqaReward": "Reaffirmed <$1 price target implies ~90% further downside from the post-report $8.80 close and ~96% downside from the pre-report $23.05 level, framed as fraud-driven equity wipeout.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "ZTE, Huawei, Lenovo and Coolpad each deny any pre-installation cooperation with NQ", "NQ stock fell 62% in three trading days yet management still owes a 'strong reply'", "CEO Lin avoids naming any handset model that ships with NQ software" ], "scqaSituation": "NQ Mobile (NYSE: NQ) is a US-listed Chinese mobile-security software company that claims roughly 55% China market share, ~6 million paid users, and pre-installation deals with ZTE, Huawei, Lenovo and Coolpad to validate its growth story.", "thesisSummary": "This follow-up note compiles English translations of four Chinese-media articles published Oct 25-30, 2013 that corroborate Muddy Waters' Oct 24 short report alleging fraud at NQ Mobile. 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NetQin has adequate evidence to prove it is genuinely doing pre-installations with these companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:30.198+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68f00a18-7514-44e3-862a-8e2c2468f00a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.7, "x": 0.15, "y": 0.71 }, "kind": "paragraph", "text": "On the afternoon of October 25, Beijing time, after NetQin's eighth anniversary celebration, when interviewed by the media, NetQin CEO Henry LIN-Yu said NetQin's users are comprised of three pieces: registered users, monthly active users and paid users, and that many of the reports fail to differentiate these three concepts. 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There are two main sources of NetQin's users: pre-installed mobile", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:30.198+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d0fad68-29b9-4d47-9c2f-c1032866a899", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "(Source: The Beijing News, 30th October 2013: 03:00)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:30.198+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "914b3353-589a-417a-903d-69aaab09af2f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.59 }, "kind": "paragraph", "text": "On October 24, US time, short seller Muddy Waters published an 81-page investigative report, alleging that NetQin manipulated data on turnover, made false market share claims, and overstated the number of paid users. According to the report, the number of NQ paid users is less than 25 thousand people, which is different from the 6 million NetQin claimed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:30.198+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4221f35-1bf0-4b65-a3a1-99cc67da4f41", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "NetQin's “Business Partners” ZTE, Huawei and Lenovo, Denied There Was Pre-installation Cooperation — The Beijing News", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbe4-49ecc7f8ce22", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.13 }, "kind": "title", "text": "NetQin's \"Business Partners\" ZTE, Huawei and Lenovo, 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A related person from Huawei also expressed that Huawei has communicated with NetQin, but has never had formal pre-installation cooperation with NetQin. 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In the meantime, cooperation exists on pre-installations between NetQin and mobile phone manufacturers ZTE, Huawei, Coolpad, Lenovo, etc.; there are 30 thousand sources on the Internet. 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However, for reasons including the pre-installation charge, this cooperation never happened. Later, ZTE developed its own security app, \"Mi-Assistant (掌心管家)\", so then there was no need to pre-install NetQin's software. 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However, it was still unavailable as of yesterday. When replying to the question raised by the Internet user on the exact time of the release, Lin only said that the company had a phone conference regarding the issue last Friday, and they have already replied.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34e5af74-cc8e-4a8e-ae9f-54c8f05e50d6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.55 }, "kind": "paragraph", "text": "Yesterday, NetQin CEO Lin said during an online interview that his company has sued short seller Muddy Waters in Beijing. And, they are considering taking the same legal action in Hong Kong and in the US as well.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e0928f6-623c-4644-aded-06ddaea93d64", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.12 }, "kind": "paragraph", "text": "Hao reckons that only a strong explanation can eliminate shareholders' concerns. 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NetQin claims that it has a large market share, so why aren't there any NetQin users around us?\" — LIN Qiling, ZHENG Daosen", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd77-39e9bdc5905a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.65 }, "kind": "title", "text": "Lin Said He Feels Heartbroken on the Loss to Shareholders", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f928aef-274d-4b21-bdaa-50ea39748a3f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle (Muddy Waters' investigation)", "beatId": "e8d2c3cf-863b-4fcd-9ad3-ad2fdd1f7abd", "matchId": "4578f30f-3c29-4006-b93d-c44c0ac834d1", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 6-9 present evidence of NetQin's alleged fabrications", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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The market share of NQ in China is only 1.5%, instead of the claimed 55%; the number of paid users is less than 250 thousand people, instead of the claimed 6 million people.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:28.926+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91eb1467-8855-4699-ae89-bc79a3c6ab48", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "mobile phones, ZTE has never cooperated with NQ. — Money.163.com", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd76-e3647608d30e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.34 }, "kind": "source-note", "text": "Source: money.163.com Reporter: ZHAO Ting Editor-in-Charge: NF003", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We predict that our service will exceed Shazam and become the largest music search engine in the world.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd78-835afc8eec2e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 18, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 10, "name": "The Victory (exposing NetQin's fabrications)", "beatId": "2de26984-5b0d-4cc5-800d-aeea412b056b", "matchId": "4578f30f-3c29-4006-b93d-c44c0ac834d1", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "Slides 10-18 present transcripts and further evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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From these data, Chinese users are the majority of NQ's total users and paid users. The Chinese market is the major market of NQ. However, people around me do not feel that they can support these data. What is your explanation on this? PS, the reason I listed these data is because a lot of NQ fans have been claiming that NQ's main market is overseas, and stating that NQ has never mentioned that its market is mainly inside China.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "107a3816-9832-42ec-abeb-6b039eeda119", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.23 }, "kind": "paragraph", "text": "Fu Sheng: Affected by the NQ case, all Chinese companies' stocks had a fall on their share values when the stock market opened yesterday. What do you think of the influence of the NQ case?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1576a28c-369e-4fd8-bca9-9d75f9c01b7b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.72, "x": 0.14, "y": 0.46 }, "kind": "paragraph", "text": "Yangyang: Can you release the stock shares of everybody in the management team of NQ?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "212ac0ad-858c-4546-aa39-5bdd7883677e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.7 }, "kind": "paragraph", "text": "NQ Yu Lin: This is the third party report by SINO Market Research Company. Different reports have different definitions on market and research methods. This is the main reason for discrepancies in data. We suggest our users to read reports from SINO, Yiguan and iResearch to get a more complete and less biased opinion.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "246b58aa-3e95-4f59-98d6-c20f717ddbd3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.4 }, "kind": "paragraph", "text": "NQ Yu Lin: This is misleading. Level 1 is for prices that can be proved through public channels. For instance, stock assets are Level 1. Fixed-term deposit is the safest and least risky way in China, but it is Level 2 in financial evaluation methods.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6103526c-54fa-44c7-8a3e-7402e7288ba5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.49 }, "kind": "paragraph", "text": "NQ Yu Lin: Our founders have about 23%, plus options. The whole team holds over 40%. Our employees have over 22%, the highest among all Internet companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74d3d8a0-d445-4353-8ae9-f5e3428ee923", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "Bujie Long: From this June to September, a lot of Chinese companies' stocks have increased substantially. Why did Muddy Waters decide to challenge NQ?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ee97d4d-8ed2-42a4-ac86-a338f48162cc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.14 }, "kind": "paragraph", "text": "NQ Yu Lin: NQ is a global mobile Internet company that is getting attention from more and more investors. We had 350 investors calling in the telecom last Friday, which demonstrated the attention NQ gets. It is inevitable to experience some difficulties and challenges in the process of building a great company. Companies such as Baidu, New Oriental, Focus Media Holding, and 360 all had similar experiences.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ec97bc7-e6b5-43ea-9cfe-9a166c6ed58a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "paragraph", "text": "NQ Yu Lin: We hope that all listed Chinese companies in the U.S. will form an anti-Muddy-Waters group, to fight against short-selling firms like Muddy Waters. It is hard for one company alone to fight with many short-selling firms, but will be a lot easier when we unite and support each other.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a15881e6-3610-4a84-ae68-7a1a8b07d9cf", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.35 }, "kind": "paragraph", "text": "Bake Xing: What is the cost for NQ's overseas operation? Why it cannot be processed with level 1? Is it NQ's fault or PwC's fault? Or neither?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:51:32.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a961f061-bdf8-4573-b987-c3776227f123", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We hope that all listed Chinese companies in the U.S. will form an anti-Muddy-Waters group, to fight against short-selling firms like Muddy Waters. 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