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  "docSlug": "8db914091b66",
  "documentTitle": "Spreadtrum Communications (SPRD)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2011-06-28 00:00:00",
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  "notes": "The slide uses a series of numbered points (II, III, IV) to build a case against the subject company's transparency and financial reporting.",
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      "text": "SPRD's lack of any cash income tax payment in 2010 is inconsistent with prior years as well as the PRC's provisional tax payment requirements.",
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      "text": "Cash income taxes paid: 0",
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      "text": "III. SPRD's disclosure related to its 2010 revenue is unhelpful and opaque. The 2009 20-F disclosed RF transceiver and baseband semiconductor sales figures. However, the 2010 20-F does not discuss sales of these products.",
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      "text": "IV. SPRD's lack of any cash income tax payment in 2010 is inconsistent with prior years as well as the PRC's provisional tax payment requirements.",
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      "text": "II. MediaTek (2454.TW) had approximately 90% of the mainland China mobile handset chip market in 2009. Mobile handset chips are by far its largest revenue source – currently accounting for more than 70% of revenue.",
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      "text": "3 http://www.taipeitimes.com/News/biz/archives/2011/04/30/2003502008",
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      "text": "Pre-tax income (78,477) (18,292) 75,324; Income tax provision 201 1,024 8,130; Cash income taxes paid 808 817 -",
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