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  "docSlug": "69cc18cfe079",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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  "pageNumber": 14,
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  "notes": "The slide uses forensic evidence (shared phone numbers, email servers, and office locations) to expose a corporate fraud scheme.",
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  "components": [
    {
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      "kind": "callout",
      "text": "The answer to the question posed is that YDT is not a real company. Its purpose is to assist NQ in defrauding investors.",
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      "text": "As of December 2011, the Guangdong branch of China Mobile showed YDT and NQ both as being based at NQ's Beijing office, with the same phone numbers, and the same contact person (Chen An An). A list of service providers that China Mobile publishes for Fujian province listing of Service Providers show that YDT's telephone and fax numbers are (tel) 010-8565-5555 and (fax) 010-8565-5518. NQ's Chinese webpage lists those very same numbers as it main numbers on its Contact page. YDT's email server is the exact same server as NQ's.",
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      "kind": "paragraph",
      "text": "In August, 2013, NQ blatantly lied to investors about the nature of its relationship to YDT. NQ was responding to a limited circulation research report that raised a number of questions about the Company, including its relationship with YDT. YDT is one of the worst disguised related parties we have encountered in our years of trawling the sewers of US-listed China companies. The key is YDT's 75% owner, Ms. Rong Xu. Ms. Xu also previously worked at NQ.",
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      "text": "Footnotes 20-26 detailing sources for the claims.",
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      "kind": "title",
      "text": "YDT is really NQ.",
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