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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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  "pageCount": 81,
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  "notes": "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.",
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      "text": "NQ's lack of physical presence and virtually non-existent effort to update its merchandise, or build out its retail distribution are a clear sign their fraud is not focused on Chinese consumers, but rather US investors.",
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      "text": "Photograph of various prepaid cards with different logos and denominations.",
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      "text": "NQ's lack of physical presence and virtually non-existent effort to update its merchandise, or build out its retail distribution are a clear sign their fraud is not focused on Chinese consumers, but rather US investors.",
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      "text": "The one-year prepaid NQ card (above, left) is a dead giveaway that hardly anybody ever buys these cards. The sell thru rate of these cards appears to be very low as the cards on the left still bear the old logo.",
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      "text": "While conducting this research we learned that NQ produces prepaid phone cards for China Mobile that enable anonymous calling – these are most likely to be used by telephone spammers.",
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      "text": "The RMB 13 cards contain an interesting clue. The bottom left corner contains the logo for the company that owns the kiosk, Beijing Huahui Yunzhen. That indicates that as insignificant as Huahui is, it occupies a rarified place in the pantheon of NQ’s business partners.",
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      "text": "http://www.chinascopefinancial.com/en/news/post/12668.html",
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