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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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  "notes": "The text explicitly justifies the selection of Zhejiang province as a 'pro-NQ' bias to ensure the survey results are conservative.",
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      "text": "If NQ wants to dispute our conclusion that it has laughably low penetration rates in China, actions speak louder than words.",
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      "text": "If NQ wants to dispute our conclusion that it has laughably low penetration rates in China, actions speak louder than words. Investor relations should refrain from hemming and hawing about the samples we have taken, and tell us exactly where in China NQ has high penetration rates. Anything else NQ says to try to refute this point is a waste of toner.",
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      "text": "With NQ refusing to provide any detail on its China markets, we chose three of the four Tier 1 cities: Beijing (NQ's hometown), Shanghai, and Shenzhen. We then chose two cities in Zhejiang province as the respective representative Tier 3 and Tier 4 cities: Ningbo and Huzhou. We chose Zhejiang because it was the most pro-NQ means we could think of doing the survey. NQ previously announced its first major nationwide sales promotion and established an agreement with the Zhejiang-branch of China National Postal and Telecommunications (PTAC) to pair up NQ software with 3G cell phones PTAC was distributing. Ningbo (about 2.5 hours drive from Shanghai) has a population of 7.6 million, 3.5 million of whom reside in the urban areas. Ningbo's 2011 per capita GDP was RMB 79,500 (Shanghai's was RMB 82,600). Huzhou (about one hour drive from Shanghai) population is 2.6 million, with an urban population of 1.1 million. Huzhou's 2011 per capita GDP was RMB 58,500.",
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      "kind": "quote",
      "text": "\"3G leads to an explosion in the security market! Cell phone security software suites are on fire!\" — July 22, 2009, http://www.enet.com.cn/article/2009/0722/A20090722505055.shtml.",
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      "text": "45-49: Citations for 3G market, Ningbo/Huzhou population and GDP data.",
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