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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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  "notes": "The slide uses a skeptical tone to challenge the credibility of NQ's market share reports and suggests potential manipulation of retail installations.",
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      "text": "Retailer Visits Further Confirm that NQ has a Sliver of the Market Share it Claims.",
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      "text": "market share: 1.4%",
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      "text": "Our examination of 113 phones at various stores across five cities in China concluded that NQ's pre-installation or bundled software channel is close to being non-existent as of Q3 2013.",
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      "text": "54.0% of the phones we checked had no anti-virus software on them, and only four out of 113 phones had NQ installed. We therefore theorize that NQ employees paid store employees to install the software.",
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      "text": "Note that pre-installations account for only 6.5% of the apps on phones. On one hand, this suggests that pre-installations are irrelevant to market share. Another interpretation is that NQ's claims about its pre-installations are exaggerated.",
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      "text": "NQ's massively exaggerated claims about its market share started with a Frost & Sullivan report from late 2010 or early 2011... We believe that NQ paid for this report, and that the research methodology did not involve collecting data from users.",
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      "text": "The below download numbers come from two of China's largest independent app stores, Wandoujia and 91 Zhu Shou, and show that NQ has miniscule market share. NQ's “Likes” as a percentage of comments (29.66%) is among the lowest on the list.",
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      "text": "50 http://www.netqin.com/upLoad/File/en/China%20Mobile%20Security%20Market%20Research_final.pdf",
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