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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": 55,
  "pageCount": 81,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
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  "notes": "This is a text-heavy research note page detailing allegations of corporate fraud.",
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      "kind": "callout",
      "text": "NQ's focus on gaming and advertising will not allow it to \"grow into the fraud\" by generating real numbers approaching its fraudulent ones.",
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      "text": "NQ's acquisition of 31.71% of Hesine for $0.5 million... NQ's 30% acquisition of Pansi for up to $2.9 million... NQ's $38 million of acquisition of NationSky...",
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      "kind": "paragraph",
      "text": "We theorize that the real purposes of these acquisitions are 1) to generate cash that will be recycled into NQ as fake revenue, and 2) line the pockets of the perpetrators.",
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      "kind": "paragraph",
      "text": "NQ is attempting to pivot to a fraud that it hopes will be less obvious – gaming and advertising revenue. NQ's focus on gaming and advertising will not allow it to 'grow into the fraud' by generating real numbers approaching its fraudulent ones.",
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      "kind": "paragraph",
      "text": "NQ's gaming strategy is being executed through its now wholly-owned subsidiary Feiliu. NQ has likely fraudulently inflated the value of Feiliu by many times.",
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