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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2013-10-24 00:00:00",
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  "notes": "The text highlights the discrepancy between NQ's claims about YDT's revenue contribution and the physical evidence of non-existent office operations.",
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      "text": "YDT is clearly a company trying not to be found.",
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      "text": "turn on the lights, answer phones, reconcile billing issues with carriers, order office supplies, pay vendors, develop and implement marketing programs, sell services to new and existing customers, handle inquiries from existing customers, and (duties from NQ's purported contract with YDT): maintain the value-added technology platform, technology platform interface; provide verification codes for related products and technology support to customers; coordinate with telecom operators to ensure the testing and activation of client business; negotiate and communicate with telecom operators; maintain the revenue and flow search pages for customers; delete non-existent or discontinued users; review customers' marketing methods; oversee customers' compliance; develop, maintain, ensure stability and responsiveness of the information platform.",
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      "text": "We explored several permutations of the address for YDT's headquarters in Tianjin, before finding it in the Tianjin Haosheng Building. Because the lobby directory still had the prior tenant's name plate posted for room 502-2, and the office door located off a narrow, dingy hallway was unmarked, we thought it was another dead end. However, when queried, the building's management office confirmed that YDT did indeed rent room 502-2.",
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      "kind": "paragraph",
      "text": "impossible for YDT to ever be there because the addresses did not exist. (Ghost addresses are a theme that runs throughout our due diligence on NQ.) YDT's offices are either non-existent or completely empty. NQ claims that YDT accounted for roughly 15% of NQ's Q1 2013 revenue; yet, YDT is clearly incapable of processing meaningful amounts of payments on behalf of NQ because it does not have even one employee regularly present to:",
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      "kind": "paragraph",
      "text": "(On the positive side, it appears as though YDT's business model does not call for any human resource employees, which is an innovative approach to cost saving.)",
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      "text": "The manager of the building in which YDT has its headquarters said “this is just the registered address, but nobody works here...They all work in Beijing it seems, all of them, this is just the registered address, this is not their workplace, it's in Beijing”. However, the YDT employees do not work in Beijing...or Shanghai...or Xi'an...or any of the nine purported YDT addresses we found. YDT is clearly a company trying not to be found. Below is a summary of our site visit attempts and findings. Actually, it is not really a company – we suspect that the meager revenue and expenses it did show were run through its books for reasons unconnected to its purported operations.",
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      "text": "“this is just the registered address, but nobody works here...They all work in Beijing it seems, all of them, this is just the registered address, this is not their workplace, it’s in Beijing” — Manager of the building in which YDT has its headquarters.",
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      "text": "9 NQ “Response to J Capital Report, NQ: Not at Any Price,” August, 2013.",
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