{
  "docId": "019dd923-622c-750b-8b96-320acde85f99",
  "docSlug": "339649d36580",
  "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": "2013-11-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 3,
  "pageCount": 18,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "This slide documents a specific instance of corporate fraud exposure via media reporting and short-seller investigation.",
  "elementsJson": [
    "paragraph",
    "headline_text"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-320acde85f99/3",
  "deckHref": "/decks/019dd923-622c-750b-8b96-320acde85f99",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-320acde85f99.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-320acde85f99#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Some of NetQin's alleged business partners, such as mobile phone-related companies ZTE, Huawei, Lenovo, etc., claimed to have no pre-installation business with NetQin during interviews with the reporter yesterday.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbe4-45c5d578e4ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.7,
        "x": 0.15,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Some of NetQin's alleged business partners, such as mobile phone-related companies ZTE, Huawei, Lenovo, etc., claimed to have no pre-installation business with NetQin during interviews with the reporter yesterday.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3093e27a-b9dd-4af2-a10d-fd2c8771d759",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.49
      },
      "kind": "paragraph",
      "text": "NetQin Mobile, Inc. was established in 2005 as a mobile phone security software company. On May 5, 2011, NetQin was listed on the New York Stock Exchange. Before that, according to the publicly disclosed data by NetQin, the number of paid users was 6 million people.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "609cfde0-d57d-481f-9d43-aa6054588ccc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "After NetQin was questioned by the short-seller and the media, some of NetQin's alleged business partners, such as mobile phone-related companies ZTE, Huawei, Lenovo, etc., revealed they have had no pre-installation business with NetQin, during the interviews with The Beijing News reporter yesterday. In response to this, NetQin expressed there must be a misunderstanding resulting from internal communication problems with the mobile phone companies. NetQin has adequate evidence to prove it is genuinely doing pre-installations with these companies.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68f00a18-7514-44e3-862a-8e2c2468f00a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.7,
        "x": 0.15,
        "y": 0.71
      },
      "kind": "paragraph",
      "text": "On the afternoon of October 25, Beijing time, after NetQin's eighth anniversary celebration, when interviewed by the media, NetQin CEO Henry LIN-Yu said NetQin's users are comprised of three pieces: registered users, monthly active users and paid users, and that many of the reports fail to differentiate these three concepts. Half of NetQin's users are located overseas (whereas half are in China), covering over 150 countries. Currently, there are 370 million registered users (excluding FL Mobile), 120 million of which are monthly active users, and 11.3 million of those are monthly paid users. There are two main sources of NetQin's users: pre-installed mobile",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d0fad68-29b9-4d47-9c2f-c1032866a899",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.15,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "(Source: The Beijing News, 30th October 2013: 03:00)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "914b3353-589a-417a-903d-69aaab09af2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.59
      },
      "kind": "paragraph",
      "text": "On October 24, US time, short seller Muddy Waters published an 81-page investigative report, alleging that NetQin manipulated data on turnover, made false market share claims, and overstated the number of paid users. According to the report, the number of NQ paid users is less than 25 thousand people, which is different from the 6 million NetQin claimed.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4221f35-1bf0-4b65-a3a1-99cc67da4f41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "NetQin's “Business Partners” ZTE, Huawei and Lenovo, Denied There Was Pre-installation Cooperation — The Beijing News",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbe4-49ecc7f8ce22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.13
      },
      "kind": "title",
      "text": "NetQin's \"Business Partners\" ZTE, Huawei and Lenovo, Denied There Was Pre-installation Cooperation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b8b440a-21e1-49cb-8f9b-b00288226624",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.45
      },
      "kind": "title",
      "text": "NetQin Said It Had Been Cooperating with Huawei, Etc. for Years",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e9c87e1e-2128-4c17-92c0-e691b6be2d8a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a76304cb-9662-4a7c-8773-371e66a4bbe3",
      "evidence": "The slide contrasts company claims with third-party investigative findings to expose potential fraud.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 2,
      "beatId": "a789c1c2-2c8b-4e1a-8dbe-01246bf5b8a7",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster (NetQin's alleged fabrications)",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Slides 2-5 expose contradictions in NetQin's claims",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 2,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "5ab0d025-a1ce-4e7d-9362-1a638084f6ed",
      "evidence": "Slides 2-5 reveal contradictions in NetQin's claims",
      "position": 0,
      "objective": "Expose NetQin's alleged fabrications",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}