{
  "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": 4,
  "pageCount": 18,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "The slide documents a corporate credibility crisis where NetQin's claims of partnerships are explicitly denied by the named manufacturers.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-320acde85f99/4",
  "deckHref": "/decks/019dd923-622c-750b-8b96-320acde85f99",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-320acde85f99.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-320acde85f99#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.88
      },
      "kind": "callout",
      "text": "Stock Price Falls 60% Within 3 Transaction Days",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82e7eb78-4929-400f-b811-85305590856c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock price: 60%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b07f-34cdce3b90a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.7,
        "x": 0.15,
        "y": 0.62
      },
      "kind": "paragraph",
      "text": "A related person from Lenovo also indicated that Lenovo has its own \"Safe (乐安全)\" product, which is a competitor of NetQin; thus, Lenovo never pre-installed NetQin. A related person from Huawei also expressed that Huawei has communicated with NetQin, but has never had formal pre-installation cooperation with NetQin. Coolpad expressed it has not cooperated with NetQin on pre-installation for at least two years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0858bde1-522c-4ca1-9760-3f2abedddcf3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.7,
        "x": 0.15,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "phones and online downloads. In the meantime, cooperation exists on pre-installations between NetQin and mobile phone manufacturers ZTE, Huawei, Coolpad, Lenovo, etc.; there are 30 thousand sources on the Internet. The definition of an active user, according to NetQin, is, \"NetQin's software installed by the user, which is able to connect to the server\".",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ff6159f-0a30-4eb7-a9e9-36230098bfdf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.77
      },
      "kind": "paragraph",
      "text": "Regarding these denials, a NetQin contact replied this must have been a misunderstanding resulting from internal communication problems with the mobile phone companies, and that NetQin has adequate evidence to prove that it is genuinely doing pre-installation business with these companies.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59268744-3e1c-4ed6-b65e-dd92bd5538db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "While Lin participated in an online interview yesterday, he again stressed that there has been cooperation on pre-installations between NetQin and a number of mobile phone manufacturers, such as Huawei, ZTE, Lenovo, Coolpad, Gionee, Oppo, etc. over the years. \"In the coming year, there will be almost 300 million in output volume for orders from Huawei, ZTE, Lenovo and Coolpad.\" Yet, Lin rejected the request of \"listing the cooperative mobile phones' model numbers\" from Internet users.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71aabd6e-662f-4545-85e9-0de2743af698",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.7,
        "x": 0.15,
        "y": 0.49
      },
      "kind": "paragraph",
      "text": "ZTE admitted that there were business discussions with NetQin. However, for reasons including the pre-installation charge, this cooperation never happened. Later, ZTE developed its own security app, \"Mi-Assistant (掌心管家)\", so then there was no need to pre-install NetQin's software. ZTE has never had business cooperation with NetQin on pre-installations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be2f79e4-050f-447a-a6f9-5aa051a6914c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "Yesterday, mobile phone manufacturers ZTE, Huawei, Lenovo, etc., told the Beijing News reporter they have had no pre-installation business with NetQin.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e00e1199-a16e-4429-92b4-d716051102f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "In the coming year, there will be almost 300 million in output volume for orders from Huawei, ZTE, Lenovo and Coolpad. — Lin (CEO of NQ Mobile)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b07f-30f4b4e4219c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.39
      },
      "kind": "title",
      "text": "Many Mobile Phone Manufacturers Denied the Said Cooperation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06d3b860-7d88-4e75-af87-3d5e36181dac",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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
}