{
  "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": 9,
  "pageCount": 18,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide presents evidence of corporate fraud allegations.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-320acde85f99/9",
  "deckHref": "/decks/019dd923-622c-750b-8b96-320acde85f99",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-320acde85f99.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-320acde85f99#slide-9",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Muddy Waters alleged that for NQ's claimed business revenue from national security products in 2012, at least 72% of the revenue is fabricated.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd76-dce3629e133e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Money.163.com has noticed on NQ's official webpage that ZTE is listed in the business partners' column.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02a5fccd-99b8-4195-8cb6-0687c7449c62",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "mobile phones, ZTE has never cooperated with NQ.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "305afcf4-4cad-4130-aa9e-4569e6d9e943",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "On October 25, NQ's stock price dropped greatly, due to Muddy Waters' short sale. Muddy Waters alleged that for NQ's claimed business revenue from national security products in 2012, at least 72% of the revenue is fabricated. NQ also seriously overstated its market share in China. The market share of NQ in China is only 1.5%, instead of the claimed 55%; the number of paid users is less than 250 thousand people, instead of the claimed 6 million people.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91eb1467-8855-4699-ae89-bc79a3c6ab48",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "mobile phones, ZTE has never cooperated with NQ. — Money.163.com",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd76-e3647608d30e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.34
      },
      "kind": "source-note",
      "text": "Source: money.163.com Reporter: ZHAO Ting Editor-in-Charge: NF003",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92224c7b-90a5-4024-af19-b333dcf698fd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "77450f46-9d37-490b-aef7-32527d797ea8",
      "evidence": "The slide explicitly details allegations of fabricated revenue and overstated market share.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 9,
      "from": 6,
      "beatId": "e8d2c3cf-863b-4fcd-9ad3-ad2fdd1f7abd",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle (Muddy Waters' investigation)",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Slides 6-9 present evidence of NetQin's alleged fabrications",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 18,
      "from": 6,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "e205405b-4a14-4025-9dc7-64cc5b88f02e",
      "evidence": "Slides 6-18 present NetQin's defensive responses",
      "position": 1,
      "objective": "Highlight the consequences of not addressing Muddy Waters' allegations",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}