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  "docSlug": "a1081380296f",
  "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": "2013-11-06 00:00:00",
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  "pageNumber": 5,
  "pageCount": 16,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide uses a screenshot of a website to challenge the credibility of reported business volumes and ownership disclosures.",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The repeated lies, which quite possibly amount to both 17(a) and 10b-5 securities fraud, about Rong Xu's employment at NQ and when she joined YDT, are not covering up anything nefarious and have been told for sport.",
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      "kind": "image",
      "text": "Website screenshot of Yidatone.com product list",
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      "kind": "paragraph",
      "text": "The repeated lies, which quite possibly amount to both 17(a) and 10b-5 securities fraud, about Rong Xu’s employment at NQ and when she joined YDT, are not covering up anything nefarious and have been told for sport.",
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      "kind": "paragraph",
      "text": "YDT processes approximately $15 million in billing for network clocks and E-readers. NQ claims that it only accounts for approximately 60% of YDT’s business, meaning that YDT would be processing approximately $15 million annually for other clients.",
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      "kind": "paragraph",
      "text": "Rong Xu, who owns 75% of YDT, worked at NQ. That much is not in dispute. The question is whether Ms. Xu simultaneously worked at NQ and YDT, which has always been NQ’s largest source of revenue.",
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      "text": "NQ has repeatedly lied about whether NQ is a related party. These lies likely amount to securities fraud. One therefore wonders whether NQ management would run the risk of prosecution if there were nothing to hide about NQ's relationship with YDT.",
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