浑水做空网秦报告全文

投行人生

现价22，目标价1
Table of Contents
THE VAST MAJORITY OF NQ’S CHINA REVENUE IS FRAUDULENT ....................................................... 6
YDT IS REALLY NQ. ............................................................................................................................................................... 14
NQ’S THIRD PARTY PAYMENT CHANNEL IS NON‐EXISTENT. ....................................................................................... 17
NQ’S CHINA PREPAID CARD CHANNEL DOES NOT CONTRIBUTE MATERIALLY TO REVENUE. ................................... 19
Want to stump NQ customer service?  Ask them where to buy prepaid cards in Beijing, Shanghai,
or Guangzhou. ..................................................................................................................................................................... 20
Sellers report very few sales. ......................................................................................................................................... 21
NQ’s online (lack of) card sales affirms our physical store checks that show the cards are obscure
and immaterial to NQ revenue. .................................................................................................................................... 23
NQ IS AN OBSCURE COMPANY IN CHINA WITH MINIMAL BRAND RECOGNITION; OUR RESEARCH ESTIMATES
THAT FEWER THAN 1.5% OF SMART PHONE OWNERS PRESENTLY HAVE A NQ SECURITY APP. .......................... 25
Retailer Visits Further Confirm that NQ has a Sliver of the Market Share it Claims. ........................... 29
China App Store Download Data Confirm that NQ has a Sliver of the Market Share it Claims. ...... 29
NQ’S SAIC FINANCIALS ARE FRAUDULENT, LEADING TO FRAUDULENT SEC FINANCIALS ....... 32
NQ’S ANTIVIRUS 7.0 MAKES IT EASY FOR THE PRC GOVERNMENT AND HACKERS TO READ
COPIOUS AMOUNTS OF SENSITIVE DATA, AND TO UPLOAD MALWARE TO USERS’ PHONES . 33
NQ’S INTERNATIONAL REVENUE – HIGHLY LIKELY TO BE MASSIVELY OVERSTATED .............. 37
THE FARCICAL SIDE .......................................................................................................................................... 41
NQ’S 3‐15 DNA – VIDEO AVAILABLE AT: HTTPS://VIMEO.COM/77704496 .................................. 45
US MANAGEMENT IS MERELY A FRONT ..................................................................................................... 46
NQ’S CASH BALANCE (A LEVEL 2 ASSET) IS HIGHLY LIKELY TO BE FRAUDULENT ..................... 48
NQ’S LIKELY CORRUPT ACQUISITIONS ...................................................................................................... 53
NQ’S FUTURE IS AS BLEAK AS ITS PAST ..................................................................................................... 55
NQ’S FILINGS MAKE CLEAR THAT PWC’S AUDITS WERE SLOPPY ..................................................... 57
CASH ......................................................................................................................................................................................... 58
LEVEL 2 CASH ......................................................................................................................................................................... 58
SHARE BASED COMPENSATION ........................................................................................................................................... 59
YIDATONG IS NOT PAYING PURSUANT TO THE TERMS OF THE CONTRACT OR IN LINE WITH NORMAL TRADE
TERMS. ...................................................................................................................................................................................... 59
REALLOCATION OF COSTS TO BOOST GROSS MARGIN. ................................................................................................... 60
APPENDIX A: U.S. STORE VISITS ................................................................................................................... 61
APPENDIX B: SAIC FINANCIAL FRAUD INDICIA ....................................................................................... 67
APPENDIX C: SOFTWARE ENGINEER REPORT ......................................................................................... 71

海角7号

感谢分享 不错

cccthxf

是好东西，就是看不懂啊

流星辰光

感谢分享！

骁丸子

给楼主点赞

chant

感谢分享，不错！

w111010

谢谢分享，只是水平太低，看不懂。

zxxtcb

谢谢分享，

阮牧

英文看起来吃力。

wdliangjiatun

学习一下分析思路