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NQ Mobile: frauduleus bedrijf of niet? Place your bets!

1. DeZwarteRidder 19 oktober 2014 21:10

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   www.bloomberg.com/news/2014-10-10/nq-...
2. DeZwarteRidder 19 oktober 2014 21:10

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   Traders are boosting bullish bets on NQ Mobile Inc. (NQ) to a 14-month high in the options market on speculation the company that’s been targeted by short seller Carson Block will meet a November deadline to file its 2013 annual report after months of delays.
   
   The number of calls to buy shares of the Chinese mobile-security service provider has climbed to 356,000 on Oct. 8 from 150,000 at the end of 2013. The trading has pushed the number of bullish contracts to 3.9 for every bearish put outstanding, the highest ratio since July 2013. The stock has soared 74 percent through yesterday from a three-year low in July. It’s still down 69 percent since Block accused the Beijing-based company of overstating revenue a year ago.
   
   While NQ Mobile said in June that an internal probe didn’t find any evidence of fraud, the company has yet to submit its audited 2013 report, or 20-F, after missing two filing dates in April and May. Missing the next deadline, set for Nov. 15, would be more dire: It could trigger the company’s delisting from the New York Stock Exchange, according to the bourse’s regulations.
   
   “The options trading shows someone has a lot of conviction in the stock,” Fred Ruffy, a senior options strategist at Trade Alert LLC in Chicago, said via phone yesterday. “The big catalyst for a move higher would be if NQ can file their 20-F report and move on.”
   
   New Auditor
   
   American depositary receipts of NQ Mobile fell 0.8 percent to $7.14 at 10:36 a.m. in New York as a Bloomberg index of the most-traded Chinese companies in the U.S. lost 2.2 percent.
   
   NQ Mobile, which has denied the accusations made by Block’s research firm Muddy Waters LLC, hired Marcum Bernstein & Pinchuk LLP in July as its new auditor to replace PricewaterhouseCoopers Zhong Tian LLP. PricewaterhouseCoopers’ request for information that isn’t in the company’s possession may hamper its obligation to file its 2013 annual report, NQ Mobile said at the time. The company reiterated then that previously disclosed financial results are accurate.
   
   Should NQ Mobile file its 20-F report, it will be with an auditor that specializes in issuing unqualified opinions for questionable Chinese companies, Block said yesterday via e-mail.
   
   “NQ Mobile was, and still is, a near total fraud,” the short seller said. “Since our report, NQ management has been caught in numerous material lies, the company has admitted to widespread evidence tampering, its CFO and audit committee chairs have resigned, and its Big Four auditor refused to issue a clean audit opinion.”
   
   NYSE Deadline
   
   Drew Bernstein, co-managing partner at Marcum Bernstein & Pinchuk, said it would be “inappropriate” for his firm to comment on an independent audit that is still in progress, according to an e-mailed response to questions about the filing date and Block’s statement.
   
   Matt Mathison, vice president of capital markets at NQ Mobile, said the firm is working with Marcum Bernstein & Pinchuk to file its 2013 report as soon as possible.
   
   “MBP is working to complete their work and we continue to expect to file the Form 20-F for 2013 within the time frame granted by the NYSE,” he wrote in an Oct. 8 e-mail.
   
   NQ Mobile submitted a late-filing notice to the Securities and Exchange Commission on April 30, and in a May 15 statement said it still needed more time to produce its annual report. The company needs to present the document in the time frame allowed by New York Stock Exchange regulations if it plans to keep its stock listed on the bourse, according to rules confirmed by exchange spokeswoman Sara Rich yesterday. She declined to comment on NQ Mobile’s filing status.
3. DeZwarteRidder 19 oktober 2014 21:55

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   Popular Options
   
   Nine of the 10 most-owned options on NQ Mobile are bullish, according to data compiled by Bloomberg. Calls expiring in January with a strike price of $6 have the highest open interest, the data show.
   
   “We’ll see a rally on NQ in the near future if NQ files on time” Jun Zhang, head of China research at Rosenblatt Securities Inc. in San Francisco, said in a phone interview yesterday.
   
   Bison Capital Holding Co., an investment firm in Beijing, proposed on July 30 to buy NQ Mobile for $9.80 per ADR, a 42 percent premium over the previous day’s closing price. NQ Mobile’s board was reviewing the proposed transaction and there’s no guarantee a definitive offer will be made, it said in a statement that day.
   
   The ADRs jumped 13 percent on Sept. 23 after Tencent Tech reported on its website that NQ Mobile was still evaluating the offer from Bison, without identifying where the information was from. NQ Mobile wanted Bison Capital to make an alternative offer allowing it to stay public, with the investor holding the stock and participating in the company’s development.
   
   “NQ didn’t take the acquisition offer, that gives investors some confidence,” Zhang said. “It’s a smart move to change auditors. It takes less time for a small auditing firm like MBP to do the work.”
4. DeZwarteRidder 20 oktober 2014 21:09

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   oud nieuws, maar dit is het begin van de ellende voor NQ:
   ------------------------------------------------------------------
   Initiating Coverage on NQ Mobile Inc. (NYSE: NQ) – Strong Sell
   Published On October 24, 2013
   
   Muddy Waters rates NQ Mobile Inc. (NYSE: NQ) shares a Strong Sell. In this latest report Muddy Waters highlights how:
   
   NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious. NQ’s largest customer by far is really NQ. Our research estimates that NQ’s real market share in China is only about 1.5%, versus the approximately 55% it reports. We estimate that its China paying user base is less than 250,000, versus the six million NQ claims.
   NQ’s Antivirus 7.0 is unsafe for sale to consumers, and we consider it to be spyware that makes users’ phones vulnerable to cyber attack. NQ makes a weak attempt to protect users’ private data as it’s uploaded through the Chinese government’s firewall to NQ’s server. Phones are vulnerable to MITM attacks because NQ fails to adhere to basic security protocols. MW engaged top-flight security software engineers to analyze this product.
   NQ’s purported international revenue of $36.5 million is likely less real than its PRC revenue. NQ claims to generate international revenue in obscure markets, and through mysterious counterparties that seem to seldom pay.
   NQ’s future is as bleak as its past. The recent pivot to advertising and gaming is merely an attempt to change to a fraud that NQ hopes will be less obvious. NQ cannot monetize users that it does not have.
   NQ’s acquisitions are highly likely to be corrupt.
   NQ’s cash balances are highly likely to not be real. In NQ’s 2012 20-F, PwC classified all cash and term deposits as Level 2 assets (slightly hard to value), which is the first time we have seen this. NQ’s purported movements of cash from its IPO almost certainly did not occur due to PRC FX controls. We therefore believe the term deposits are likely forgeries.
   
   www.muddywatersresearch.com/research/...
5. DeZwarteRidder 21 oktober 2014 18:53

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   NQ Mobile, Himax down sharply on strong volume • 12:33 PM
   Eric Jhonsa, SA News Editor
   
   NQ Mobile (NQ -12%) and Himax (HIMX -8%) have both fallen sharply on strong volume. No news has yet arrived to explain either company's drop.
   NQ, which still hasn't filed its 2013 20-F and related audit report, is down 45% YTD. Himax is down 43% YTD; Chardan Capital offered a new bearish note last week ahead of the company's Q3 report (expected next month).
6. DeZwarteRidder 27 oktober 2014 14:49

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   NQ Mobile Inc. Files Form 20-F for Year 2013 and Regains Full Compliance
   PR Newswire
   NQ Mobile Inc. 1 hour ago
   
   DALLAS and BEIJING, Oct. 27, 2014 /PRNewswire/ -- NQ Mobile Inc. (NQ) ("NQ Mobile" or the "Company"), a leading global provider of mobile Internet services, today announced that it filed its annual report for the year ended December 31, 2013 on Form 20-F with the U.S. Securities and Exchange Commission. The annual report on Form 20-F, which contains the unqualified audited financial statements for the three years ended December 31, 2013, can be accessed and downloaded through the investor relations section of the Company's website at ir.nq.com.
   
   The audited financial results contain no qualification and no adverse findings and are consistent with the Company's previous financial disclosures and reports. They follow an extensive review of the business and financial affairs of the Company that was undertaken by several highly reputable firms, including the global law firm of Shearman & Sterling LLP. assisted by Deloitte & Touche Financial Advisory Services Limited, and Marcum Bernstein & Pinchuk LLP, the Company's independent auditor. The Audit Committee of the Company was further assisted in completing the audit by its counsel DLA Piper LLP and IT forensic firms Control Risks Group and Stroz Friedberg.
   
   Among many other conclusions,
   
   The Company's cash (and cash equivalents) of approximately $283 million as of December 31, 2013 was verified and found consistent with public disclosures and major expenditures were confirmed as having been incurred for legitimate business purposes.
   The Company's acquisitions were evaluated using reasonable metrics and internal due diligence processes, and those acquisitions have contributed to increasing the Company's revenue and user traffic.
   The Audit Committee was able to conclude that there was no evidence of an effort within the Company to delete any documents relevant to the Special Committee's investigation. Additional, highly specialized, forensic examination of devices where there was an indication that information might be missing as identified by the Special Committee was conducted by Control Risks Group, at the direction of DLA Piper LLP, and the examination protocol was reviewed by Stroz Friedberg. As a result of this examination, Control Risks Group and DLA Piper LLP were able to recover and review many files from the subject devices that were deleted prior to and subsequent to the publication of the Muddy Waters report but prior to the collection of data from those devices by the Special Committee. None were relevant to the fraud allegations or the Special Committee's investigation.
   
   "We are pleased to be able to return our full attention to growing our business and increasing long term value for our shareholders," said Henry Lin, Chairman and co-Chief Executive Officer of NQ Mobile. "During this extensive process, we have learned much about how we can improve some of our practices, including corporate governance, disclosure, and internal procedures. We are fully committed to carrying out such improvements. As we turn the page and look to the future, I want to thank all our employees and loyal shareholders who have confidence in our company and our prospects."
7. DeZwarteRidder 27 oktober 2014 19:50

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   October 27, 2014, 11:20 A.M. ET
   
   Muddy Waters To NQ Mobile: Your Auditor Is Biased
   
   By Shuli Ren
   
   I just received an emailed rebuttal from Muddy Waters‘s public relations representative regarding NQ Mobile‘s (NQ) press release today that it was cleared of fraud. Here is what the famous short-seller Carlson Block has to say:
   
   “NQ remains a massive fraud, but its 20-F filing today was no surprise. After dismissing PwC, NQ specifically chose Marcum and its principal Drew Bernstein as its auditor because they have publicly criticized short sellers in the past, and have issued clean audit opinions on numerous questionable Chinese reverse-merger companies. The timing of the filing was no surprise either, given the substantial recent run-up in the stock price, as insider trading clearly continues to be rampant in this stock. We hope regulators will step in soon before further damage is done to investors.”
   
   NQ Mobile rose 6.2% in recent trading.
8. DeZwarteRidder 19 december 2014 10:54

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   Fri, Dec 19, 2014, 4:49 AM EST -
   
   Analysts, Investors In The Dark On NQ Mobile
   Benzinga
   By John Seward 11 hours ago
   
   NQ Mobile Inc (NYSE: NQ) has analysts and investors in the dark about its performance ahead of plans to unveil results for no less than its three most recent three quarters on Thursday night.
   
   Rosenblatt Securities Jun Zhang said that regardless of the numbers, there isn't much downside risk lurking in recent results.
   
   The Chinese Internet service provider, accused of fraud more than a year ago by short-seller Carson Block's Muddy Waters LLC, is off more than 65 percent year-to-date.
   
   NQ shares closed Thursday at $5.03, up 3.5 percent. In the after-hours session, share were up 3.4 percent at $5.20.
   
   Zhang said the company's release of its 2013 audited results in October after a series of painful delays have already put to rest fraud allegations.
   
   "[It] just says the company is clean, no matter what," Zhang said.
   
   The December 10 departure of NQ's co-chief executive Henry Yu Lin is "a tough thing to see, even if they give you the excuse of it was not related to the company,” Dinsmore Capital's James Dinsmore told Benzinga.
   
   NQ said Lin left for "family reasons."
   
   Dinsmore, a top 10 shareholder in NQ Mobile, said he's "not necessarily bullish," but called the release of recent results "a step in the right direction" toward regaining investor confidence.
   
   But since the company hasn't posted results in nearly a year, regaining that confidence will require a "re-education" of investors, Topeka analyst Frederick Ziegel told Benzinga.
   
   "The story is going to be dramatically different than it was a year ago," Ziegel said, adding that without recent numbers he "has no idea" how the company is performing.
   
   “My guess is revenues will be higher than people had thought previously," Ziegel said, "and I suspect margins will be lower.”
9. DeZwarteRidder 19 december 2014 10:58

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   Income/Loss from Operations and Operating Margin
   
   Loss from operation for the third quarter of 2014 was $18.3 million, compared with the operating loss of $2.7 million in the same period in 2013. Non-GAAP operating loss was $0.05 million in the third quarter of 2014, compared with the operating income of $17.1 million in the same period in 2013. Non-GAAP operating margin was -0.1% in the third quarter of 2014, compared with 31.5% in the same quarter a year ago. Excluding the impact from enterprise mobility business, non-GAAP operating margin was -0.4% in the third quarter of 2014 compared to 39.0% in the same period in 2013.
   
   Foreign Exchange Gain / (Loss), Interest Income and Other Income
   
   Foreign exchange loss was $0.03 million in the third quarter of 2014, compared with a gain of $0.2 million in the same quarter a year ago. Foreign exchange loss was primarily attributable to the depreciation of RMB against the US Dollar. Interest expenses were $1.5 million in the third quarter of 2014, compared with interest income of $0.9 million in the same quarter a year ago. Interest expenses were primarily derived from the convertible bonds, partially offset by interest income from certain term deposits.
   
   Income Tax
   
   Income tax expenses were $0.9 million and the effective tax rate was 5.1% in the third quarter of 2014, compared with an income tax expense of $0.9 million in the same quarter a year ago.
   
   Net Income/Loss
   
   Net loss attributable to NQ Mobile was $17.0 million in the third quarter of 2014, compared with the net loss of $2.4 million in the same period in 2013. Non-GAAP net income attributable to NQ Mobile was $3.7 million in the third quarter of 2014, compared with $17.4 million in the third quarter of 2013.
   
   Cash Flow and Deferred Revenue
   
   Net cash flow generated from operations for the third quarter of 2014 was $6.1 million. Cash and cash equivalents and term deposits together amounted to $278.3 million as of September 30, 2014. Deferred revenue was $17.1 million at the end of third quarter of 2014.
10. DeZwarteRidder 19 december 2014 10:59

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    NQ Mobile Rallies on Unit Sale, Revenue Forecast
    By Marie-France Han Dec 19, 2014 12:20 AM GMT+0100
    
    NQ Mobile Inc. (NQ), the Chinese mobile-security company accused by a short seller of overstating revenue, rose in late New York trading after agreeing to sell its game unit and saying revenue will jump as much as 66 percent this year.
    
    NQ Mobile climbed 9.3 percent to $5.50 as of 6:01 p.m. in New York. The shares are still down about 75 percent since Muddy Waters LLC, the research firm founded by Carson Block, said in October of last year that the company misrepresented cash balances and was a “massive fraud.”
    
    The Beijing-based company said in a statement that it entered a non-binding agreement with Tack Fiori International to sell its FL Mobile game unit for $570 million to $630 million, payable through allotment and issue of new shares. An increase in game revenue in the first three quarters was primarily due to the “rapid growth” of FL Mobile’s platform and the start of new titles in the second quarter, NQ Mobile said.
    
    NQ Mobile, which provided unaudited financial results for the first, second and third quarters of 2014, said it expects net revenue to be in the range of $82 million and $83 million for the fourth quarter, bringing full year sales to as much as $325 million to $326 million. That would compare with sales of $196.7 million in 2013.
    
    The stock has tumbled 17 percent since the company said on Dec. 10 that Chairman and Co-Chief Executive Officer Henry Lin was stepping down. Lin’s departure follows the exit of NQ Mobile’s chief financial officer in August, the resignation of its audit panel chairwoman and the dismissal of its auditor in July. The company also said last week that shareholder RPL Ltd., controlled by NQ Mobile’s founders, agreed not to sell shares until the end of 2016.
    
    The company said in June that an internal probe didn’t find any evidence of wrongdoing. NQ Mobile filed its 2013 annual report in October after delaying it twice.
11. DeZwarteRidder 19 december 2014 11:07

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    De omzet van NQ stijgt flink, maar de kosten stijgen nog harder; NQ maakt dus een flink verlies in 2014.
    Ik denk dat NQ schoonschip gemaakt heeft met de boekhouding en dat ze wel degelijk in eerdere jaren hebben zitten frauderen.
    
    De cashflow is minimaal en wat heb je aan een bedrijf dat snel groeit, dankzij een verliesgevende omzet...???
12. DeZwarteRidder 19 december 2014 20:59

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    NQ Mobile Plummets Following Recent Results
    Benzinga
    By John Seward 6 hours ago
    
    NQ Mobile Inc (ADR) (NYSE: NQ) on Thursday afternoon posted results for its first three financial quarters of 2014 and said it expects full-year revenue growth of about 65 percent.
    
    The company also said it agreed to sell its FL Mobile unit in an all-stock deal worth between $570 million and $630 million to Hong Kong-listed Tack Fiori International Group Ltd.
    
    After popping up in Thursday's after-hours session, shares were down 3.6 percent at $4.85 in Friday's premarket.
    
    NQ had suffered a series of painful reporting delays this year amid accusations of accounting fraud. It posted audited 2013 results in October that it said cleared it of earlier allegations.
    
    On Thursday, NQ Mobile forecast full year 2014 revenue of between $325 million to $326 million, up about 65 percent compared with 2013 revenue of $196.7 million.
    
    For the recent third quarter ended September 30, the company's net loss widened to $17 million, or $0.04 per share, from $2.4 million, or less than $0.01 a share, a year earlier
    
    Adjusted income for the recent period was $3.7 million, compared with $17.4 million a year earlier.
13. DeZwarteRidder 20 december 2014 10:53

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    NQ closes down 18.7%; Muddy Waters crashes CC
    Dec 19 2014, 18:15 ET | About: NQ Mobile Inc. (NQ) | By: Eric Jhonsa, SA News Editor [Contact this editor with comments or a news tip]
    
    NQ closed slightly above $4 a day after finally releasing its Q1-Q3 results, providing cautious Q4 guidance, and announcing it has signed an MOU to do a reverse merger for its FL Mobile unit with apparel retailer Tack Fiori.
    During the CC (transcript), long-time nemesis Carson Block (the founder of Muddy Waters) managed to jump in by telling the operator he was NQ investor Jim Oberweis, Jr. Block was cut off while asking whether recently-departed co-CEO Henry Lin is in jail, given media speculation to the effect due to Lin's ties to ex-CCTV anchor Rui Chenggang (detained on corruption charges).
    Omar Khan, still a co-CEO, would only reiterate Lin's departure was for "personal reasons," and not due to "anything related to the company."
    Khan also mentioned the NQSky enterprise mobility management (EMM) unit is now targeting larger customers, and that his shift is affecting near-term sales due to longer deployment times. He reiterated NQ's long-term revenue targets, but added the company isn't providing 2015 guidance for now.
    In response to a question about the proposed FL Mobile deal, VP Matt Mathison suggested NQ isn't too interested in Tack Fiori's existing businesses. "This has to do with FL Mobile ... This is the greatest way for us, for experiencing certainty and the most cost effective approach to achieve our objectives of one, unlocking value and to enabling FL Mobile to continue to expand and grow and benefit from having their own public currency."
    
    
14. DeZwarteRidder 21 december 2014 12:15

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    Down The Rabbit Hole With NQ Mobile
    
    Dec. 19, 2014 6:30 AM ET | 48 comments | About: NQ Mobile Inc. (NQ)
    
    Disclosure: The author has no positions in any stocks mentioned, but may initiate a short position in NQ over the next 72 hours. (More...)
    Summary
    
    NQ Mobile announced the sale of subsidiary FL Mobile.
    The transaction value appears very high at roughly $600 million.
    The real value appears to be a tiny fraction of the headline value and raises some troubling question.
    
    "How puzzling all these changes are! I'm never sure what I'm going to be, from one minute to another."
    - Alice, Alice's Adventures in Wonderland
    
    Listening to NQ Mobile's (NYSE: NQ) conference call this evening, following the much-delayed release of its Q1-Q3 financials and a deal relating to subsidiary FL Mobile, I could not help but be reminded of Lewis Carroll's 1865 classic novel Alice in Wonderland and its sequel Through The Looking Glass. Alice, a young girl, falls down a rabbit hole and finds herself in a strange fantasy world occupied by strange creatures. Eventually (spoiler alert!) Alice wakes up to realize it was all (probably) just a dream. Unfortunately for shareholders of NQ, this is no dream and the Mad Tea Party has no end in sight.
    
    seekingalpha.com/article/2768135-down...
15. DeZwarteRidder 21 december 2014 12:19

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    Het lijkt erop dat NQ z'n frauduleuze business op een dubieuze manier aan een zeer dubieus mini-bedrijfje gaat verkopen.
    
    Het lijkt erop dat ze zeer slim bezig zijn om de fraude 'weg te moffelen'.
    
    Ik denk op dit moment dat er van het hele bedrijf en de huidige koers binnen een jaar nog maar heel weinig over is.
16. DeZwarteRidder 22 januari 2015 23:04

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    A Look At The 'New And Different' NQ Mobile Makes It Appear Even More Questionable
    Jan. 22, 2015 2:41 PM ET | 15 comments | About: NQ Mobile Inc. (NQ)
    
    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
    Summary
    
    After the latest earnings report NQ Mobile looks even more questionable than it did in the past.
    This earnings did not provide any financial figures, user metrics and operating metrics for FL Mobile like they did in the past.
    NQ's consumer mobile security users and enterprise service revenue also seems to be declining from last year.
    It also appears a lot of the costly acquisitions made by NQ Mobile aren't generating any real revenue yet.
    
    During the conference call for NQ Mobile's (NYSE:NQ) first, second and third quarter of 2014 earnings on December 18, 2014, Co-CEO Omar Khan talked about seeing a "new and different NQ Mobile." However now after taking a look at this "new and different" NQ, things look even more questionable for the company and their business prospects than in the past.
    
    To begin with, their latest earnings report now seems to lack some vital information they use to provide in the past earnings. In addition there was very little data provided on the costly acquisitions NQ Mobile had made in 2014. Given how many were questioning the legitimacy of these acquisitions, this is surprising if NQ Mobile really wanted to be more transparent.
    
    You also have the issue of all the executive and director resignations the past six months along with some sort of reverse merger scheme for their FL Mobile subsidiary in Hong Kong. All this makes NQ Mobile seem even less transparent than before.
    Decline in Active Mobile Security Users
    
    Mobile security was NQ Mobile's original core business for quite some time. When they announced fourth quarter of 2013 earnings, they claimed to have 136.0 million monthly active users (MAU for short) for their mobile security apps at the end of 2013.
    
    Now during their Q3 of 2014 earnings, NQ has come up with a new monthly active user number which they claim is 159 million. In addition to mobile security users, this new figure now also includes "the user accounts in NQ Live, Music Radar and more recent investments such as Yipai and Showself, among others."
    
    However since NQ Mobile also provided some MAU numbers for NQ Live, Music Radar and Showself in their presentation, we could use them to help estimate mobile security users.
    
    seekingalpha.com/article/2841946-a-lo...
17. DeZwarteRidder 22 januari 2015 23:17

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    Conclusion
    
    Taking a look at this "new and different NQ Mobile" here's some of the issues I see so far:
    
    A declining mobile security user base
    No longer providing revenue or user metrics for FL Mobile like they did in the past
    A questionable reverse merger listing for FL Mobile in Hong Kong
    The valuable portion of NationSky's service revenue seems to be on pace to be even less than last year
    Many costly acquisitions which doesn't have any revenue or a clear monetization model yet
    No revenue or performance breakdown for all their different business divisions or acquisitions
    
    In summary this new NQ Mobile looks even less transparent and has more question marks surrounding the company and their business than before. And previously the company already looked pretty questionable to begin with.
18. DeZwarteRidder 27 februari 2015 18:44

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    NQ Mobile: FL Mobile Reverse Merger Might Be A Bonus For Longs, But For All The Wrong Reasons
    Feb. 27, 2015 11:27 AM ET | 7 comments | About: NQ Mobile Inc. (NQ)
    
    Disclosure: The author is long NQ. (More...)
    
    seekingalpha.com/article/2958856-nq-m...
    
    Expectations couldn't be lower for the upcoming FL Mobile reverse merger.
    The fundamental economics of the deal are unsound and destructive to shareholders.
    However, NQ Mobile has the means and the motive to make this deal appear attractive to investors when completed.
    I predict the market will give too much credibility to the deal, increasing the share price at least in the short term.
    
    NQ Mobile (NYSE:NQ) announced in December their intentions to spin off their gaming subsidiary FL Mobile via reverse merger. Expectations for the upcoming deal couldn't be much lower. Between the horrible economics of the deal, the negative reaction by shareholders, and ongoing silence by the company, it seems that only a few of the most diehard longs are expecting the deal to help the share price. Since the announcement short interest has climbed despite the low share price. I believe that the diehards are actually right, although probably not for the right reasons. It would appear difficult to make a case that this deal has a chance to help the stock price, but that's exactly what I am going to try to do.
    
    In my last post, I laid out my concerns regarding the NQ Mobile acquisition strategy, especially with regard to FL Mobile. Some on the short side would argue that the FL Mobile deal represents a culmination of that strategy, one last way to take some assets into China before the entire house of cards comes crashing down. I'm going to argue that there's a good chance it's only an intermediate step in a strategy with larger ambitions.
    
    When the deal is complete and FL Mobile is trading in Hong Kong an entire new toolbox will be open for NQ Mobile. The most important tool will be the ability for NQ Mobile to inflate the price of the stock when it is trading on the Hong Kong exchange in a way that they cannot do with the stock in the United States. The way the deal is structured, I suspect that the tradeable float is going to be relatively narrow, allowing a party to boost the market cap with only a limited amount of cash. Remember market cap does not necessarily represent the value of the company, only the price of the most recently traded shares multiplied by the number of shares outstanding. Incidentally, the company also has a large stash of cash that has been parked in Hong Kong that has been earning interest in a short-term time deposit account since the company acquired it in 2013 through a convertible bond offering. This cash amounts to nearly half of the current market cap of the entire company. By moving FL Mobile to Hong Kong, NQ Mobile finally has an opportunity to put that cash to work.
19. DeZwarteRidder 27 februari 2015 18:46

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    While the short thesis on the company is ultimately sound, the narrative has focused on the wrong issues (soundness of the numbers in financial statements) and allowed larger problems to go mostly unrecognized, at least by the regulatory authorities.
    
    Given that NQ has both the capability to make this strategy work and the desperate need to do something to boost the share price, I believe it is very likely they will take the necessary steps in order to give FL Mobile a higher valuation. Obviously this strategy is net destructive to shareholder value, despite the short to medium term gains shareholders may see.
    
    Such a strategy would not likely be sustainable in the long term, but if the whole thing comes crashing down there isn't much recourse for shareholders. Even the large cash balance of NQ can be seen as a measure of how much money has been permanently taken from shareholders. Because of the VIE structure, US shareholders will have difficultly claiming most of it. In the event the company has to pack up and leave the US, the cash will most likely remain in China due to the legal difficulties in obtaining it.
    
    I'll be putting my money where my mouth is and will be holding a substantial (for me) long position into the FL deal announcement that should be forthcoming as we approach the end of the first quarter. I believe that the market will misunderstand the strategy and interpret the reverse merger in a more positive light than I believe is warranted, and that the shorts will underestimate how effective the company will be at implementing it.
    
    Additional disclosure: My long position is not an endorsement of the strategy I laid out in this article.
20. DeZwarteRidder 5 maart 2015 17:54

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    seekingalpha.com/article/2976256-nq-m...
    
    NQ Mobile's Over-Inflated Claims And Overpriced Acquisitions
    Mar. 5, 2015 10:29 AM ET | 7 comments | About: NQ Mobile Inc. (NQ)
    
    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
    Summary
    
    The claim FL Mobile is the top iOS mobile game publisher in China appears to be misleading.
    Based on valuations of comparable businesses, NationSky should only be worth a fraction of the purported $500 million valuation by NQ Mobile from a tiny 3% stake sale.
    NQ Mobile's acquisition of vLife looks overpriced when compared to a valuation of a similar publicly-traded company.
    NQ Mobile's acquisition of Showself also seems overpriced when comparing it to a publicly-traded peer in Hong Kong.
    
    Conclusion
    
    The very limited to almost nonexistent data NQ Mobile provides on specific subsidiaries and various acquisitions makes it difficult to value any of them individually and properly. However using the limited information available from NQ it does seem at least some of their acquisitions were done at significantly overpriced levels. In addition there seems to be little basis for the arbitrary $500 million valuation NQ Mobile placed on NationSky from a tiny 3% stake sale last year.