NetQin responds to an independent Special committee independent investigation of Muddy water malicious short report

Absrtact: Yesterday, the company announced that its independent Special Committee has hired Wall Street Schelman Seat law firm against Muddy Water issued by the short report on the allegations of the Network Qin Independent investigation, and Deloitte Consulting Co., Ltd. will act as the Legal Accounting Association

Yesterday, NetQin announced that its independent Special Committee had hired the Wall Street Schelman Seat law firm's short report on Muddy Waters to conduct an independent investigation of the allegations in the case of NetQin, while Deloitte Consulting Limited will act as a forensic accountant to assist the firm in its investigation into the muddy waters.

October 24, shorting institutions muddy Water issued a 81-page report said the Network Qin company suspected of fraud users, the Net Qin stock price plunged, the media and investors focus on the moment. October 25, the NetQin response, has formed an independent special Committee on Muddy Water malicious short report independent investigation. This time, NetQin also said that Schelman Seat law firm and Deloitte Consulting Co., Ltd. jointly investigated Muddy Waters allegations, reflecting the independent Special Committee's determination to clarify muddy waters allegations.

In addition to the qin and Muddy Waters, there are a number of third-party agencies in the investigation of the matter. The Bloomberg News report on the short report of muddy water, said that the Network Qin in the muddy water reports of the existence of delay in the collection of consumer payments is correct, but muddy water on the cash accounting of the Qin Dynasty and the U.S. market access to funds from the accusations of no factual basis. "It may take some time to determine who is the one who is not." For the NetQin, there are some problems that the company at least to clarify, but cheating investors and the wrong way of management is a big difference. ”