Muddy water shelled net Qin: Everything is set for insider trading

The United States short mechanism Muddy water Beijing released a report on the network Qin July 3 announcement (announced the resignation of Chairman Han Ying of the Audit Committee, PricewaterhouseCoopers asked to expand the scope of the audit questioned that Qin deliberately delayed announcement of the time to Provide insider trading opportunities, this is muddy water since last October so far QinQin released third question report.

On July 3, NetQin suddenly announced the resignation of Han Ying, chairman of the audit committee. NetQin's statement said his departure was for personal reasons, not related to his role in the company. Han Ying himself and NetQin did not disagree.

Muddy water was questioned on the basis that the net Qin shares jumped 5.3% on June 25 without any news reports, and fell 4.5% and 4.7% in succession on the two trading days thereafter. During this period, net trading volume of Qin increased abnormally from the daily average of 5.2 million shares before June 25 to an average of 980 million shares a day. It is inferred that Han Ying may have confirmed the departure on June 25, while Qin Qin deliberately postponed announcement of the release time, leaving insiders who know the insider information to sell shares of the opportunity.

Muddy water also said that the departure of South Korea and Britain may confirm the network Qin in the previous independent investigation corrupt behavior.

Yesterday, Net Qin responded that a third-party investigation agency had already concluded before that there were no allegations of muddy water in the net balances, revenues, transactions, partners, users and acquisitions of NetQin. Muddy water is something that has been proven to be no problem in the repetition of replacement claims, and the repetition is only speculation, not a fact.

Questioning South Korea's departure from exposure to investigate corruption?

Hunshui pointed out in the report that the departure of Han Ying exposed the corrupt nature of the "independent" investigation conducted by the directors of NetQin over the muddy water report. Although Qin Qin claimed that Han Ying's departure for "personal reasons" , But the departure of Han Ying is clearly related to NetQin's own problems.

Public information shows that Han Ying had previously served as Chairman of the Audit Committee of the Board of SinQin. On June 4, 2014, NetQin released the findings of the four directors including Han Ying on the report on the muddy water, saying " Did not find "net Qin fraud evidence.

Muddy water responded on June 5, said Qin is a liar, the announcement of the news just to cover up his fraud.

Questioned Qin net excuse to get rid of PwC?

Muddy water in the latest report said PricewaterhouseCoopers Zhongtian CPAs will never release an unqualified audit report. NetQin's previous statement is to distort the truth.

On July 3, NetQin announced that PricewaterhouseCoopers Zhongtian Certified Public Accountants Co., Ltd. had requested to expand the scope of the audit. According to the muddy water report, the audit report of PricewaterhouseCoopers Zhongtian Certified Public Accountants Co., Ltd. has been postponed for more than two months. NetQin for PricewaterhouseCoopers to expand the scope of the audit statement, only to find an excuse for NetEase to replace the audit agency. In other words, NetQin may have decided to fire PwC.

The unqualified auditor's report refers to the auditor's audit of the audited entity's accounting statements and the verification of the audited entity's accounting treatment in accordance with the requirements of the independent auditing standards and in accordance with the accounting standards and relevant provisions.

PricewaterhouseCoopers is NetQin Technology's designated auditing agency, responsible for auditing network Qin's financial report. And issued an independent, unqualified audit report on the audit results.