Qin signed a cooperation with A Wireless Network ended up 21%

Network Qin (NYSE: NQ), the company signed a cooperation agreement with A Wireless, the latter will provide users with mobile devices and data security services. A Wireless is a senior wireless business partner for carrier Verizon. At the close, net Qin (NYSE: NQ) shares soared 21.97% to $ 6.55.

On July 19, NetQin replaced PricewaterhouseCoopers Zhong Tian, ​​the firm responsible for auditing the company, with Marcum Bernstein Pinchuk as the company's independent certified public accountant firm. The rationale is that PricewaterhouseCoopers Zhongtian required at the time of the audit access to information not held by the company, such as third party bank statements and original financial records. Some media commented that as Qin introduced the same office with a good reputation for auditing, this may give investors some relief to the company's financial position.

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In October 2013, muddy water launched an attack on NetQin and claimed that there was a tremendous fraud. Shares of NetQin plunged over 50% on the same day; several rounds of war between the two sides took place in the following months.

In April 2014, NetQin announced that a survey conducted by the Company's Independent Special Commission found no fraud alleged by the research institute Muddy Waters.

From April to May 2014, NetQin repeatedly announced the delay in submitting the 2013 annual audit report.

On June 5, 2014, NetQin released the findings of a report on the short sale of muddy water, saying there was no evidence that the company was fraudulent. However, the statement also pointed out that the investigators found that there may be a lack of "partial information" on the "many devices" where information is being sought. Shorting agency "Muddy water" responded by saying that NetQin admitted that it "tampered with censored data on a large scale" during the investigation.

On July 4, 2014, NetQin released the latest PwC Zhongtian audit. The accounting firm said it needed to expand the scope of its 2013 audit. Meanwhile, Han Ying, Chairman of the Internal Audit Committee, resigned. Net Qin shares plunged 30% over the same day.

On July 8, 2014, NetQin said it is working hard to complete its 2013 financial audit and the annual report will be released soon. (Easy to Branch)