Wites Kapetan announced in Monday to the NetQin (NASDAQ:NQ) launched a survey

October 24, 2013, the U.S. shorting institutions Muddy Water (Muddy Waters study) released a report that the Network Qin seriously exaggerated the real financial performance. The report alleges: at least 72% of China's security services revenue, which was claimed by NetQin in 2012, was fictitious; the biggest customer of NetQin was the Net-Qin itself; the market in China was only about 1.5%, not about 55% of the company's own claim.

After the release of the report, NetQin shares fell 10.79 U.S. dollars on the same day trading, closed at 12.09 U.S. dollars, a decline of more than 47%. On October 25, 2013, NetQin responded to the alleged muddy Waters, claiming in a press release that the company "considered these allegations to be false and inaccurate". But NetQin also announced that the company's board of Trustees had formed a special committee to review the allegations.

NetQin investors can initiate judicial charges against the company and may act as the main plaintiff in a class action lawsuit.