NQ Mobile jumps as more funds transferred; MW issues new report

|About: NQ Mobile Inc. (NQ)|By:, SA News Editor

Following additional fund transfers (previous), NQ Mobile (NQ +14.6%) says it now has $103M in an account with U.K.-based Standard Chartered bank. NQ, attempting to address questions raised by Muddy Waters and others about its cash balances, also reiterates the $166M it recently raised through a convertible debt account will reside in a Hong Kong account. (PR)

The announcement comes as Muddy Waters issues a fresh report on NQ, one that focuses on NQ's relationship with top customer Yidatong (accused by MW of being a shell company). "If you believe in Yidatong, you'll believe in Santa Claus," MW declares.

Among other things, the firm notes the reception desk employees at Yidatong's main office were unaware of the company, and once more highlights Yidatong owner Rong Zu's history as an NQ employee.

Shares were crushed yesterday after Piper suspended coverage. They remain down over 50% from where they traded before MW's report arrived.