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Investor Assesses China Techfaith Wireless' Weak Stock Performance (CNTF)

I don't expect insiders to sell too much after the lock-up period in
current market situation.
They already sold 2.6M shares during IPO.

Investor Assesses China Techfaith Wireless' Weak Stock Performance (CNTF)

I searched in the web and found two news which may affect CNTF.
1. Motorola is going to release $40 cellphone in China next year.
2. Infineon showed its sample cellphone for $30.

If these news are true, it could affect CNTF's revenue since CNTF is
majorly focused on low end markets.
But this could not explain why CNTF drops so much in last two weeks.
Longcheer holdings is a direct competitor of CNTF. It is listed on Singapore
Stock Exchange (L28) and its stock does not drop much in last two weeks.

One thing I don't understand the floating shares. CNTF IPOed 8.7M shares
and the first day trade volume is just 2.34M. So who own the remaining
shares? I checked it in Website and institution just owned about 9%.

Anyone can shed some light on this?
Just my two cents.