Prince Frog International Holdings Ltd. plunged 22 percent as it traded in Hong Kong for the first time since allegations from short-seller Glaucus Research Group dropped the stock by a record last month.
Jim Oberweis, whose China-focused fund is the best performer this year, said he’s doubled his stake in NQ Mobile Inc., betting that claims by Muddy Waters LLC about the company’s finances are unfounded.
NQ Mobile Inc., the Chinese mobile- services provider accused of inflating revenue, said it plans to expand its customer base as it rejected fraud allegations from short-seller Carson Block’s Muddy Waters LLC.
NQ Mobile Inc., the Chinese mobile- services provider that Muddy Waters LLC accused of inflating revenue, posted profit that beat estimates as sales of game software rose and said that management will buy $3 million worth of shares.
Research firm Muddy Waters LLC was correct to focus on NQ Mobile Inc.’s delays in collecting customers’ payments as part of an 81-page report that labeled the Beijing-based mobile service provider a “massive fraud,” according to three accounting experts.