Apple removes all NetQin games, NetQin's stock price rebounds by 25%

According to foreign media reports, NetQin released a 97-page report in response to Muddy Waters' allegations on Tuesday and established an independent board special committee to invite third-party auditing institutions to enter the company for an independent and detailed investigation of the charges brought by Muddy Waters. Affected by this news, NetQin's stock price rebounded sharply on Tuesday. At the time of submission, the stock rose by $2.21, or 25.11%, to $11.01.

There are also reports that Apple has removed all NetQin-produced game works from its App Store. However, this did not affect the latter's stock price rebound today.

In addition to disclosing a large amount of financial information, NetQin also announced a $35 million share repurchase plan to restore shareholder confidence. Moreover, CEO Lin Yu recently stated in an interview that legal action had been taken against Muddy Waters in China.

On October 25, Muddy Waters, a U.S.-based professional short-selling institution, issued a report questioning NetQin for engaging in large-scale fraudulent behavior, which led to the company's stock price plummeting by more than 50% at one point. NetQin subsequently issued an urgent statement, stating that Muddy Waters' accusations were purely "nonexistent." However, this did not immediately ease investors' concerns. After resuming trading on Monday, NetQin's stock continued to fall by another 13%, once dropping to a low of $7.58 per share.