NetQin accused of application scam
By Zhu Shenshen |
March 17, 2011, Thursday
|
Print Edition
Print Edition
CHINESE mobile security firm NetQin Mobile Inc plans to raise up to US$100 million through an initial public offering in the United States, the Beijing-based company said in a statement to the US regulator yesterday.
But a China Central Television report on Tuesday night, which implied NetQin and its invested firm purposely put malicious mobile spyware in user handsets and required users to pay for its removal, may influence the IPO, industry insiders said.
"We have filed the IPO statement and we are waiting now," said a NetQin official who declined to be identified.
The official also declined to comment the CCTV report's influence on the IPO.
According to the statement, NetQin plans to raise up to US$100 million in an IPO of American Depositary Shares on the New York Stock Exchange - US-based Piper Jaffray is underwriting the IPO.
NetQin will use the proceeds from the IPO on technology research and infrastructure upgrades as well as expansion of its sales and marketing arms.
But the CCTV report may influence NetQin's IPO, according to ChinaVenture, an investment research firm.
Users find their phones crash or work slower after installing a mobile application provided by Beijing-based Feiliu. Only a -NetQin tool can remove the application - if users are willing to pay 2 yuan (US$0.3) for the "virus- -definition update," CCTV reported.
CCTV discovered that Feiliu has investments from NetQin, which they said means the companies were cheating users.
"We don't cheat users and we haven't forced users to pay for services," said a NetQin statement.
But a China Central Television report on Tuesday night, which implied NetQin and its invested firm purposely put malicious mobile spyware in user handsets and required users to pay for its removal, may influence the IPO, industry insiders said.
"We have filed the IPO statement and we are waiting now," said a NetQin official who declined to be identified.
The official also declined to comment the CCTV report's influence on the IPO.
According to the statement, NetQin plans to raise up to US$100 million in an IPO of American Depositary Shares on the New York Stock Exchange - US-based Piper Jaffray is underwriting the IPO.
NetQin will use the proceeds from the IPO on technology research and infrastructure upgrades as well as expansion of its sales and marketing arms.
But the CCTV report may influence NetQin's IPO, according to ChinaVenture, an investment research firm.
Users find their phones crash or work slower after installing a mobile application provided by Beijing-based Feiliu. Only a -NetQin tool can remove the application - if users are willing to pay 2 yuan (US$0.3) for the "virus- -definition update," CCTV reported.
CCTV discovered that Feiliu has investments from NetQin, which they said means the companies were cheating users.
"We don't cheat users and we haven't forced users to pay for services," said a NetQin statement.
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