Link Motion Inc. American Depos (NYSE:LKM)

NEW YORK, Feb. 4, 2019 /PRNewswire/ -- On February 1, 2019, Robert W. Seiden, Esq. was appointed by the Honorable Victor Marrero of the U.S. District Court Southern District of New York as the temporary Receiver over Link Motion Inc. (NYSE: LKM) during the pendency of the case entitled Wayne Baliga v. Link Motion Inc. et al., case number 1:18-cv-11642. In addition to appointing Mr. Seiden as the Receiver over Link Motion Inc. ("LKM"), Judge Marrero also granted a preliminary injunction restraining Link Motion from transferring any assets out of the Company without the Receiver's approval.

The lawsuit underlying the Receivership stems from a series of alleged misconduct by Link Motion's Chairman, Dr. Vincent Shi. The lawsuit was brought by holders of ADR's in LKM, including in the U.S. and China, after information of the alleged wrongdoing was brought to light by former U.S. employee Matt Mathison.  LKMForward, a significant group of shareholders, hired The Seiden Group as its counsel to represent its case and to assist all shareholders in the ultimate recovery of Company assets.

BEIJING, Sept. 24, 2018 /PRNewswire/ -- Link Motion Inc., (LKM), a leading smart car and smart ride company, today announced that it was notified by the New York Stock Exchange ("NYSE") that Link Motion is no longer in compliance with the listing standard set forth in Section 802.01C of the NYSE Listed Company Manual.  This standard requires the trailing 30-day average closing share price to remain at or above $1.00.

As outlined in Section 802.01C of the NYSE Listed Company Manual, upon receiving notice, Link Motion has a six-month cure period to regain compliance.  Within this cure period, Link Motion must have a closing share price of $1.00 or higher  on the last trading day of a given month or at the end of the cure period.  In addition, Link Motion's coinciding trailing 30-day average closing share price must also be $1.00 or higher.

The Company has notified the NYSE of its intention to regain compliance within the six-month cure period.  During the cure period, Link Motion's stock will continue to be listed on the NYSE, subject to its ability to remain in compliance with other continued listing standards.  The notice received from the NYSE does not affect the ongoing business of Link Motion.

BEIJING, Sept. 25, 2018 /PRNewswire/ -- Link Motion Inc., (LKM), a leading smart car and smart ride company, today announced an update on the China AI Capital Limited ("China AI") investment in the Company.  On July 19, 2018 the Company announced that the Company and China AI entered into a subscription agreement (the "Subscription Agreement"), under the terms of which China AI agreed to purchase 70,175,439 Class B common shares (Class B shares), or the economic equivalent of 14,035,088 American depository shares (ADSs) each representing five (5) Class A common shares of the Company, for a purchase price of $0.285 per Class B share, or the equivalent of $1.425 per ADS.  At the time of the signing of the Subscription Agreement, China AI paid an initial US$10 million of the total US$20 million purchase price, the remaining $10 million of the aggregate purchase price was to be paid, subject to customary closing conditions, on or before September 19, 2018.  However, as of this date, the Company has not performed or completed certain closing conditions as required under the Subscription Agreement, including the filing of its annual report on Form 20-F for the year 2017.  Therefore, the Company and China AI have agreed to extend the closing date to November 19, 2018 to provide for sufficient time for the Company to be able to fulfill its obligation to meet the required closing conditions.

BEIJING, Sept. 18, 2018 /PRNewswire/ -- Link Motion Inc., (NYSE :LKM ), a leading smart car and smart ride company, has issued a shareholder letter from Co-Chairman of the Board Dr. Vincent Wenyong Shi and Co-Chairman of the Board Mr. Rui Chi.

Below is the shareholder letter:

Dear Shareholders,

As announced in our press release on September 10, 2018, our Board of Directors has acted boldly to take the initial necessary steps to move the Company forward.  Over the weekend, we have taken additional necessary steps and we are working on further actions to move ahead.  As Co-Chairmen of the Board of Directors, we wish to provide you with a formal shareholder letter to discuss the future of the Company.

We recognize that the past four years have been marked by a series of unintended disappointments and both perceived and actual negative outcomes for our Company.  This has been extremely disappointing, frustrating, and difficult for all of our shareholders, employees, and partners.  We are pleased that the independent investigation has been concluded and that the Company is now in a position to build for the future.  We invite you to review the press release summarizing the background and findings of the report to the Board of Directors submitted by Loeb & Loeb LLC, counsel to the Special Committee, that has been furnished to the Securities and Exchange Commission on Form 6-K.  This report is readily available on the SEC's website at www.sec.gov and is also available on our investor relations website at the following URL: ir.lkmotion.com.

Although the Board of Directors and the management team are gratified by the results of the investigation, we all know that improving the Company's corporate governance and operational controls are crucial if the Company is to fulfill its potential and meet the high expectations that the shareholders and the Board of Directors share.  The Company has identified a clear pathway forward to growth and profitability.  We have already begun, and will continue, to work with the entire organization and all relevant parties to move the Company ahead. We are committed to being a better Company and to achieve outstanding results for all our shareholders.  We recognize that the personal dispute between the beneficial owners of RPL Holdings Ltd., one of our major shareholders, will likely be ongoing for some time, but we are taking the necessary steps to ensure that these matters to do not continue to impact the Company.

The first necessary action that has been agreed to by the Board is that beginning today, Vincent will be primarily focused on the following three areas:  1)  Resolving the ongoing dispute with Henry 2) working with Tongfang to ensure the successful payment of their note obligation to the Company and 3) working at a high level capacity with Zhongzhi on future strategic business cooperation opportunities.  Having Vincent shift his whole focus on these priorities is in the best interest of the Company and its shareholders.

In addition to Vincent's focused efforts on these matters, the Board has appointed Mr. Jia Lian as the Acting Chief Executive Officer following the resignation of Mr. Zemin Xu.  To be clear, Mr. Lian is uniquely capable to act in this capacity during this time for the Company as it moves ahead to protect its employees, customers, partners and shareholders from the ongoing tactics by Henry Lin to disrupt operations as he continues his personal dispute with Vincent.  Mr. Lian is there to manage this process.  The Company has strong operational leadership who have been instructed to focus on their business.  When the Henry matters are closed and any potential disruption is averted, the Board will appoint a new and permanent CEO to lead the organization forward.  We are thankful to our past management team including Mr. Xu, Justin Chen and Roland Wu.  We wish them best in their future endeavors.

We are pleased that the Company can now move forward to take full advantage of the significant opportunities for business expansion and profitable growth that are before us.  The Board of Directors and the management team have already begun taking action, and will continue to implement other constructive steps, to ensure the enhancement of the Company's corporate governance and operational controls.  Beginning with the actions announced on September 10 and today, we will do our best to ensure that the Company is focused entirely on executing its business plans and that no distractions of any kind, including those that have been associated with disputes related to RPL Holdings, will be permitted to hinder the Company's growth and creation of shareholder value.

The Company has tremendous opportunities in the transportation industry, especially in what we have labeled our "Smart Ride" and "Smart Car" businesses.  This sector is not only a big market with exciting growth potential, it is a business opportunity that the Company has been working on and to which it has devoted considerable attention and resources for a couple of years now.  The team has made significant progress in reaching key milestones necessary to commercialize our efforts and to have a real impact on this operational sector.  As we have announced, the Company has already begun to partner with key industry and strategic players.  We have gone through and passed certain key regulatory requirements with respect to our technology and have already demonstrated key differentiators against the competition.

Our "Smart Ride" and "Smart Car" businesses are the key focus of our Company going forward and we look forward to successfully executing our plans.  We are convinced that our business model of helping passengers move efficiently from point A to point B is a good one, and we intend to leverage this model by making the time the passengers spend enjoyable and productive.  It is in our ability to create the "Smart Space" that enables riders to make their time in the car more enjoyable and productive that we see our competitive advantage and our major business opportunity.

Our Company's technological and operational management teams have done an outstanding job in getting us to this point.  As we move forward, we will keep these  teams intact and further empower them with the resources and support necessary to "step on the accelerator. " The market opportunity is open for us now and we must act quickly to take advantage of this open window.

One final point we wish to make today.  We announced over the weekend a new agreement with Zhongzhi Hi-Tech Overseas Investment Ltd. ("Zhongzhi"), which includes a non-binding MOU to further engage in various business cooperations.  We also announced a pledge of additional assets as additional securities for the convertible note.  We are finalizing the negotiations around an extension of the maturity date of the note and we expect to announce this new extension agreement shortly.  This extension and agreement is beneficial as we have sufficient capital and cash, however, we need additional time to go through the process of converting our RMB currency into US dollars.  We believe that extending the maturity and working together with Zhongzhi is mutually beneficial to all parties.

In summary, it is time to begin anew to build the Company that we can all be proud of.  We are powerfully positioned to profit from a major industrial and technological revolution, but we must utilize our advantages and execute our business plan in a way that drives shareholder returns and value. We are humbled by this great opportunity, but determined and focused to enact positive change and deliver successful outcomes for you.  We believe that the steps we are taking is putting the Company in position to move forward.  We appreciate your support and continued patience.

With gratitude and determination,

Larry and Vincent

BEIJING, July 24, 2018 /PRNewswire/ -- Link Motion Inc., (LKM), a leading smart car and smart ride company, has formed a new strategic partnership with AutoNavi Software Co., Ltd., a leading digital mapping, navigation and location service solutions provider in China and a subsidiary of e-commerce conglomerate Alibaba Group (BABA). 

Pursuant to the terms of the agreements that have been executed establishing the strategic relationship, AutoNavi will guide riders directly from its popular mapping application to Link Motion's smart ride service in all of Link Motion's operational markets and locations. In addition, Link Motion will utilize AutoNavi's leading mapping and navigation solutions and services in its smart ride business and applications.

"As we prepare for the commercial rollout of our Smart Ride business scheduled for this summer, we recognize AutoNavi as a key partner," said Duo Tang, executive vice president and head of Link Motion's Smart Ride Business. "We will rely on their best-in-class mapping and navigation services as a key technology solution for our smart ride platform, and we believe the significant order flow that could be generated directly through integration with their mapping application could be of paramount importance to rapidly securing a large user base. We look forward to further strengthening our strategic partnership with AutoNavi and announcing further initiatives with them in the near future," concluded Tang.

"Link Motion's innovative smart ride concept is a natural fit for AutoNavi users, who are accustomed to seamless and best-in-class transportation and mapping solutions," said Mr. Curtis Tong, General Manager of AutoNavi's Open Platform. "As active technology leaders in the transportation space, we believe that our mapping solutions are highly synergistic with Link Motion's smart ride service.

"Cars are an environment, where individuals spend a significant amount of time, and which through connectivity can become an important part of life. We believe there are many high-value opportunities for cooperation with an industry thought leader like Link Motion, and look forward to a strong working relationship going forward," concluded Mr. Tong.

BEIJING, May 22, 2018 /PRNewswire/ -- Link Motion Inc., (NYSE: LKM), a leading smart car and smart ride company, has issued a shareholder letter from the Chairman of the Board Dr. Vincent Wenyong Shi. In addition, the Company announces that its Vice President of Capital Markets will be presenting at the upcoming 19th Annual B. Riley FBR Investor Conference on Thursday, May 24 at 2:30 p.m. Pacific time. Finally, the Company plans to host a conference call to update its investors further following the completion and filing of its 2017 annual report on Form 20-F. Below is the shareholder letter:

Dear Shareholders,

We recently disclosed the circumstances surrounding the reasons for not being able to file our annual report for the year 2017 on time. As a result, we also disclosed that until such time that the necessary accounting classification corrections and related updates are completed, that the impacted periods' financials should not be relied upon. We realize this news is unsettling and cause for concern.

However, the Company is taking every necessary step to put in place a proper and comprehensive review process in order to make the necessary adjustments and required disclosures. We pledge to our shareholders, our employees, and our customers and partners that we are working tirelessly to make the necessary corrections and provide the corrected financials as expeditiously as practicable. In addition, as part of our comprehensive review process, the Company will also make all necessary and recommended improvements to its controls and oversight to ensure this does not happen in the future.

In regards to the allegations brought forth by a former senior executive, we have turned the matter over to a special committee of independent board members, who have brought in outside counsel, to address those matters. We have cooperated fully in this and will allow them the independence and full support to address those allegations appropriately.

We are working to ensure that these matters do not distract or disrupt our core business operations and focus. We reiterate our commitments and milestones for this year related to our Smart Car and Smart Ride businesses. As we have previously stated, we expect to continue to form key partnerships with major industry players and have identified three key operational milestones we expect to achieve in 2018 including the commercial rollout of our Smart Ride business this summer, the further growth of our CarBrain platform and the resulting revenue and financial impact beginning from these new businesses.

All of us at Link Motion thank each of you as our shareholders and for your continued support. We remain committed to completing the necessary review process and filing current financials as soon as practicable as well as achieving our business objectives and future targets.

We will hold an investor update conference call as soon as we are able to file our updated annual report on Form 20-F.

Sincerely,

Dr. Vincent Shi

Fourth Quarter 2017 Financial Results

• Q4 2017 net revenues totaled $13.4 million, a 23.1% decrease from $17.5 million in Q4 2016; 2017 net revenues totaled $57.6 million, a 5.0% decrease from $60.6 million in 2016.
• Q4 2017 GAAP net income attributable to Link Motion increased to $111.4 million or $1.10 per fully diluted ADS versus net loss of $111.2 million or $1.12 per fully diluted ADS in Q4 2016; 2017 GAAP net loss attributable to Link Motion was $5.3million or $0.05 per fully diluted ADS versus net loss of $127.6 million or $1.29 per fully diluted ADS in 2016.

Management Commentary

"2017 was a transformational year for Link Motion, as we prepared the company to capitalize on the massive smart car opportunity we believe is in the early stages of its growth cycle," said Dr. Vincent Shi, Founder and Chairman of Link Motion. "Our Company, NQ Mobile was founded for the smart phone revolution and today Link Motion is built for the upcoming smart car "revolution."

"Over the last several months, we have made great strides in the development of our future businesses and have put in place the skilled talent needed to execute upon our operational plans. As we move forward into 2018, we expect to continue to form key partnerships with major industry players and have identified three key operational milestones we expect to achieve in 2018 including the commercial rollout of our Smart Ride business in the summer, the further growth of our CarBrain platform, and the resulting revenue growth from these new businesses."

"Our entire management team is confident in our ability to ramp our smart car and smart ride businesses in the quarters to come. We are focused on delivering the key milestones for 2018."

"To further support the transparency amongst our shareholder base and new institutional investors, Link Motion will be hosting investor and analyst events in China expected in the Summer of 2018 after our launch city is announced. As part of our new strategic investor relations and communication program, we plan to be aggressive with our progress updates and adhering to best practices in the United States and abroad. We also expect to be attending multiple investor conferences throughout 2018 in key global markets." Concluded Dr. Shi.

BEIJING, March 12, 2018 /PRNewswire/ -- Link Motion Inc. ("Link Motion" or the "Company") (NYSE: NQ), a leading smart car and smart ride company, today announced the effective date for the change of its corporate name from "NQ Mobile Inc." to "Link Motion Inc." and ticker symbol for its ADS traded on the New York Stock Exchange from "NQ" to "LKM," effective at the opening of trading on March 14, 2018.

"We are very pleased with the results of the EGM in February as it aligns our Company's name with our new strategic direction as a leading company in the smart car and smart ride space," stated Dr. Vincent Wenyong Shi, Chairman of Link Motion. "In conjunction with our corporate name change from NQ Mobile to Link Motion, we have decided to change our ticker to LKM as a part of our broader rebranding initiatives. We look forward to providing an update on exciting new developments within our smart car and smart ride business over the next several months, which we believe will help create value for our shareholders."

No action is needed from current shareholders in relation to the ticker symbol change. The ADS will continue to be listed on the NYSE, and the CUSIP will change to 53577L105. As part of the change, the company's ADS will be updated to reflect the new "LKM" ticker.

BEIJING, Feb. 13, 2018 /PRNewswire/ -- NQ Mobile, Inc. ("NQ Mobile" or the "Company" NYSE: NQ), a leading smart car and smart ride company, has engaged international IR specialists MZ Group (MZ) to lead a comprehensive strategic investor relations and financial communications program across all key markets. 

MZ Group will work closely with NQ Mobile management to develop and execute a comprehensive capital markets strategy designed to increase the Company's visibility throughout the investment community. This structured campaign will highlight NQ Mobile's recent business successes including its divestiture of non-core assets, acquisition of Link Motion and positioning to become a leading services and technology platform for the connected car of the future.

On February 27, 2018, NQ Mobile will hold an extraordinary general meeting where the Company's shareholders will consider, and if thought fit, officially approve the complete rebranding effort around its new focus as a smart car and smart ride company. In conjunction, NQ Mobile will change its name from "NQ Mobile Inc." to "Link Motion Inc." and change its ticker from "NQ" to "LKM." Under this new business name, NQ Mobile will strive to redefine the value and significance the vehicle has in people's lives through a "smart ride service" that enables passengers to most efficiently utilize their riding time in any way they desire.

Link Motion's core product offering is the Link Motion CarBrain Platform, a technology-enabling platform that brings software-defined car capabilities to car makers. The CarBrain integrates software and hardware solutions, addressing the performance needs for security, entertainment, display, telematics and driving services, among other applications. This fully integrated OS and hardware platform will replace the myriad of electronic control unit complexities while providing car makers with a robust and secure solution, over-the-air (OTA) updates and a fully connected car.

Link Motion's core service offering is the Smart Ride Business, which will link passengers with a passenger-centric and services-oriented smart car, and will ultimately be powered by Link Motion's CarBrain platform. The ride sharing business will provide riders with a differentiated set of services and applications in a connected and intelligent "Smart Space" service and car. This disruptive methodology creates a new ecosystem for the next generation of ride sharing.

MZ has developed a distinguished reputation as a premier resource for institutional investors, brokers, analysts and private investors. The firm has six offices across North America, a strong presence in Asia and LatAm, and maintains extensive relationships with investors throughout Europe. Additionally, MZ Group was recently ranked the No. 1 consultancy in Latin America and No. 7 in the world in business communication.

Managing Director and Head of MZ North America's Orange County Office, Chris Tyson, will be advising NQ Mobile in all facets of corporate and financial communications, including the coordination of roadshows and investment conferences across key cities and building brand awareness with the financial media.

"NQ Mobile has spent the last few years foundation building and preparing the Company to become a leader in the connected car environment and we believe the integration of Link Motion now positions the Company as a services and technology platform of the future," commented Ted Haberfield, President of MZ North America. "With an estimated $100 billion car services market opportunity in China alone, we look forward to conveying Link Motion's unique investment thesis in conjunction with their upcoming rebranding and Summer 2018 rollout of their new Smart Ride Business in China."

"We have been preparing our organization, our business strategies, and an industry ecosystem for the future with Link Motion," stated Matt Mathison, Vice President of Capital Markets of NQ Mobile. "An important part of our rebranding efforts and ultimate future focus as a smart car and smart ride Company, also involves bringing in advisors and strategic leaders who can help us with our entire investor, shareholder and financial analyst communication strategy. We are confident that MZ will help us capitalize on our overall business efforts and help us to execute a comprehensive strategy and enhance our awareness with the investment community."

BEIJING, Feb. 6, 2018 /PRNewswire/ -- NQ Mobile Inc. ("Link Motion" or the "Company"), a leading smart car and smart ride company, today announced that it has formed a partnership agreement with Hangzhou First Technology Co., Ltd. (Chinese Name: 杭州伯坦科技工程有限公司 or "Botan"), a leading car design and engineering company. According to the partnership, Botan will assist the Company in the redesign of the smart cars that will be utilized as part of the Smart Ride business to be commercially rolled out soon. The smart cars will be designed specifically with the passenger in mind and will create a "Smart Space" that can be used for entertainment and productivity. Botan will serve a key role in the car-related aspects of the Company's smart ride business roll out.

"We believe the smart cars of the future will become a moving personalized 'Smart Space' for passengers." Said Dr. Vincent Wenyong Shi, Chairman of NQ Mobile Inc. "By combining our own CarBrain and smart space services and working with Botan, we are reinventing the car with the passengers in mind and creating a seamless internet lifestyle for them to enjoy their time during the ride. This will be the foundation of our Smart Ride business."

"We are pleased to be working with Link Motion as they roll out a new passenger-centric and services-focused ridesharing fleet." said Mr. Liang Nie, Chairman of Botan. "We believe that the future opportunity in car design and manufacturing will be centered around how to allow the passengers to utilize their ride times more enjoyably and productively. Botan is positioned strategically to help Link Motion deliver on their drive to deliver this passenger experience within their smart ride business."

The Company unveiled its plans to rollout its smart ride business during the summer in a press release on January 22, 2018. The Company's mission will be to help passengers enjoy their riding time by offering "Smart Space" services inside of passenger-centric smart cars.

BEIJING, Jan. 22, 2018 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading smart car and smart ride company, today announced that its board of directors has approved a rebranding effort around its new focus as a smart car and smart ride company.  In conjunction with this rebranding, the Company proposes to change its name from "NQ Mobile Inc." to "Link Motion Inc." and change its ticker from "NQ" to "LKM."   The Company will hold an extraordinary general meeting of shareholders at the office of Skadden, Arps, Slate, Meagher, & Flom, 42/F, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong on February 27, 2018 at 9 a.m. (Beijing Time).  Holders of record of common shares of the Company at the close of business on January 29, 2018 are entitled to notice of, and to vote at, the extraordinary general meeting or any adjournment or postponement thereof. Holders of the Company's American Depositary Shares ("ADSs") who wish to exercise their voting rights for the underlying common shares must act through the depositary of the Company's ADS program, Deutsche Bank Trust Company Americas. The purpose of the extraordinary general meeting is for the Company's shareholders to consider, and if thought fit, approve the change of the Company's legal name from "NQ Mobile Inc." to "Link Motion Inc." and to change the ticker from "NQ" to "LKM."  The notice of the extraordinary general meeting, which sets forth the resolutions to be submitted to shareholder approval at the meeting, is available on the Investor Relations section of the company's website at http://ir.nq.com.

With this new branding and name change, Link Motion Inc. ("Link Motion"), will strive to redefine the value and significance the vehicle has in people's lives through a smart ride service that enables the passengers to utilize their riding time in any way they desire.

The core product offering of the smart car platform is the Link Motion Carputer Platform.  The carputer platform is a technology-enabling platform that brings the software-defined car capabilities to car makers.  The carputer integrates software and hardware solutions and addresses the performance needs for security, entertainment, display, telematics, driving services, among other applications.  At the CES Conference in Las Vegas on January 10, 2018, Link Motion also introduced the next generation carputer platform, the CarBrain, which will fully support and integrate with artificial intelligence and blockchain applications and technologies.

The Smart Ride business will link drivers and riders together by utilizing smart cars which will ultimately be powered by Link Motion's CarBrain platform.  This ride sharing business will provide riders and drivers with a differentiated set of services and applications in a connected and intelligent "Smart Space" service and car.  The Company's mission will be to help passengers enjoy their riding time by smart space services and passenger-centric smart cars.  This smart ride service will be rolled out during the summer.

"NQ Mobile was founded for the smartphone era, "said Dr. Vincent Wenyong Shi, Chairman of NQ Mobile Inc. "Link Motion is positioned for the future smart car revolution.  Just as smartphones became far more valuable to people than basic communication devices the automated, intelligent car will never just be a vehicle for getting from Point A to Point B in the future. The future of mobile computing infrastructure is the smart car and the smart ride service offerings that enable passengers to utilize the space and time in these vehicles. We are moving forward into this future with Link Motion."

BEIJING, Jan. 10, 2018 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading smart car and smart ride company, today announced that its subsidiary, Linkmotion Holdings Inc. ("Linkmotion") has issued a paper describing the roadmap for its Carputer to advance to a "CarBrain" with support for the integration of artificial intelligence ("AI") and Blockchain applications and technology architecture.

The introduction of the document reads, "The focus of this paper is to discuss how the software-designed cars integrate and utilize AI and blockchain and why it's very significant for us at Linkmotion. The most robust way to incorporate these attributes and intelligence into cars is within the Carputer and this document serves a crucial role to elaborating this message to our customers throughout the automotive landscape."

BEIJING, Jan. 9, 2018 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading smart car and smart ride company, today announced that its subsidiary, Linkmotion Holdings Inc. ("Linkmotion") has extended its product offerings beyond passenger cars.  Linkmotion was selected as the platform vendor for pure electric buses being demonstrated currently in the city of Qingdao. This new specialized platform for public transportation vehicles is an extension of the existing passenger car platform.

"We are excited to be in the market with this new product extension working with pure electric buses in the city of Qingdao," said Chen Bo President of Linkmotion. "We look forward to continue to innovate and provide car and transportation companies with enabling technology and platform solutions for the future in smart cars and transportation."

Third Quarters 2017 Financial Results

• Net Revenues of $44.2 million for the nine months ended September 30, 2017, up slightly from $43.2 million in the same period a year ago.
• GAAP Net Loss attributable to NQ Mobile for the nine months ended September 30, 2017 was $116.7 million or $1.16 per fully diluted ADS. This included the one-time, non-cash impairment of goodwill and intangible assets of $97.9 million during the period.

"We look forward to moving forward with our future plans in the smart car businesses," said Mr. Zemin Xu, CEO of NQ Mobile Inc. "The Company is financially positioned and strategically positioned to participate in this enormous market."

"With the Divestments closed, we can now move ahead focused on the future business opportunities and growth," said Mr. Roland Wu, CFO of NQ Mobile Inc. "We have taken great strides in readying our organization around these future opportunities and we look forward to sharing our progress in the coming year."

Beginning with this period for the reported results for the first, second, and third quarters of 2017, FL Mobile Jiutian Technology Co., Ltd ("FL Mobile") and the live social mobile video business of Showself (Beijing) Technology Co., Ltd ("Showself") have been classified as discontinued operations. Therefore, given the significance of FL Mobile and Showself's live social mobile video business in previous periods, to enhance the comparability of these results going forward, the figures reported in this earning release have reflected these changes and the comparable periods presented have also been adjusted retrospectively. However, given the significant effect on operating results and reported financial information related to the divestments of FL Mobile and Showself's businesses, and the classification as discontinued operations, the key financial data is quantified in the discontinued section of each quarter below.

In addition, beginning with these reported results for the first, second, and third quarters of 2017 and going forward, the Company will report its revenue streams in the following two categories: Consumer and Enterprise. Revenues from consumers will consist of revenues from advertising services and revenues from other services (including mobile security revenues, excluding mobile gaming and mobile social network revenues which are part of the FL Mobile and Showself group which has been classified as discontinued operations). Revenues from enterprises will be broken down into product and service revenues. Revenues from products will come from hardware sales to enterprise users. Revenues from services will come from technology and software development services to enterprise users.

BEIJING, Dec. 14, 2017 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced that its subsidiary, Linkmotion Holdings Ltd. ("Linkmotion") has signed a new partnership with Chery Automotive Co., Ltd ("Chery").  Chery's Prospective Technology Research Institute and Linkmotion will together develop a technology platform for the future connected automobiles, including fully autonomous vehicles.  Utilizing its existing and commercially-available solutions, Linkmotion will be responsible to develop the operating system for this technology platform.  As the operating system vendor, Linkmotion will draw on its experience and expertise in developing this operating system's security architecture, online diagnostics, as well as running on Linux.

"We are excited to be working together with Chery to develop this technology platform for the future of new lines of connected and autonomous cars," said Chen Bo President of Linkmotion. "As one of the largest auto manufacturers in China and as the largest exporter of China-made vehicles globally, Chery is a fantastic partner."

BEIJING, Nov. 20, 2017 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced that it negotiated with Zhongzhi Hi-Tech Overseas Investment Limited ("Zhongzhi") for an early partial redemption of the convertible note and has reached an agreement to redeem US$88 million of the principal amount of the convertible note issued to Zhongzhi in October 2016. In addition, the Company and Zhongzhi further agreed that if Zhongzhi converts the remaining US$132 million of convertible notes to the Company's American Depository Shares ("ADS") on or before March 31, 2018, the conversion price will be revised to US$5.00 per ADS. If Zongzhi converts the remaining US$132 million of convertible notes after March 31, 2018 to the note's maturity the conversion price will remain US$6.00 per ADS.

BEIJING, Nov. 9, 2017 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today provided an update on the FL Mobile Divestment and the sale of Showself's live social video business. The Company today received an additional RMB800 million cash which is in addition to the RMB150 million cash received at the time of the signing of the definitive agreements on March 30, 2017. This brings the total cash received by the Company pursuant to the definitive agreements of the divestments to RMB950 million. Tongfang Investment Fund Series SPC (the "Investor"), an affiliate of Tongfang Securities Limited, a part of Tsinghua Tongfang, remains committed to completing the entire divestments consisting of acquiring i) 63% equity interests in FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile"), being all of the equity interests beneficially owned by the Company, for a cash consideration of RMB2,520 million, valuing the entire FL Mobile business at RMB4 billion and (ii) 65% equity interests in Beijing Showself Technology Co., Ltd ("Beijing Showself"), a live social video business,  being all of the equity interests beneficially owned by the Company, for a cash consideration of RMB800 million, valuing the entire Beijing Showself live social video business at RMB1,230 million.

The Investor is making final preparations for completing these divestments and the Company is working with the Investor to ensure this occurs as soon as possible. All parties involved remain confident this will complete quickly.

Fourth Quarter 2017 Financial Results

• Quarterly Net Revenues of $94.7 million, a 25.7% decrease year-over-year from $127.5 million in the same period in 2015.
• Non-GAAP Net Loss attributable to NQ Mobile for the fourth quarter of 2016 was $3.4 million or $0.03 per fully diluted ADS.

"Our strategy at the onset of 2016 was to divest and monetize the FL Mobile business, while reducing our overall cost structure and preparing our organization for the future," said Mr. Zemin Xu, Chief Executive Officer of NQ Mobile. "As we report our financials for 2016, we are now in position to finalize our divestment plans and look forward to the next chapter in NQ Mobile's future."

"This year is headlined by very strong performance in our major business," said Mr. Roland Wu Chief Financial Officer of NQ Mobile. "After the completion of the divestments of FL Mobile and Showself's live stream business, we expect to have a strong financial position to focus on the future."

NQ ($3.83; was marked up ~7%) announced it has entered into definitive agreement to complete the FL Mobile divestment and the sale of its Showself video business with Tongfang Investment funds.  The investor:

• Will acquire 63% equity interests in FL Mobile Jiutian Technology Co., Ltd., being all of the equity interests beneficially owned by the Company, for a cash consideration of RMB2,520 million, valuing the entire FL Mobile business at RMB4 billion.

• Will acquire 65% equity interests in Beijing Showself Technology Co., Ltd, a live social video business,  being all of the equity interests beneficially owned by the Company, for a cash consideration of RMB800 million, valuing the entire Beijing Showself live social video business at RMB1,230 million.

• Will pay RMB150 million in cash as the non-refundable earnest money which will be counted towards the payment of the purchase price. The Investor will pay the remaining amount of the total consideration on or before May 31, 2017 after the Company delivers all of its equity interests in FL Mobile and Beijing Showself.

• Has an option to subscribe for US$100 million value of class A common shares of the Company at the price of US$1.05 per share, or US$5.25 per ADS within three months after the date of the full payment of the purchase price for the 63% equity interests in FL Mobile. This is in addition to purchasing FL Mobile and Beijing Showself.

BEIJING, March 30, 2017 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile Internet services, today announced that the Company had entered into definitive agreements (the "Agreements") with Tongfang Investment Fund Series SPC (the "Investor"), an affiliate of Tsinghua Tongfang. Pursuant to the terms of the Agreements, the Investor will acquire (i) 63% equity interests in FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile"), being all of the equity interests beneficially owned by the Company, for a cash consideration of RMB2,520 million, valuing the entire FL Mobile business at RMB4 billion and (ii) 65% equity interests in Beijing Showself Technology Co., Ltd ("Beijing Showself"), a live social video business,  being all of the equity interests beneficially owned by the Company, for a cash consideration of RMB800 million, valuing the entire Beijing Showself live social video business at RMB1,230 million (together, the "Transactions").

The Investor will pay RMB150 million in cash as the non-refundable earnest money which will be counted towards the payment of the purchase price. The Investor will pay the remaining amount of the total consideration on or before May 31, 2017 after the Company delivers all of its equity interests in FL Mobile and Beijing Showself.

In addition to purchasing FL Mobile and Beijing Showself, within three months after the date of the full payment of the purchase price for the 63% equity interests in FL Mobile, the Investor has an option to subscribe for US$100 million value of class A common shares of the Company at the price of US$1.05 per share, or US$5.25 per ADS.  The Company also announced that, the proposed investment of US$101 million from management as announced in a press release on March 29, 2016 is now expected to take place within 3 months following the consummation of the sale of FL Mobile under the Transactions.

Dr. Vincent Wenyong Shi, the chairman and chief operating officer of the Company, has equity interest in FL Mobile and will continue to participate with the Investor in the future. The Transactions and the execution of the Agreements have been approved by the board of directors of the Company and its audit committee. The consummation of the Transactions are subject to customary closing conditions.

BEIJING, Jan. 23, 2017 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced that the Company had entered into a non-binding letter of intent (the "Letter") with an investor group consisting of Dr. Vincent Wenyong Shi, the chairman and chief operating officer of the Company, and a private equity investment fund (the "Investor Group"). Pursuant to the terms of the Letter, which are indicative only, the Company will sell all of its equity interests in FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile") to the Investor Group to complete the FL Mobile Divestment. The Company will also sell a live social video business to the Investor Group. The Investor Group will invest US$100 million in the Company by subscribing to class A common shares issued by the Company at the price of US$1.05 per share, or US$5.25 per ADS.

The private equity investment fund paid a deposit of HK$50 million to the Company, and the parties will negotiate the terms of the transaction exclusively for 20 business days from the date of the Letter. The completion of the proposed transaction pursuant to the Letter is subject to negotiations among the parties regarding the detailed deal structure, the signing of definitive agreements and the fulfilling of customary closing conditions contained therein. Dr. Vincent Wenyong Shi is the chairman and chief operating officer of the Company and a related party. The execution of the Letter has been approved by the board of directors of the Company and its audit committee.

Third Quarter 2016 Financial Results

• Quarterly Net Revenues of $91.1 million, a 3.6% year-over-year increase from the same period in 2015.
• Non-GAAP Net Loss attributable to NQ Mobile for the third quarter of 2016 was $0.2 million or $0.00 per fully diluted ADS, compared to non-GAAP net income attributable to NQ Mobile of $0.6 million in the same period a year ago.

BEIJING, Nov. 23, 2016 /PRNewswire/ -- NQ Mobile Inc. (NQ) ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced an update on the divestment of FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile"), the Company's consolidated affiliated entity (the "FL Mobile Divestment"). Following the termination of the transaction between the Company and Shenzhen Prince New Materials Co., Ltd. ("Shenzhen Prince"), as announced on November 2, 2016, Dr. Vincent Wenyong Shi,  chairman and chief operating officer of the Company, and Xinjiang Yinghe Equity Investment Management Limited Partnership ("Xinjiang Yinghe"), an affiliate of the management of FL Mobile, recently exercised their options to revert some of the transactions regarding the equity interests in FL Mobile.

Pursuant to the agreement between Dr. Vincent Wenyong Shi and the Company in connection with the sale of 22% equity interest in FL Mobile as announced on March 24, 2016, both parties have an option to request the reversal of the transaction contemplated thereunder in certain circumstances. Following the recent termination of the transaction with Shenzhen Prince, Dr. Shi and the Company agreed to revert the sale of 5.66% equity interest in FL Mobile. As the result of the reversal, the equity interests in FL Mobile purchased by Dr. Shi under such transaction was changed to 16.34%, and the consideration was adjusted proportionately from RMB880 million to RMB653.6 million. Dr. Shi has in the same time entered into a series of contractual arrangements with Xinjiang NQ Mobile Venture Capital Investment Co., Ltd. ("Xinjiang NQ"), a consolidated affiliate of the Company, for Dr. Shi to act as the nominee shareholder of the 5.66% equity interest on behalf of Xinjiang NQ going forward. After obtaining the effective control of the 5.66% equity interests in FL Mobile through relevant contractual arrangements, Xinjiang NQ controls 51% equity interests in FL Mobile.

Similarly, pursuant to the agreement between Xinjiang Yinghe and Xinjiang NQ, both parties have the option to revert the sale of 12% of equity interests in FL Mobile as announced on August 9, 2016 under certain circumstance. Xinjiang Yinghe and the Company recently agreed to revert the sale of 12% equity interests in FL Mobile. Xinjiang Yinghe has in the same time entered into a series of contractual arrangements with Xinjiang NQ for Xinjiang Yinghe to act as the nominee shareholder of the 12% equity interest on behalf of Xinjiang NQ.

After obtaining the effective control of the 5.66% equity interest in FL Mobile back from Dr. Shi and the 12% equity interests in FL Mobile back from Xinjiang Yinghe through relevant contractual arrangements, the Company now controls 63% of equity interests in FL Mobile.  In addition to the 63% of equity interests in FL Mobile controlled by the Company, the other shareholders include Dr. Vincent Shi's 16.34% as announced and updated here; Jinxin Hengrui's 13.13% as announced on May 6, 2016; Jinxin Haoyue's 3.53% as announced on August 9, 2016; Jinxin Huatong's 3% as announced on August 9, 2016; and Tibet Zhuohua's 1% as announced on August 9, 2016.

Dr. Shi is the chairman and chief operating officer of the Company and Xinjiang Yinghe is an affiliate of the management of FL Mobile, thus the transactions described above qualify as related party transactions and have been approved by the Company's board of directors and the audit committee. The Company is in discussion with other shareholders of FL Mobile to explore alternative options or deal structures for the FL Divestment.

BEIJING, Oct. 4, 2016 /PRNewswire/ -- ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced the closing of a previously-announced private placement of an aggregate principal amount of US$220 million of convertible notes due 2018 (the "2018 Notes") with Zhongzhi Hi-Tech Overseas Investment Ltd. The 2018 Notes bear interest at a rate of 8.0% per annum from the issuance date and mature in October 2018. The 2018 Notes are convertible, at the holder's option, into the Company's American depositary shares ("ADSs"), each representing five Class A common shares of the Company, at a conversion price of $6.00 per ADS, which represents a 58.7% conversion premium over the closing trading price of $3.78 per ADS on October 3, 2016. The Company plans to use the net proceeds from this private placement for the repayment of existing convertible notes and general corporate purposes.

The 2018 Notes and the ordinary shares represented thereby, have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws of the United States.

BEIJING, Sept. 27, 2016 /PRNewswire/ -- NQ Mobile (or the "Company"), a leading global provider of mobile internet services, today announced that Zhongzhi Hi-Tech Overseas Investment Ltd. ("Zhongzhi Hi-Tech") agreed to purchase an aggregate principal amount of US$220 million of convertible notes issued by the Company through a private placement (the "Transaction"). The convertible notes will bear interest at a rate of 8.0% per annum from the issuance date and mature in October 2018 (the "2018 Notes"). The convertible notes will be convertible, at the holder's option, into the Company's American depositary shares ("ADSs"), each representing five Class A common shares of the Company, at a conversion price of US$6.00 per ADS, which represents a 51.5% conversion premium over the closing trading price of US$3.96 per ADS on September 26, 2016. Pursuant to the 2018 Notes, Zhongzhi Hi-Tech is entitled to appoint a director to serve on the board of directors of the Company, subject to certain conditions. Zhongzhi Hi-Tech has informed the Company that it intends to nominate Ms. Joanne Yan Zhu, currently chairwoman of Zhongzhi Hi-Tech Investment, to serve as a director of the Company. The parties expect the Transaction to be closed within 10 business days. The Company plans to use the net proceeds from this private placement for the repayment of existing convertible notes and general corporate purposes.

Zhongzhi Hi-Tech is an overseas investment fund managed by Zhongzhi Hi-Tech Beijing Investment Co. ("ZHI"), an affiliate of Zhongzhi Enterprise Group ("ZEG") and a leading institutional investor in greater China which focuses on investments in technology, semiconductor, software and internet industries.  ZHI has approximately US$2 billion of assets under management and US$10 billion committed capital. ZEG was founded in 1995 and headquartered in Beijing with more than 10,000 employees and over RMB1 trillion of assets under management.

Concurrent with this private placement, RPL Holdings Limited, a major shareholder of the Company, and Dr. Vincent Wenyong Shi entered into an agreement with Zhongzhi Hi-Tech pursuant to which RPL and Dr. Shi jointly agree to pay Zhongzhi Hi-Tech certain additional guaranteed minimum interests calculated as a percent of the principal amount of the 2018 Notes and are entitled to share Zhongzhi Hi-Tech's investment profits if the 2018 Notes are converted into ADSs and sold above a price threshold, subject to terms and conditions therein. Dr. Shi also agrees not to dispose his ownership of the equity interest in RPL Holdings Limited as long as the 2018 Notes remain outstanding.

The 2018 Notes and the ordinary shares represented thereby, have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws of the United States.

BEIJING, Aug. 25, 2016 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced an update on the FL Mobile Divestment pursuant to the  (i) the binding framework agreement announced on August 26, 2015 between the Company and Beijing Jinxin Rongda Investment Management Co., Ltd. ("Beijing Jinxin"), an affiliate of Tsinghua Holdings Co., Ltd.("Tsinghua Holdings "); (ii) the share purchase agreement announced on May 17, 2016 among Shenzhen Prince New Materials Co., Ltd. ("Shenzhen Prince"), a company listed on the Shenzhen Stock Exchange (stock code: 002735), Dr. Vincent Wenyong Shi ("Dr. Shi"), the chairman and chief operating officer of the Company, Beijing Jinxin Hengrui Investment Center (Limited Partnership) ("Jinxin Hengrui"), a limited partnership established in the PRC which Beijing Jinxin is a general partner and Xinjiang NQ Mobile Venture Capital Investment Co., Ltd. ("Xinjiang NQ"), a consolidated affiliated entity of the Company and the direct holder of the Company's stake in FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile"); and (iii) a series of definitive agreements announced on August 9, 2016 with Xinjiang Yinghe Equity Investment Management Limited Partnership ("Xinjiang Yinghe"), Nantong Jinxin Haoyue Investment Center (Limited Partnership) ("Jinxin Haoyue"), an affiliate of Tsinghua Holdings, Nantong Jinxin Huatong Equity Investment Center (Limited Partnership) ("Jinxin Huatong"), an affiliate of Tsinghua Holdings, and Tibet Zhuohua Capital Management Co., Ltd., an affiliate of Tsinghua Holdings  ("Tibet Zhuohua") (the transactions contemplated thereunder, the "FL Mobile Divestment").

Shenzhen Prince, Dr. Shi, Jinxin Hengrui, Xinjiang NQ, Xinjiang Yinghe, Jinxin Haoyue, Jinxin Huatong and Tibet Zhuohua have entered into a share purchase agreement (the "Agreement"), pursuant to which Shenzhen Prince will acquire the entire stake of FL Mobile for a consideration consisting of cash to the Company and its newly issued common stock to other parties (the "Transaction"). Pursuant to the Agreement, Shenzhen Prince will acquire 45.34% equity interest in FL Mobile beneficially owned by the Company for a cash consideration of RMB2,267 million. Shenzhen Prince will purchase the remaining equity interest in FL Mobile held by other parties by issuing its common stock to them. The Transaction values the entire FL Mobile business at RMB5 billion. Concurrently with the execution of the Agreement, the share purchase agreement announced on May 17, 2016 among Shenzhen Prince, Dr. Shi, Jinxin Hengrui and Xinjiang NQ was terminated in light of the new deal structure.

The Company will receive all cash for the FL Mobile Divestment consisting of (i) RMB880 million from Dr. Shi for the sale of 22% equity interest in FL Mobile as previously announced on March 24, 2016; (ii) RMB656.5 million from Jinxin Hengrui for the sale of 13.13% equity interest in FL Mobile as previously announced on May 6, 2016; (iii) RMB600 million from the sale of 12% of FL Mobile's equity interests to Xinjiang Yinghe as previously announced on August 9, 2016; (iv) RMB176.5 million from the sale of 3.53% of FL Mobile's equity interests to Jinxin Haoyue as previously announced on August 9, 2016; (v) RMB150 million for the sale of 3% of FL Mobile's equity interests to Jinxin Huatong as previously announced on August 9, 2016; (vi) RMB50 million from the sale of 1% of FL Mobile's equity interests to Tibet Zhuohua as previously announced on August 9, 2016; and (vii) RMB2,267 million from Shenzhen Prince for the sale of 45.34% equity interest in FL Mobile in the Transaction announced today.

Shenzhen Prince plans to fund the Transaction by equity financing and entered into share subscription agreements with potential investors in connection with the equity financing on the same date.  Pursuant to the Agreement, the Company will receive 95% of the cash consideration within 10 business days of the closing of such equity financing and the remaining 5% of the consideration, unless the Company breaches the representations and warranties under the Agreement, within 10 business days after 12 months from the date of closing of FL Mobile Divestment. The Transaction and the equity financing are both subject to customary closing conditions and shareholder approval of Shenzhen Prince and regulatory approval by the China Securities Regulatory Commission.

BEIJING, Aug. 9, 2016 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced an update on the proposed divestment of the Company's entire stake in FL Mobile Inc., the Company's majority owned Cayman Islands subsidiary, pursuant to (i) the binding framework agreement announced on August 26, 2015 between the Company and Beijing Jinxin Rongda Investment Management Co. Ltd. ("Beijing Jinxin"), a subsidiary of Tsinghua Holdings Co. Ltd.; and (ii) the share purchase agreement announced on May 17, 2016 among Shenzhen Prince New Materials Co., Ltd., a company listed on the Shenzhen Stock Exchange (stock code: 002735), Dr. Vincent Wenyong Shi, the chairman and chief operating officer of the Company, Beijing Jinxin Hengrui Investment Center (Limited Partnership) ("Jinxin Hengrui"), a limited partnership established in the PRC which Beijing Jinxin is a general partner and Xinjiang NQ Mobile Venture Capital Investment Co., Ltd. ("Xinjiang NQ"), a consolidated affiliated entity of the Company and the direct holder of the Company's stake in FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile") (the transactions contemplated thereunder, the "FL Mobile Divestment").

The Company recently entered into a series of definitive agreements with several investors to dispose a portion of the Company's stake in FL Mobile, including (i) the sale of 12% of FL Mobile's equity interests to Xinjiang Yinghe Equity Investment Management Limited Partnership ("Xinjiang Yinghe") for a consideration of RMB600 million, (ii) the sale of 3.53% of FL Mobile's equity interests to Nantong Jinxin Haoyue Investment Center (Limited Partnership), an affiliate of Jinxin Hengrui, for a consideration of RMB176.5 million, (iii) the sale of 3% of FL Mobile's equity interests to Nantong Jinxin Huatong Equity Investment Center (Limited Partnership), an affiliate of Jinxin Hengrui, for a consideration of RMB150 million and (iv) the sale of 1% of FL Mobile's equity interests to Tibet Zhuohua Capital Management Co., Ltd. for a consideration of RMB50 million.

The Company expects to receive 50% of the total consideration from Xinjiang Yinghe within 60 business days from the date of the agreement, and the remaining 50% of the total consideration will be received by the Company upon satisfaction of certain conditions and the FL Mobile Divestment. With respect to the other three transactions, the Company expects to receive 60% of the total consideration from each investor within 15 business days from the date of the respective agreements, and the remaining 40% by the end of 2016.

The valuation of the entire FL Mobile's business stays at RMB5 billion – the same as contemplated in previous agreements in FL Mobile Divestment – in all the four transactions. In addition, Xinjiang Yinghe is an affiliate of the management of FL Mobile, thus the transaction between Xinjiang NQ and Xinjiang Yinghe qualifies as a related party transaction and has been approved by the Company's audit committee.

First Quarter 2016 Financial Results

• Net revenues in the first quarter of 2016 decreased 17.6% year-over-year to $73.5 million from $89.2 million in the same period in 2015. Excluding NationSky from the comparable period, net revenues increased 18.3% year-over-year from the same period in 2015.
• Non-GAAP net income attributable to NQ Mobile for the first quarter of 2016 was $6.0 million or $0.06 per fully diluted ADS, compared to $0.4 million in the same period a year ago. GAAP Net loss attributable to NQ Mobile for the first quarter of 2016 was $7.8 million or -$0.08 per fully diluted ADS, compared to a GAAP net loss of $17.0 million in the same period a year ago.

"We began 2016 on a very solid note." Said Mr. Zemin Xu, Chief Executive Office of NQ Mobile. "Our focus on our core consumer and entertainment businesses is yielding positive growth and better profitability trends. The team remains focused and committed to executing and delivering better results in the future."

"The first quarter marked the first results without NationSky and we are pleased with the results." Said Mr. Roland Wu, Chief Financial Officer of NQ Mobile. "We achieved positive non-GAAP operating income and positive non-GAAP net income during the first quarter while at the same time narrowing the GAAP loss figures. The leverage from reduced operating expenses along with the steady growth from the core business is an important milestone we were able to achieve this quarter. This bodes well for the future as our focus on consumer and entertainment businesses continue."

BEIJING, May 17, 2016 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company"), a leading global provider of mobile internet services, today announced an update on the FL Mobile Divestment pursuant to the binding framework agreement announced on August 26, 2015, between the Company and Beijing Jinxin Rongda Investment Management Co. Ltd. ("Beijing Jinxin"), a subsidiary of Tsinghua Holdings Co. Ltd., in connection with the Company's divestment of its entire stake of FL Mobile Inc., NQ Mobile's majority owned Cayman Islands subsidiary (the "FL Mobile Divestment").

Shenzhen Prince New Materials Co., Ltd. ("Shenzhen Prince"), a company listed on the Shenzhen Stock Exchange (stock code: 002735) has entered into a share purchase agreement with (i) Dr. Vincent Wenyong Shi ("Dr. Shi"), the chairman and chief operating officer of the Company, (ii) Beijing Jinxin Hengrui Investment Center (Limited Partnership) ("Jinxin Hengrui"), a limited partnership established in the PRC which Beijing Jinxin is a general partner and (iii) a consolidated affiliated entity of the Company (the "Agreement") to acquire the entire stake of FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile") for a consideration consisting of all cash to the Company and equity to Dr. Shi and Jinxin Hengrui (the "Transaction"). Pursuant to the Agreement, Shenzhen Prince will acquire 64.87% equity interest in FL Mobile beneficially owned by the Company for a cash consideration of RMB3,243.5 million. Shenzhen Prince will purchase the remaining equity interest in FL Mobile held by Dr. Shi and Jinxin Hengrui by issuing its common stock to them. The Transaction values the entire FL Mobile business at RMB5 billion.

The Company will receive all cash for the FL Mobile Divestment consisting of RMB880.0 million from Dr. Shi for the sale of 22.0% equity interest in FL Mobile previously announced on March 24, 2016; RMB656.5 million from Jinxin Hengrui for the sale of 13.13% equity interest in FL Mobile previously announced on May 6, 2016; and RMB3,243.5 million from Shenzhen Prince for the sale of 64.87% equity interest in FL Mobile in the Transaction announced today.

Shenzhen Prince plans to fund the Transaction by equity financing and entered into share subscription agreements with potential investors in connection with the equity financing on the same date. Pursuant to the Agreement, the Company will receive 95% of the cash consideration within 10 days of the closing of such equity financing and the remaining 5% of the consideration, unless the Company breaches the representations and warranties under the Agreement, within 12 months of the date of closing. The Transaction and the equity financing are both subject to customary closing conditions and shareholder approval of Shenzhen Prince and regulatory approval by the China Securities Regulatory Commission.

BEIJING, March 24, 2016 /PRNewswire/ -- NQ Mobile Inc. (NQ) ("NQ Mobile" or the "Company"), a leading global provider of mobile Internet services, today announced an update on the FL Mobile Divestment pursuant to the binding framework agreement announced on August 26, 2015 between the Company and Beijing Jinxin Rongda Investment Management Co. Ltd. ("Beijing Jinxin"), a subsidiary of Tsinghua Holdings Co. Ltd., in connection with the Company's divestment of the entire stake of FL Mobile Inc., NQ Mobile's majority owned Cayman Islands subsidiary (the "FL Mobile Divestment").

As a further arrangement to the FL Mobile Divestment, Dr. Vincent Wenyong Shi, as the chairman of FL Mobile Jiutian Technology Co., Ltd. ("Jiutian"), a consolidated affiliated entity of the Company, has entered into a termination and share purchase agreement with Jiutian and a subsidiary of the Company (the "Agreement"). Pursuant to the Agreement, Dr. Shi will acquire 22% equity interest in FL Mobile by terminating the relevant contractual arrangements and paying the Company a total consideration of RMB880 million (the "Jiutian Transaction"). Dr. Shi will then, as a minority shareholder of Jiutian, participate in the transaction with the Company to complete the FL Mobile Divestment. The Company expects to receive 50% of the total consideration, or RMB440 million, within 60 business days from the date of the Agreement. The remaining 50% of the total consideration, or RMB440 million, will be received by the Company upon satisfaction of certain conditions contained in the Agreement and the FL Mobile Divestment. 

Dr. Vincent Wenyong Shi is the chairman and chief operating officer of the Company and a related party. The Company's board of directors and audit committee have approved the Agreement and the Jiutian Transaction.

Fourth Quarter 2015 Financial Results

• Record Quarterly Net Revenues of $127.5 million, a 42.1% increase year-over-year from $89.7 million in the same period in 2014.
• Non-GAAP net income attributable to NQ Mobile for the fourth quarter of 2015 was $43.0 million or $0.46 per ADS, basic vs. last years $0.07.

"We are pleased with the performance of our businesses during 2015," said Mr. Zemin Xu, Chief Executive Officer of NQ Mobile. "We made progress in our goals to divest and monetize certain assets while at the same time focusing on a core set of consumer businesses going forward."

"The performance of the MVAS segment in the fourth quarter provides compelling evidence of the future of our consumer and entertainment businesses," said Mr. Roland Wu, Chief Financial Officer of NQ Mobile. "Our strategy is to divest and monetize certain assets, while increasing our balance sheet and positioning our company to both increase value to shareholders while also investing in the future of our business. We are well on our way."

BEIJING and DALLAS, Dec. 31, 2015 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE: NQ), a leading global provider of mobile Internet services, today announced that the Company has completed the divestment of all of NQ Mobile's interest in the NationSky business for an aggregate consideration of US$80 million. 

BEIJING and DALLAS, Dec. 16, 2015 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE: NQ), a leading global provider of mobile Internet services, today announced that the Company's board has approved to terminate the previously announced plan to divest 100% of the equity interest in Beijing Tianya Co., Ltd. ("Beijing Tianya"), a wholly owned subsidiary of Beijing NQ Technology Co., Ltd., NQ Mobile's consolidated affiliated entity, to Tack Fiori International Group Limited ("Tack Fiori"), a Cayman Islands company listed in Hong Kong (such transaction, the "Proposed Divestment"). Beijing Tianya currently operates NQ Mobile's mobile health applications related business.

The Proposed Divestment was terminated upon mutual agreement between NQ Mobile and Tack Fiori. In the course of reviewing the draft announcement of the Proposed Divestment, The Stock Exchange of Honk Kong Limited took the view that the Proposed Divestment would constitute a reverse takeover and would be treated as if it were a new listing application. In view of the tremendous cost and time expected to be incurred for complying with such expanded listing requirements, both NQ Mobile and Tack Fiori considered that it is beneficial to terminate the Proposed Divestment and relevant agreements.

"While the termination of the Proposed Divestment is disappointing," said Mr. Zemin Xu, Chief Executive Officer of NQ Mobile. "We continue to maintain our course forward to unlock value by divesting some of our existing businesses and focusing on certain core business segments going forward. Our other divestitures, as previously announced, are on track and progressing forward."

Third Quarter 2015 Financial Results

• Quarterly Net Revenues were $87.9 million in the third quarter of 2015, an 8.3% increase year-over-year from $81.2 million in the same period in 2014. The difference in net revenue performance relative to previously issued guidance was primarily due to lower hardware sales in the Company's enterprise mobility segment.
• Non-GAAP Net Income attributable to NQ Mobile was $0.9 million, or $0.01 per ADS in the third quarter of 2015, compared with Non-GAAP net income of $6.4 million, or $0.07 per ADS, in the same period in 2014.

"Our strict focus on cost controls and budgets continue to pay off in our results," said Mr. Zemin Xu, Chief Executive Officer of NQ Mobile. "Although the hardware sales within our enterprise mobility segment performed below expectations, we are pleased to see progress in our entertainment and consumer businesses and see results from our efforts in the monetization of our traffic."

"The business divestitures we previously announced are moving forward and accordingly, we continue to work on unlocking the value in these businesses," said Mr. Roland Wu, Chief Financial Officer of NQ Mobile. "We look forward to unlocking value and focusing on our businesses going forward."

Business Outlook

The Company believes it is more prudent to temporarily suspend the practice of providing revenue guidance, in part due to the previously announced ongoing divestitures of certain business segments. The Company will resume providing revenue guidance when it is appropriate.

BEIJING and DALLAS, November 18, 2015 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE: NQ), a leading global provider of mobile Internet services, today announced it has entered into a legally binding agreement (the "Agreement") to sell 100% of the equity interest in Beijing Tianya Co., Ltd., which operates NQ Mobile's mobile health applications related business, to Tack Fiori International Group Limited ("Tack Fiori"), a Cayman Islands company listed in Hong Kong, for an aggregate consideration of US$40 million, or the RMB equivalent, in cash (the "Consideration"). Beijing Tianya Co., Ltd. is a wholly owned subsidiary of Beijing NQ Technology Co., Ltd., NQ Mobile's consolidated affiliated entity in China.

The Company's board of directors has approved both the transaction and the Agreement. The closing of the transaction is subject to the condition that Tack Fiori obtains the necessary approvals, including shareholder approval, to complete the transaction, as well as additional customary closing conditions, and the satisfaction and compliance of all relevant requirements under the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange Limited.

Second Quarter 2015 Financial Results

• Quarterly Net Revenues were $102.1 million in the second quarter of 2015, a 25.0% increase year-over-year from $81.6 million in the same period in 2014, a new record level for the Company.
• Non-GAAP Net Income attributable to NQ Mobile was $7.0 million, or $0.08 per ADS in the second quarter of 2015, compared with Non-GAAP net income of $14.8 million, or $0.20 per ADS, in the same period in 2014.

BEIJING and DALLAS, August 27, 2015 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE: NQ), a leading global provider of mobile Internet services, today announced it has entered into a legally binding framework agreement (the "FL Framework Agreement") with Beijing Jinxing Rongda Investment Management Co. Ltd., a subsidiary of Tsinghua Holdings Co., Ltd and an independent third party, to sell the Company's entire stake in FL Mobile Inc., NQ Mobile's majority owned Cayman Islands subsidiary (the "FL Divestment").

Pursuant to the FL Framework Agreement, the Company, along with the other existing shareholders of FL Mobile Inc. (the "Existing FL Shareholders"), have agreed to sell to Beijing Jinxing the entire stake in FL Mobile Inc. that they currently hold for no less than RMB 4 billion (or approximately no less than US $626 million)^[1], with the final price being subject to the valuation of an independent third party valuer.

After evaluating the benefits of this transaction to the Company and its shareholders, NQ's board of directors approved the FL Framework Agreement and the FL Divestment. The Existing FL Shareholders and Beijing Jinxing agreed to an exclusivity period of 180 days and the Existing FL Shareholders agreed to terminate any ongoing discussions regarding any other contemplated transactions involving FL Mobile Inc., including those between NQ Mobile and Tack Fiori International Group Limited ("Tack Fiori"), within 10 days of entering the FL Framework Agreement. However, the Company and Tack Fiori continue to explore other strategic opportunities and alternatives to cooperate. The completion of the contemplated FL Divestment is subject to negotiations among the parties regarding the detailed deal structure, the signing of a definitive purchase agreement and the fulfilling of certain customary closing conditions contained therein.

BEIJING and DALLAS, August 27, 2015 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE: NQ), a leading global provider of mobile Internet services, today announced it has entered into legally binding share purchase agreements (the "NationSky Agreements"), which provide for the sale of all of NQ Mobile's interest in the NationSky business ("NationSky Divestment"), including the entire interest in Beijing NationSky Network Technology Co., Ltd., to Mr. Hou Shuli, a founder and senior management member of Beijing NationSky, for an aggregate consideration of US $80 million cash.

The NationSky business provides device agnostic managed mobile services, mobile device management services and other mobile SaaS offerings to enterprises. The Company's board of directors and audit committee approved the NationSky Agreements and the NationSky Divestment. Pursuant to the NationSky Agreements, approximately US$16 million of the total purchase price shall be delivered to the Company within ten business days of the NationSky Agreements, and approximately US$48 million shall be paid to the Company by September 30, 2015, while the remaining US$16 million shall be paid by December 31, 2015. The NationSky Divestment is expected to close within 60 days.