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Oberweis Defies Muddy Waters by Doubling Down on NQ

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.

Oberweis Asset Management Inc. increased its holding to 1.8 million shares of NQ Mobile, from 990,894 on Sept. 30, he said in a telephone interview on Nov. 18 from Lisle, Illinois. This would make the firm the second-largest shareholder with a 5.8 percent stake, according to data compiled by Bloomberg. His China Opportunities Fund has returned 53 percent this year.