Bondguy:
I have a feeling that the region and retailer from where they bought the activation service might have a role to play, though that is just a wild guess.
I don't really think they have much incentive to inflate the numbers, from memory as per one of the question on the cc their revenue from Yidatong is already around high single digit in Q2 vs 22% for 2012. I can't see the need of a fast growing company , having an amazing future in front of them and very well placed for that growth, trying to increase their sales this way. Henry Lin is already talking about $500 million revenue in 2015 vs $40 m in 2011......that's 12.5 times !
Their revenue in 2012 increased by 130% where as Revenue from Yidatong increased by 100%. Might not be the right comparison given Nationsky consolidation. It we take that out, both 2012 revenue and revenue from Yidatong increased by 100%.
Also Exhibit 4.13 in 2012 F-20 clearly shows a contract between Yidatong and NQ. If I was to inflate my numbers I won't be that brave to not only mention relationship with Yidatong in the annual review, but also give more evidence about it.
Just my thoughts.