1 June 22, 2011 SPREADTRUM COMMUNICATIONS, 2011: SPREADING INTO MOBILE TELECOMMUNICATIONS IN CHINA 1 It was the evening of February 27, 2011 and Dominic Singh found himself at a crossroads in his preparation for his weekly meeting with the portfolio managers at DW Associates, a small-cap emerging markets hedge fund specializing in growth opportunities in the Asia-Pacific region. Singh joined the fund two years ago as a senior equity analyst and had quickly developed a reputation for making aggressive and successful stock recommendations. One of these recommendations was related to a Chinese company: Spreadtrum Communications (NASDAQ: SPRD). In March 2010, Singh assessed Spreadtrum as a strong buy at $6.76 per share. Based on this recommendation, the portfolio manager

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