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  "docSlug": "d92dc59f9587",
  "documentTitle": "China MediaExpress Holdings (CCME)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-02-03 00:00:00",
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  "pageNumber": 10,
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  "notes": "The slide uses photographic evidence to support the claim that CCME equipment is installed alongside, and often overridden by, third-party DVD players.",
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      "kind": "callout",
      "text": "We Believe that Over Half of the Buses on which CCME has Placed Screens do not Actually Show CCME's Content, which Makes CCME's Revenue Claims More Outlandish.",
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      "kind": "callout",
      "text": "Approximately 25% of CCME's Network Operator Buses are Independently Owned, and Are Not Covered by Agreements with CCME.",
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      "text": "Two photos showing bus dashboards with CCME equipment installed alongside DVD players.",
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      "kind": "paragraph",
      "text": "The above-described issues reflect the potential problems in relying on market research sponsored by the target company. Again, it is obvious to us that CTR did not develop these inaccurate numbers in a vacuum, and we hold the Company responsible for these misstatements.",
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      "text": "According to the bus drivers and operators with whom we spoke, approximately 25% of the buses in a given operator's network are independently owned and operated. These buses are not be covered by agreements between CCME and the operators.",
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      "text": "Many of the buses in CCME's network also have DVD players connected to the CCME-provided screens. Based on our surveys of over 50 buses, we believe that fewer than half of the buses in CCME's network are actually showing CCME's content.",
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      "text": "CCME ad player on top, DVD player in middle, bottom hardware unknown. / CCME ad player on top, DVD player below.",
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