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  "documentTitle": "China MediaExpress Holdings (CCME)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-02-03 00:00:00",
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  "notes": "Research note from Muddy Waters regarding CCME's alleged misrepresentations.",
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      "text": "These numbers are beyond belief when compared to the $35 million to $40 million in digital advertising annual revenue that AMCN generates at Beijing Capital Airport for the following reasons:",
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      "text": "CCME has televisions on approximately 100 Beijing Capital Airport express buses. AMCN has 119 82” standalone digital frames, 58 108” digital frames in baggage claims, 418 52” TV-attached digital frames, and 418 46” digital TV screens.",
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      "text": "annual revenue: $30 million",
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      "kind": "paragraph",
      "text": "We do not believe that the airport express buses – particularly the Beijing Capital Airport express bus – generate anywhere near the revenue that CCME claims they do.",
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      "kind": "paragraph",
      "text": "Management at VISN and AMCN told us that they have not been exposed to CCME through industry circles. Rather, they first learned about CCME from investor queries.",
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      "text": "Further AMCN, and then FMCN, used to operate the digital televisions on the Beijing Capital Airport express buses. AMCN and FMCN, despite being far less profitable than CCME, were evidently unmotivated to keep the routes.",
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      "text": "22 See CCME September 30, 2010 Form 10-Q.",
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      "kind": "title",
      "text": "CCME Claims that the Beijing Airport Express Bus Contract will Generate $30 million to $36 million per year. We Believe the Real Number is Many Millions of Dollars Lower.",
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