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  "docSlug": "d92dc59f9587",
  "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": "This is a page from a short-seller report. It uses investigative findings to contradict company claims.",
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      "text": "With such an insignificant presence in China's two largest media markets, we do not believe CCME's reported revenue numbers.",
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      "text": "CCME's spreadsheet lists only 296 buses in Shanghai... We doubt that CCME generates more than a de minimus amount of revenue from Shanghai.",
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      "text": "CCME Has Little Presence in China's Two Largest Media Markets in China: Beijing and Shanghai.",
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      "text": "We Believe that the Revenue for the Five Other CCME Airport Express Routes is Similarly Overstated.",
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      "text": "CCME tells investors that it has an average of over two LCD Screens per bus. This is not true. CCME's sales spreadsheet shows an average of 1.45 screens per bus.",
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      "text": "CCME is also Lying to Investors about the Numbers of Screens on its Buses. We Interpret this as Confirming the Business Model is not Very Profitable.",
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      "text": "We have observed that out of its entire network, the airport express buses (particularly Beijing) come closest to resembling the Company's description - the only issue we identified with the airport express bus operations is the probable gap between reported revenue and real revenue.",
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      "text": "AMCN offers another opportunity to put CCME's reported numbers in perspective. CCME is claiming that it generated $15 million in Q3 2010 from express buses operating at six airports. This number is about 200% the Q3 2010 revenue that AMCN derived from its 2,200 digital television screens in 38 airports, including in 26 of the 30 busiest airports in China.",
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      "text": "23 See the CTR report... 24 This is based on the screen tallies for 5,864 buses.",
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