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  "docSlug": "d92dc59f9587",
  "documentTitle": "China MediaExpress Holdings (CCME)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-02-03 00:00:00",
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  "notes": "The slide uses a narrative structure to systematically dismantle the company's claims using two primary arguments: the advertiser kit data and the 2008 CTR report inaccuracies.",
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      "text": "As we discuss in this report, we believe that fewer than half of the buses in CCME's network actually show CCME content.",
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      "text": "Muddy Waters Research",
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      "text": "bus count: 12,565",
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      "kind": "paragraph",
      "text": "advertiser kit shows that CCME has only 12,565 buses. Approximately 700 of these buses are not in scheduled service - they are actually charter buses.",
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      "kind": "paragraph",
      "text": "The most current spreadsheet CCME provides to prospective advertisers shows only 12,565 buses in its network. Approximately 700 of the buses in this spreadsheet are not scheduled inter-city buses. Rather they are charter buses available for rent by tour groups.",
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      "text": "The August 2008 CTR Report that CCME places on its website to support its claims about network size is wholly inaccurate. It exaggerates the number of buses owned by 13 companies by 6,347 buses (4.2x).",
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      "text": "Further, we identified substantial inaccuracies in the August 2008 CTR report that CCME relies on to demonstrate the size of its network to investors. The inaccuracies we identified are: 1) the largest operator in the report never worked with CCME, and 2) the report exaggerated the numbers of buses of 13 operators by a collective 424%.",
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      "kind": "source-note",
      "text": "Footnotes 8-13 detailing data sources and methodology.",
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      "text": "CCME's Advertiser Kit Shows that it has Fewer than Half of the Buses it Claims",
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      "text": "The CTR Report, on which the Company Asks Investors to Rely, Contains Gross Inaccuracies",
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