{
  "docId": "019dd923-622c-750b-8b95-d3ebbc2ca587",
  "docSlug": "2d65bb084b06",
  "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": "2011-03-02 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.7070758,
  "pageNumber": 1,
  "pageCount": 33,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "This is a standard Muddy Waters research note cover/summary page.",
  "elementsJson": [
    "logo_grid",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/_lRe2Rtlujs7ci-7zvmXcW_rR66erp0ndrGht9iWT10/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZDY1YmIwODRiMDYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b95-d3ebbc2ca587/1",
  "deckHref": "/decks/019dd923-622c-750b-8b95-d3ebbc2ca587",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-d3ebbc2ca587.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-d3ebbc2ca587#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Muddy Waters, LLC has amassed irrefutable evidence that CCME is a substantial fraud, and that management is engaging in a cover-up replete with further dissemination of fraudulent information.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bebb-3718730fb2e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.21
      },
      "kind": "disclaimer",
      "text": "Disclaimer: Use of Muddy Waters LLC's research is at your own risk...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3b7f6ba-7a00-485c-a44f-a5e94c61377b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "image",
      "text": "Muddy Waters Research",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef38c37e-51d8-44e4-88b5-927d0e606fe1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.47,
        "x": 0.48,
        "y": 0.4
      },
      "kind": "list",
      "text": "Muddy Waters, LLC has amassed irrefutable evidence that CCME is a substantial fraud... We present a recorded telephone conversation... We document that in the course of rebutting our Report, Chairman Cheng provided fabricated information...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "57c02ff3-b335-4f30-83be-915d72c29581",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Estimated Value: $3.54",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bebb-3b09ee099a2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.4,
        "x": 0.05,
        "y": 0.4
      },
      "kind": "table",
      "text": "Company: China Media Express Holdings (CCME) Industry: Outdoor Digital Advertising Recommendation: Strong Sell Estimated Value: $3.54 Report Date: March 2, 2011 Price: $12.27 Market Cap: $420.7 million Float: 10.2 million Avg Volume: 2.8 million",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d67c75d-b593-4f0e-ab7e-0b8aaf0c5f9e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "b68b4124-6707-47a5-bac9-0f78c28ed1df",
      "evidence": "This slide provides a brief summary of the company, including its industry and valuation, which is typical of an executive summary.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/9vvEtQY31G_St42iGvG4HPsMWtPJalA0MEzttmG9TuQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZDY1YmIwODRiMDYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/tssqRqlXOpsf-J1bid-hSR6JmHrFi79EYKjSSpWlOCM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZDY1YmIwODRiMDYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/H7gdZjdCUV03yu0Mk7-FEn3tmfgCAMuocu0D9Db1v-Q/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZDY1YmIwODRiMDYvcDAwMS5qcGc"
}