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  "documentTitle": "China MediaExpress Holdings (CCME)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-03-02 00:00:00",
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  "notes": "The slide uses a structured 'ALLEGATION' vs 'FACT' format to systematically refute claims made by short-sellers (Muddy Waters).",
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      "text": "This allegation is an example of how far the bloggers will go to try to create the illusion that there is something wrong with the Company.",
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      "text": "ALLEGATION: CCME has misled investors regarding government approval of its operations by calling it an “exclusive license from the Ministry of Transport.” FACT: The bloggers are playing disingenuous word games. However you want to translate the name of the approval, the Company has lucrative agreements throughout China that are providing strong revenues for the Company and its shareholders. This allegation is an example of how far the bloggers will go to try to create the illusion that there is something wrong with the Company. CCME has been issued a “tongzhi” by the Transportion Television Audio Visual Center, a department under the Ministry of Transport, which has binding effect on the bus operators. We have made a copy of this approval available on our corporate website, which includes the relevant TTAVC Seal (red stamp). What the bloggers don’t say – and can’t say – is that this approval is not lucrative, important, or enforceable or even that this approval does not give the Company the exclusive right to access and advertise to the passengers on these buses. The proof of the pudding is in the eating. The Company has benefited greatly from the “tongzhi” from the TTAVC with operators in cities throughout China.",
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      "text": "ALLEGATION: Our “competitors” and certain media buyers do not know CCME. FACT: The companies listed in the Muddy Waters report are not in the same industry group as CCME. FMCN focuses on the commercial real estate, retail, outdoor billboard, and Internet advertising platforms in China. AMCN is in the airport and airplane segment. VISN and Bus Online are in the intra-city bus segment. We are the media market leader in intercity and airport express buses in China, and there are no comparable competitors, either in size or experience.",
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      "text": "ALLEGATION: The 2009 SAIC revenue does not match with our SEC reported financial results. FACT: CCME’s SAIC reports were prepared in accordance with pertinent SAIC rules and policies. Our consolidated financial results reported in the Company’s audited financial statements are prepared in accordance with US GAAP.",
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      "kind": "paragraph",
      "text": "income of our audience is about RMB 4,500-6,000 per month. This demographic is attractive to the advertisers with whom we have contracted. Some of the global companies that advertise on our platform are Lenovo, China Mobile, Siemens, Toyota and Pepsi.",
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      "text": "The bloggers are playing disingenuous word games. However you want to translate the name of the approval, the Company has lucrative agreements throughout China that are providing strong revenues for the Company and its shareholders.",
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