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  "docSlug": "2d65bb084b06",
  "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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  "pageNumber": 7,
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  "notes": "This is a research note from Muddy Waters Research exposing potential fraud.",
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      "kind": "callout",
      "text": "CCME had to fabricate the previously discussed Shanghai Ba Shi license plates because CCME does not actually have a relationship with its largest purported inter-city bus operator, Shanghai Ba Shi.",
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      "text": "The Sales Presentation we received with the advertiser kit, which resulted in the recorded fraud admission by CCME's sales representative (discussed in Part II), shows only 296 buses in Shanghai. This is far less than the 1,892 buses CCME claims to have under contract with Shanghai Ba Shi.\nWe had approximately five hours of meetings with officials ranging from station level operations personnel, to top company managers at headquarters, of the Shanghai Ba Shi entity that operates the group's inter-city buses. We received confirmation at each level that CCME has not placed its hardware on Shanghai Ba Shi inter-city buses.\nWe shot a mini documentary of Shanghai Ba Shi inter-city buses along with driver interviews that show CCME has placed no content or hardware on Shanghai Ba Shi inter-city buses.",
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      "text": "CCME had to fabricate the previously discussed Shanghai Ba Shi license plates because CCME does not actually have a relationship with its largest purported inter-city bus operator, Shanghai Ba Shi. The following items prove that the Shanghai Ba Shi relationship does not exist:",
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      "text": "Whether as a result of confusion, or to cause it, neither CCME, Chairman Cheng, nor the Luo Report correctly refer to the Shanghai Ba Shi entity that operates the group's inter-city buses. The only entity that operates Shanghai Ba Shi inter-city buses is 上海交运巴士客运（集团）有限公司 (“Jaioyun Ba Shi” or “JB”).",
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      "text": "CCME's CTR reports refer to the entity in question as “Shanghai Ba-Shi (Group) Industrial Co. Ltd.”... For purposes of this discussion, “entity” includes JB’s subsidiaries.",
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      "text": "IV. CCME's Largest Purported Operator Relationship Still Does Not Exist",
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