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Campaigns / Muddy Waters → China MediaExpress Holdings
Muddy Waters vs. China MediaExpress Holdings

China MediaExpress Holdings · CCME

2 decks published between 2011-02-03 and 2011-03-02 — 58 pages, 58 analysed slides total. Outcome: won.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2011-02-03 initial thesis

    2011 02 CCME_MW_020311

    25pp · research_note

    CCME is a pump-and-dump: reported revenue is overstated ~5x, its bus network is half the claimed size, and management is cashing out — fair value $5.28 vs $16.61.

    N 4 V 2 C 2
    ⌂ ”
  2. 2011-03-02 follow up

    2011 03 CCME_IrrefutableEvidence_030211

    33pp · research_note

    CCME is a fraud: a recorded salesperson admits doubling the bus count for SEC filings, and Chairman Cheng's rebuttal cited fabricated license plates — fair value $3.54 vs $12.27.