Today is another insane day. More than the last one! CCME opened high and climbed to 17.20, then held on for most of the day. at 13:00 even, the shorts attack started! The volume was 10 times the norm! The stock quickly slid to 13.70, recovered a little, another big hit and one MORE after that, pushed it to 10.71!!! It closed today at 11.09
I’m still holding onto my CCME shares based on all the research I’ve done. Though, it is really really scary to see a stock go down 30% like this based on citron and Muddy’s allegations.
CCME has created a FAQ page to answer some doubts
http://ccme.tv/eng/ir/faqs.php
This is a thorough collection of videos and links to counter shorty’s allegations
http://seekingalpha.com/article/250498-china-mediaexpress-groundwork-research-and-videos-to-disprove-allegations?source=yahoo
odd. at 16:06, a single trade of 7450 was made at 14.6979, while the bid & ask was 11.10-11.13….what was that?
Global Hunter new investigation
CCME’s response
02/03 06:53PM PRESS RELEASE: China MediaExpress Holdings, Inc. to Respond to Misleading and Inaccurate Allegations from Muddy Waters
FUJIAN, China–(BUSINESS WIRE)–February 03, 2011–
China MediaExpress Holdings, Inc. (NASDAQ GS: CCME) (“CME” or “Company”),
China’s largest television advertising operator on inter-city and airport
express buses, today denied the misleading and inaccurate allegations made in
a recent report published by Muddy Waters. The Company announced that it
would, as soon as possible, issue a public statement to refute these
defamatory remarks and that it expected to be in a position to provide a
thorough and detailed response within the next few days, notwithstanding Muddy
Water’s apparently strategic decision to release its “report” at the outset of
the Chinese New Year.
In a separate but related note, CME today also announced its December 2010
contract with Eading Group (http://www.eading.com/web/eadingcompany/…
one of Apple Inc.’s official distributors in China to advertise Apple
products, specifically iPads, in CME’s SWITOW magazine, a new B2C shopping
platform for its contracted advertisers.
About CME
CME, through contractual arrangements with Fujian Fenzhong, an entity
majority owned by CME’s former majority shareholder, operates the largest
television advertising network on inter-city and airport express buses in
China. While CME has no direct equity ownership in Fujian Fenzhong, through
the contractual agreements CME receives the economic benefits of Fujian
Fenzhong’s operations. Fujian Fenzhong generates revenue by selling
advertisements on its network of television displays installed on over 27,200
express buses originating in eighteen of China’s most prosperous regions,
including the four municipalities of Beijing, Shanghai, Tianjin and Chongqing
and fourteen economically prosperous regions, namely Guangdong, Jiangsu,
Jiangxi, Fujian, Sichuan, Hebei, Anhui, Hubei, Shandong, Shanxi, Inner
Mongolia, Zhejiang, Hunan and Henan.
CME is included in the Russell Global Index. For more information visit:
www.ccme.tv.
—— guess what, the aftermarket is now shooting up. as of 19:01, it’s trading at 12:44!!
