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May 25, 2015 8:40 PM ET

Media

Company Overview of China MediaExpress Holdings, Inc.

Company Overview

China MediaExpress Holdings, Inc. provides television advertising network on inter-city express buses in China. It offers advertisements on its network of television displays installed on express buses originating in five municipalities of Beijing, Shanghai, Guangzhou, Tianjin, and Chongqing, and nine provinces, including Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui, Hubei, Shandong, and Shanxi in China. As of June 30, 2009, the company’s digital television advertising network consisted of approximately 16,000 express buses and approximately 34,000 digital television displays. China MediaExpress Holdings, Inc. is headquartered in Fuzhou, the People’s Republic of China.

Room 2805

Central Plaza

Wanchai,  

Hong Kong

161 Employees

Phone:

852 2827 6100

Key Executives for China MediaExpress Holdings, Inc.

Chairman, Chief Executive Officer and President
Age: 43
Chief Operating Officer
Age: 37
Chief Technology Officer
Age: 36
Chief Administration Officer
Age: 45
Financial Controller
Age: 38
Compensation as of Fiscal Year 2014.

China MediaExpress Holdings, Inc. Key Developments

The Securities and Exchange Commission Charges China MediaExpress with Fraudulently Misleading Investors About its Financial Condition

The Securities and Exchange Commission (SEC) charged China MediaExpress and its CEO Zheng Cheng with fraudulently misleading investors about its financial condition by touting cash balances that were millions of dollars higher than actual amounts. As highlighted in the SEC's complaint, China Media's falsely reported increases in its cash balances allowed the Company to attract investors and raise money from stock sales. In 2010, a hedge fund paid China Media $53 million to purchase millions of shares of China Media's preferred and common stock. China Media had gained access to U.S. investors through the reverse-merger process and had a market capitalization of more than $700 million before the fraud was uncovered. Public investors suffered major losses when the stock tumbled more than 90% in the weeks after the first fraud allegations. The stock has since been delisted from the U.S. stock exchange. In March 2011, China Media's external auditor resigned citing suspicions concerning fraudulent bank confirmations and statements, and falsified confirmations of accounts receivables and payables. The company's audit committee then hired a law firm and a second outside audit firm to investigate. According to the SEC's complaint, right before the fraud became public knowledge, Cheng offered a senior accountant working on the investigation a bribe of approximately $1.5 million to assist with the investigation.

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