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FMCN: A Critical Failure in the Focus Media Story and verification of Muddy Waters' Theater Count

|Includes: Focus Media Holding Limited (FMCN)

Full Details:

In 2008, FMCN claimed business relationships with 27,164 theaters in urban China.

Data sources, web pages, and government websites report that the total number of urban theaters in China at that time was only 1,545.

“As of December 31, 2008, we had rights to lease advertising time on screens in 27,164 movie theaters in cities across China.”  2008 SEC 20-F

In China however the reports are that there were only 1,545 urban theaters at this time.


Google Translation: "Cities in Mainland China cinema line cinema 1545 currently, number of screens 4097"

 I paid for a Professional Translation:

     "Cinema chains currently have 1545 movie theaters opened in cities in the Chinese mainland, with a total of 4097 screens."


See more details of "A Critical  Failure in the Focus Media Story" at

Disclosure: I am short FMCN