China MediaExpress Holdings, Inc. (fka CCME)

[Headley Lamar]

It is a cultural thing. There are three questions that you would need to answer to fully understand why Westerners have a hard time wrapping their mind around CCME's business model -

1)How many people ride busses at all?
2)How many affluent people ride busses?
3)For those that do ride buses, how many ride for more than 10-20 minutes (not even enough time to read the paper)?

In America, the answers are not many, not many and not many. In China the answers are millions, millions and millions.

I'd speculate that this cultural difference is what creates the divide for many Western investors. I think they are starting to come around though, as evidenced by the increasing volume and attention on the sector. We can all be thankful that we got to this table early.