China MediaExpress Holdings, Inc. (fka CCME)

[Stream205]

NY Times article:

Imo, this is a a watershed article.

Certain to alarm investors in China stocks everywhere and embolden shorts wherever China stocks trade.




“This is no longer a story about Longtop, and it is not a story about Deloitte,” he added. “Given the centrality of Chinese banks to the global economy, it’s a story much bigger than Deloitte or Longtop.”

The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.



http://www.nytimes.com/2011/05/27/business/27norris.html