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分群传媒回应浑浊水质怀疑难报告(英文全文)

整理时间:2019-02-07 12:31 热度:°C

  SHANGHAI, Nov. 22, 2011 /PRNewswire-Asia/ Focus Media Holding Limited ("Focus Media") (Nasdaq: FMCN), China"s largest lifestyle targeted out-of-home digital media company, responded today to the allegations raised in a research report by Muddy Waters dated November 21, 2011. The Company maintains that the allegations set forth in the Muddy Waters report (the "Report") concern matters which have long been disclosed in Focus Media"s historical annual reports and press releases, misrepresent the information they present and attribute motives to management that are based on innuendo and fail to take into account business and commercial considerations relevant to the matters discussed in the Report. The Company denies the allegations entirely.

  The LCD screen allegations unfounded and misunderstand the Company"s business

  The Report alleges that Focus Media has overstated the number of LCD screens in its LCD display advertising network and made false claims about the location and type of buildings in which its screens are placed.

  The Report"s allegation regarding the number of LCD display network screens in the Company"s network is incorrect and reflects a misunderstanding in the types of devices used by the Company and their method of calculation. The Company"s LCD display network consists of: (1) 116,026 LCD screens, (2) 32,478 LCD 2.0 digital picture screens and (3) 29,878 LCD 1.0 picture frame devices (the latter two types of which are devices distinct from, and not calculated in the number of, the picture frames used in the Company"s poster frame network) as of September 30, 2011. The number of these types of screens currently totally amount to: 178,382. We believe that those responsible for compiling the Report based their calculation entirely on the number of basic LCD screens, and ignored the digital screens and LCD picture frame devices, erroneously believing the latter two to be part of the Company"s picture frame network.

  The breakdown of the LCD display network installed by different tier cities is showing as follows:

  The Report"s understanding of the screen distribution of Focus Media"s LCD display network is also incorrect. Total screens in the LCD display network in Tier 1 cities amounted to 45,825, or 25.7% of total screens; across 26 Tier 2 cities amounted to 102,280, or 57.3% of total screens; and across Tier 3 and 4 cities amounted to 30,277, or 17.0% of total screens. This distribution is consistent with and tracks the consumption power of the various tiers.

  Moreover, approximately 30% of screens installed in high-traffic office buildings cover approximately 70% of the foot traffic according to a reputable third party survey. The remaining 70% of screens are distributed among residential buildings, urban mall areas and various entertainment venues.

  In addition, the poster frame network – which is distinct from and not double-counted with the LCD network described above – consists of: (1) 34,711 "Frame 2.0 digital" picture screens and (2) 391,304 Frame 1.0 picture frames. The number of these types of screens currently totally amount to 426,015 as of September 30, 2011. The in-store network consists of 50,696 LCD screens as of September 30, 2011, which is in addition to the screens in the LCD display network and the poster frame network.
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