Global Hunter Securities came up with an updated report on CCME yesterday after conducting additional due diligence.

Summary of report:

We were in China last week to conduct additional due diligence on China MediaExpress Holdings. We visited CCME’s headquarters again, and reviewed all of its contracts with advertising clients and bus operators, tax filings, and bank statements for the last three years. We called or met 16 top advertisers, who verified a total of approximately $105MM of revenue or ~50% of our estimated 2010 revenue.

We called China Telecom, and the exclusive advertising agents for Coca Cola and L’Oreal, who confirmed they have placed ads on CCME’s platform. We also spoke to 17 bus operators, who confirmed that they have signed in aggregate 14,191 buses with CCME, or 52% of the total number of buses CCME reported. The amount of revenues and buses these advertising customers and bus operators confirmed ...