China Mass Media Reports First Quarter 2011 Unaudited Financial Results

China Mass Media Reports First Quarter 2011 Unaudited Financial Results

BEIJING, May 23, 2011 /PRNewswire-Asia-FirstCall/ -- China Mass Media Corp. ("China Mass Media" or the "Company") (NYSE: CMM), a leading television advertising company in China, today announced its unaudited financial results for the first quarter ended March 31, 2011.

First Quarter 2011 Highlights:

-- Total net revenues were RMB50.9 million (US$7.8 million), a decrease of
9.1% from the first quarter of 2010 and a decrease of 32.8% from the
fourth quarter of 2010.
-- Operating income was RMB13.1 million (US$2.0 million), a decrease of
5.7% from the first quarter of 2010 and a decrease of 53.7% from the
fourth quarter of 2010.
-- Net income was RMB8.3 million (US$1.3 million), a decrease of 17.9% from
the first quarter of 2010 and a decrease of 56.3% from the fourth
quarter of 2010.
-- Net cash inflows from operating activities were RMB34.8 million (US$5.3
million), a decrease of 13.7% from net cash inflows from operating
activities of RMB40.3 million in the first quarter of 2010 and an
increase of 34.2% from the fourth quarter of 2010.

Mr. Shengcheng Wang, Chairman and Chief Executive Officer of China Mass Media, commented, "The first quarter of 2011 was a challenging time as we entered the seasonally weak period of the year. In our advertising agency service business, in order to secure long-term commitments from our clients in the face of intense price competition in the advertising market, we initiated a presale promotional campaign last November to attract longer-term contracts by offering sizable discounts. These contracts, which are with both advertising agencies and direct advertisers and range in term from three to six months, will serve as a solid foundation of our revenues in 2011. Due to these promotional activities, there was a significant decrease in the sales price of certain products in the first quarter 2011 compared with the first and fourth quarters of 2010. As a result, revenues from advertising agency services declined despite the increase in our utilization rate. The sequential decline was also primarily because the fourth quarter is traditionally the peak season in our business."

"In an effort to diversify our business, towards the end of 2010, we entered into the outdoor advertising business by partnering with the outdoor media company Goto Media. Goto Media operates 80 large LED advertising screens and 1,000 advertising light boxes in 17 high-speed railway stations in China, including Beijing South Station, Shanghai Hongqiao Station, Guangzhou South Station and Tianjin Station. We focus on the sale of advertisements on these LED screens. We believe outdoor LED screens allow advertisements to reach consumers with similar content at a much lower price than traditional television ads. We also believe there are synergies between the outdoor advertising business and television advertising business and many of our existing clients find our services for both appealing. We have formed a dedicated sales team to focus on the sales and marketing of such outdoor services. In the first quarter of 2011, revenues from the sales of outdoor media totaled approximately RMB230,000."

"Our production and sponsorship services business continues to show solid growth. During the first quarter of 2011, we produced a number of commercial and print advertisements for clients such as Suning Appliance, Ping An Insurance of China and Yunnan Baiyao."

"Our arrangement with CCTV for the 'Guang Er Gao Zhi' program, a 30-second daily public service announcement that is broadcast twice a day on CCTV-1 and CCTV-2, will not be renewed once it expires on June 30, 2011 due to programming changes. This will have a negative impact on our top and bottom line in subsequent periods."

"Looking forward, we believe content production will become an important component of our strategy as we attempt to reorient our business towards growth. In 2011, we plan to produce at least one TV entertainment program and one TV drama series. We are also in discussions with a satellite TV network for the production and broadcast of a TV entertainment program in exchange for advertising time slots. We believe that by providing television networks with high quality content, we will be able to gain access to such advertising resources. We will release further details in the coming months."

First Quarter 2011 Financial Results

Revenues

Revenues from advertising agency services were RMB46.7 million (US$7.1 million) in the first quarter of 2011, a decrease of 15.8% from RMB55.5 million in the first quarter of 2010, and a decrease of 32.8% from RMB69.4 million in the fourth quarter of 2010. Given the intense price competition in the advertising market, in order to secure a full-year budget from clients and remain competitive in the market, the Company offered sizable discounts to certain clients. Due to these promotional activities, there was a significant decrease in the Company's average sales price in the first quarter 2011 compared with the first and fourth quarters of 2010. As a result, revenues from advertising agency services declined despite the increase in our the Company's utilization rate. The sequential decline was also primarily because the fourth quarter is the traditional peak season for the Company's business.

Revenues from production and sponsorship services were RMB7.2 million (US$1.1 million) in the first quarter of 2011, an increase of 127.9% from RMB3.1 million in the first quarter of 2010, and a decrease of 37.5% from RMB11.4 million in the fourth quarter of 2010. The Company's efforts to both improve production capabilities and proactively source new clients helped support momentum in the Company's production and sponsorship services business, as compared with the first quarter of 2010. During the first quarter of 2011, the Company successfully produced a number of commercial and print advertisements for clients such as Suning Appliance, Ping An Insurance of China and Yunnan Baiyao. The decrease in revenues from the fourth quarter of 2010 was mainly because of the general higher level of production activity and the payment of two advertisements produced for CCTV in 2008.

Operating costs and expenses

Cost of revenues was RMB27.1 million (US$4.1 million) in the first quarter of 2011, a decrease of 7.7% from RMB29.3 million in the first quarter of 2010 and a decrease of 19.5% from RMB33.7 million in the fourth quarter of 2010. The decrease in cost of revenues compared with the first and fourth quarters of 2010 was mainly because time slots available for sale on CCTV-4 decreased from 90 seconds to 60 seconds during the quarter.

Sales and marketing expenses were RMB4.4 million (US$0.7 million) in the first quarter of 2011, a decrease of 16.0% from RMB5.3 million in the first quarter of 2010 and an increase of 7.6% from RMB4.1 million in the fourth quarter of 2010. The decrease from the first quarter of 2010 was due to lower sales commissions paid to the sales team following the decline in sales performance during the first quarter in 2011. The increase compared with the fourth quarter of 2010 was mainly because management increased the basic salaries of the sales team in order to attract more talented people.

General and administrative expenses were RMB6.2 million (US$1.0 million) in the first quarter of 2011, a decrease of 16.0% from RMB7.4 million in the first quarter of 2010 and a decrease of 35.1% from RMB9.6 million in the fourth quarter of 2010. The decrease was mainly due to lower professional service fees in the first quarter of 2011.

Other expenses included an exchange loss of RMB2.5 million (US$0.4 million) in the first quarter of 2011, which compares with an exchange loss of RMB2.8 million (US$ 0.4 million) in the fourth quarter of 2010 and RMB0.1 million (US$0.01 million) in the first quarter of 2010. The Company's functional currency, the Renminbi, continued to appreciate against the U.S. Dollar (USD), while the Company maintained significant USD deposits.

Income tax expense was RMB4.9 million (US$0.7 million) in the first quarter of 2011, an increase of 4.1% from RMB4.7 million in the first quarter of 2010, and a decrease of 43.5% from RMB8.6 million in the fourth quarter of 2010. The Company's effective tax rate was 31.6%, 31.3% and 37.0% for the three months ended March 31, 2010, December 31, 2010 and March 31, 2011, respectively. The effective tax rate for the first quarter of 2011 was higher than the PRC statutory tax rate mainly due to the exchange losses of RMB2.5 million incurred by the offshore companies that were not deductible from PRC tax.

Operating income, as a result of the foregoing factors, was RMB13.1 million (US$2.0 million) in the first quarter of 2011, a decrease of 5.7% from RMB13.9 million in the first quarter of 2010 and a decrease of 53.7% from RMB28.4 million in the fourth quarter of 2010. The company's operating margin was 24.9%, 37.5% and 25.8% for the three months ended March 31, 2010, December 31, 2010 and March 31, 2011, respectively.

Net income was RMB8.3 million (US$1.3 million) in the first quarter of 2011, a decrease of 17.9% from net income of RMB10.1 million in the first quarter of 2010 and a decrease of 56.3% from RMB19.0 million in net income in the fourth quarter of 2010. The Company's net margin was 18.1%, 25.1% and 16.3% for the three months ended March 31, 2010, December 31, 2010 and March 31, 2011, respectively.

Basic and diluted earnings per ADS for the first quarter of 2011 were RMB0.32 (US$0.05), compared with basic earnings per ADS of RMB0.38 for the first quarter of 2010 and RMB0.72 for the fourth quarter of 2010.

Each ADS represents 30 ordinary shares.

Business Outlook

The Company currently expects to generate total net revenues of between RMB48 million ($7.3 million) to RMB53 million ($8.1 million) for the second quarter of 2011, which represents a potential decrease of 7.0% to 15.8% compared with the second quarter of 2010 due to continued pricing competition in the market. This forecast reflects the Company's current and preliminary estimate, which is subject to change.

Conference Call

China Mass Media will host a conference call and live webcast at 8:00 a.m. Eastern Time (EDT) on Monday, May 23, 2011(8:00 p.m. Beijing time on May 23, 2011).

The dial-in details for the live conference call are as follows:

- U.S. Toll Number: +1 617 597 5346
- U.S. Toll Free Number: +1 866 362 4829
- HK. Toll Free Number: 800 96 3844
-South China Toll Free Number/ China
Telecom: 10 800 130 0399
-North China Toll Free Number/ China
Telecom: 10 800 152 1490
-South China Toll Free Number/ China
Netcom: 10 800 852 1490
Passcode: CMM

A live webcast of the conference call will be available on the investor relations section of the Company's website at: http://www.chinammia.com.

A telephone replay of the call will be available after the conclusion of the conference call. The dial-in details for the replay are as follows:

- U.S. Toll Free Number: +1 888 286 8010
- International dial-in number: +1 617 801 6888
Passcode: 56565421

Non-GAAP Disclosure

In addition to the unaudited consolidated financial information presented in accordance with US GAAP, management uses a non-GAAP measure of net income excluding non-cash share-based compensation. Company management believes excluding the share-based compensation expenses from non-GAAP financial measures is useful for the investors' understanding of overall current financial performance. Nevertheless, the limitation of using non-GAAP financial measures excluding share-based compensation expenses is that share-based compensation expenses have been and will continue to be a significant recurring expense in the Company's business.

The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures" set forth below, which shall be read in conjunction with the preceding financial information presented in accordance with US GAAP.

Safe Harbor Statement

This document contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the Company's plans, objectives, expectations, strategies, intentions, or other characterizations of future events or circumstances and are generally identified by the words anticipates, believes, could, estimates, expects, intends, may, plans, seeks, would, and similar expressions.

A number of factors could cause the Company's actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Securities and Exchange Commission filings of the Company. China Mass Media does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

About China Mass Media Corp.

As a leading television advertising company in China, the Company provides a full range of advertising services, including advertising agency services, creative production services, public service announcement sponsorship services, and other value added services. The Company currently offers approximately 474 minutes of advertising time slots per day on CCTV Channels 1, 2, 4, E and F. CCTV is the largest television network in China. The Company has produced over 500 advertisements and has won a number of prestigious awards in China and across the world, including the "Gold World Medal" at The New York Festivals® International Television & Film Awards.

For more information, please visit http://www.chinammia.com.

For further information, contact:

China Mass Media Corp.
Julie Sun
CFO
6/F, Tower B, Corporate Square,
35 Finance Street Xicheng District
Beijing, 100033
P. R. China
Phone: +86-10-8809-1050
Email: juliesun@chinammia.com

Christensen
Tip Fleming
Phone: +852-2117-0861
Email: tfleming@christensenir.com

Teal Willingham
Phone: +852-9827-3632
Email: twillingham@christensenir.com

CHINA MASS MEDIA CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED,
-------------------
Mar 31, Dec 31,
2010 2010
---- ----
RMB RMB

Revenues:
Advertising agency
services 55,466,324 69,441,672
Advertisement production
and 3,141,023 11,445,226
sponsorship services --------- ----------
Total Revenue 58,607,347 80,886,898
Less: Business tax (2,626,585) (5,102,111)
---------- ----------

Total net revenues 55,980,762 75,784,787
---------- ----------

Operating costs and
expenses:
Cost of revenues (29,340,334) (33,652,251)
Sales and marketing
expenses (5,293,944) (4,131,716)
General and
administrative expense (7,409,378) (9,588,120)
---------- ----------
Total operating costs and
expenses (42,043,656) (47,372,087)
----------- -----------

Operating income 13,937,106 28,412,700

Interest and investment
income 858,166 1,646,857
Other income/(expense),
net 6,246 (2,413,292)
----- ----------

Income before tax 14,801,518 27,646,265
Income tax expense (4,690,509) (8,641,741)
---------- ----------
Net income 10,111,009 19,004,524
========== ==========

Net income available to
ordinary shareholders 10,111,009 19,004,524
==========

Earnings per ordinary
shares, basic 0.013 0.024
===== =====
Earnings per ordinary
share, diluted 0.013 0.024
===== =====
Earnings per ADS, basic 0.38 0.73
====
Earnings per ADS, diluted 0.38 0.72
====

Shares used in
calculating 788,012,500 784,690,106
earnings per ordinary
share, =========== ===========
basic
Shares used in
calculating 789,873,237 788,060,137
earnings per ordinary
shares, =========== ===========
diluted
Shares used in
calculating 26,267,083 26,156,337
earnings per ADS, basic ========== ==========
Shares used in
calculating 26,329,108 26,268,671
earnings per ADS, diluted ========== ==========

THREE MONTHS ENDED,
-------------------
Mar 31, Mar 31,
2011 2011
---- ----
RMB US$

Revenues:
Advertising agency
services 46,699,856 7,131,600
Advertisement production
and 7,157,528 1,093,036
sponsorship services --------- ---------
Total Revenue 53,857,384 8,224,636
Less: Business tax (2,955,722) (451,372)
---------- --------

Total net revenues 50,901,662 7,773,264
---------- ---------

Operating costs and
expenses:
Cost of revenues (27,085,297) (4,136,233)
Sales and marketing
expenses (4,446,447) (679,023)
General and
administrative expense (6,225,352) (950,682)
---------- --------
Total operating costs and
expenses (37,757,096) (5,765,938)
----------- ----------

Operating income 13,144,566 2,007,326

Interest and investment
income 2,481,784 378,997
Other income/(expense),
net (2,443,265) (373,114)
---------- --------

Income before tax 13,183,085 2,013,209
Income tax expense (4,883,735) (745,802)
---------- --------
Net income 8,299,350 1,267,407
========= =========

Net income available to
ordinary shareholders 8,299,350 1,267,407

Earnings per ordinary
shares, basic 0.0108 0.0016
====== ======
Earnings per ordinary
share, diluted 0.0107 0.0016
====== ======
Earnings per ADS, basic 0.3234 0.0494
Earnings per ADS, diluted 0.3220 0.0492

Shares used in
calculating 769,992,300 769,992,300
earnings per ordinary
share, =========== ===========
basic
Shares used in
calculating 773,240,405 773,240,405
earnings per ordinary
shares, =========== ===========
diluted
Shares used in
calculating 25,666,410 25,666,410
earnings per ADS, basic ========== ==========
Shares used in
calculating 25,774,680 25,774,680
earnings per ADS, diluted ========== ==========

CHINA MASS MEDIA CORP.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

Dec 31, Mar 31, Mar 31,
2010 2011 2011
---- ---- ----
RMB RMB US$
Assets
Current assets
Cash and cash equivalents 544,427,828 321,951,677 49,165,688
Restricted cash 10,000,000 10,000,000 1,527,114
Short-term investments 150,000,000 400,000,000 61,084,556
Notes receivable 5,892,690 8,626,094 1,317,303
Accounts receivable, net 991,024 5,092,876 777,740
Prepaid expenses and
other current assets 41,794,343 54,330,775 8,296,928
Total current assets 753,105,885 800,001,422 122,169,329
----------- ----------- -----------
Non-current assets
Property and equipment,
net 58,602,500 57,680,835 8,808,521
Total non-current assets 58,602,500 57,680,835 8,808,521
---------- ---------- ---------
Total assets 811,708,385 857,682,257 130,977,850
=========== =========== ===========

Liabilities and
Shareholder's Equity
Current liabilities:
Accounts payable 156,494,604 200,646,464 30,641,001
Customer advances 39,311,493 39,328,017 6,005,836
Accrued expenses and
other current
liabilities 23,848,004 20,945,273 3,198,581
Taxes payable 30,194,919 31,594,619 4,824,858
Amount due to related
parties 53,237,048 53,237,048 8,129,904
Total current liabilities 303,086,068 345,751,421 52,800,180
----------- ----------- ----------
Total Liabilities 303,086,068 345,751,421 52,800,180
----------- ----------- ----------

Shareholders' equity
Ordinary shares ($0.001
par value; 5,381,321 5,296,452 808,829
3,000,000,000 shares
authorized; 788,332,360
shares issued and
outstanding as of
December
31, 2010; 775,388,020
shares issued and
outstanding as of March
31, 2011)
Additional paid-in
capital 361,736,018 353,021,804 53,910,451
Statutory reserves 25,000,000 25,000,000 3,817,785
Retained earnings 126,034,102 134,333,452 20,514,248
Repurchased shares to be
cancelled, at cost (9,529,124) (5,720,872) (873,643)
(13,860,000 ordinary
shares as of December ---------- ---------- --------
31, 2010 and 9,723,000
ordinary shares as of
March 31, 2011)
Total Shareholders'
Equity 508,622,317 511,930,836 78,177,670
----------- ----------- ----------

Total Liabilities and
Shareholder's Equity 811,708,385 857,682,257 130,977,850
=========== =========== ===========

CHINA MASS MEDIA CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED
------------------
Mar 31, Dec 31,
2010 2010
---- ----
RMB RMB

Cash flows from operating
activities:
Net income 10,111,009 19,004,524
Adjustments to reconcile net
income to net cash provided
by operating activities
Depreciation expense 809,997 998,519
Interest income (426,230) (1,352,712)
Exchange (gain)/ loss 84,690 2,828,718
Share-based compensation 519,777 185,129
Disposal of property and
equipment 12,263 (294,175)
Changes in assets and
liabilities:
Notes receivable (2,327,289) (5,892,690)
Accounts receivable, net (9,421,011) 3,616,518
Prepaid expense and other
current assets 6,978,143 10,821,091
Accounts payable 32,393,192 30,821,414
Customer advances 4,681,626 1,820,668
Accrued expenses and other
current liabilities (944,176) 3,971,639
Taxes payable (2,085,359) 6,490,390
Amount due to related parties (123,360) (47,129,920)
-------- -----------
Net cash provided by operating
activities 40,263,272 25,889,113
---------- ----------

Cash flows from investing
activities:
Net proceeds from redemption /
(purchase) of short-term
investments (120,000,000) 140,000,000
Increase in restricted cash - (10,000,000)
Purchase /(disposal) of
property and equipment (26,330,276) 245,812
Gain on sales of investment 233,162 1,027,233
------- ---------
Net cash provided by /(used
in) investing activities (146,097,114) 131,273,045
------------ -----------

Cash flows from financing
activities: (84,692) (9,529,124)
Repurchase stocks on open
market
Proceeds from exercise of
share options - -
Net cash used in financing
activities (84,692) (9,529,124)
------- ----------

Effect of foreign currency
exchange - (2,828,718)
Net increase /(decrease) in
cash and cash equivalents (105,918,534) 144,804,316
------------ -----------
Cash and cash equivalents at
beginning of the period 508,778,014 399,623,512
=========== ===========
Cash and cash equivalents at
end of the period 402,859,480 544,427,828
=========== ===========

THREE MONTHS ENDED
------------------
Mar 31, Mar 31,
2011 2011
---- ----
RMB US$

Cash flows from operating
activities:
Net income 8,299,351 1,267,405
Adjustments to reconcile net
income to net cash provided
by operating activities
Depreciation expense 1,000,185 152,740
Interest income (2,102,411) (321,062)
Exchange (gain)/ loss 2,485,718 379,597
Share-based compensation 361,253 55,167
Disposal of property and
equipment (46,406) (7,087)
Changes in assets and
liabilities:
Notes receivable (2,733,405) (417,422)
Accounts receivable, net (4,101,852) (626,400)
Prepaid expense and other
current assets (6,298,388) (961,836)
Accounts payable 44,151,860 6,742,492
Customer advances 16,524 2,523
Accrued expenses and other
current liabilities (2,902,731) (443,277)
Taxes payable (3,379,180) (516,039)
Amount due to related parties - -
--- ---
Net cash provided by operating
activities 34,750,518 5,306,801
---------- ---------

Cash flows from investing
activities:
Net proceeds from redemption /
(purchase) of short-term
investments (250,000,000) (38,177,848)
Increase in restricted cash - -
Purchase /(disposal) of
property and equipment (1,752,423) (267,615)
Gain on sales of investment 2,218,027 338,718
--------- -------
Net cash provided by /(used
in) investing activities (249,534,396) (38,106,745)
------------ -----------

Cash flows from financing
activities: (5,895,960)
Repurchase stocks on open
market
(900,380)
Proceeds from exercise of
share options 687,751 105,027
Net cash used in financing
activities (5,208,209) (795,353)
---------- --------

Effect of foreign currency
exchange (2,484,064) (379,345)
Net increase /(decrease) in
cash and cash equivalents (222,476,151) (33,974,642)
------------ -----------
Cash and cash equivalents at
beginning of the period 544,427,828 83,140,330
=========== ==========
Cash and cash equivalents at
end of the period 321,951,677 49,165,688
=========== ==========

CHINA MASS MEDIA CORP.
SELECTED OPERATING DATA

THREE MONTHS ENDED
------------------
Mar 31, Dec 31, Mar 31,
2010 2010 2011

Number of programs secured
during the period 35 35 35
Total advertising time obtained
(seconds) 2,595,780 2,676,240 2,552,220(1)
Total advertising time sold
(seconds) 118,355 212,040 127,745(2)

(1) Represents the total amount of time during regular television
programs secured through our contracts with CCTV,
including 219,420 seconds from CCTV-1, CCTV-2 and CCTV-4 and
2,332,800 seconds from CCTV-E and CCTV-F.

(2) During the three-month periods ended March 31, 2010, December
31, 2010 and March 31, 2011, the company
has sold 5,340 seconds and 39,120 seconds and 11,880 seconds of
advertisements in CCTV-E and CCTV-F.

RECONCILIATIONS OF UNAUDITED NON-GAAP RESULTS OF OPERATIONS
MEASURES TOTHE NEAREST COMPARABLE GAAP MEASURES (*)

Three months ended March 31,
2010
-----------------------------
GAAP
Results Adjustment NON-GAAP
Result
RMB RMB RMB

Operating
income 13,937,106 519,777 14,456,883

Net income 10,111,009 519,777 10,630,786

Three months ended March 31,
2011
-----------------------------
GAAP Result Adjustment NON-GAAP
Result
RMB RMB RMB

Operating
income 13,144,566 361,253 13,505,819

Net income 8,299,350 361,253 8,660,603

(*)The adjustment is for share-based compensation expenses.

Non-GAAP Disclosure

In addition to the unaudited consolidated financial information presented in accordance with US GAAP, management uses a non-GAAP measure of net income excluding non-cash share-based compensation. Company management believes excluding the share-based compensation expenses from non-GAAP financial measures is useful for the investors' understanding of overall current financial performance. Nevertheless, the limitation of using non-GAAP financial measures excluding share-based compensation expenses is that share-based compensation expenses have been and will continue to be a significant recurring expense in the Company's business.

The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures" set forth above, which shall be read in conjunction with the preceding financial information presented in accordance with US GAAP.

SOURCE China Mass Media Corp.

China Mass Media Corp.

Web Site: http://www.chinammia.com

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