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Video: What is a Stock Split?


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China Mass Media is an independent television advertising company in China. Co. provides a full range of integrated television advertising services, including advertising agency services and production and sponsorship services. For its advertising agency services, Co. obtains advertising time slots on selected nationally broadcast television channels of China Central Television, or CCTV, and procure advertisers to place advertisements during such time slots. For its production and sponsorship services, Co. designs, produces and packages content for public service announcements or commercial advertisements. According to our CMM stock split history records, CMM has had 3 splits.
CMM stock split history picture
CMM (CMM) has 3 splits in our CMM stock split history database. The first split for CMM took place on October 17, 2001. This was a 1 for 10 reverse split, meaning for each 10 shares of CMM owned pre-split, the shareholder now owned 1 share. For example, a 1000 share position pre-split, became a 100 share position following the split. CMM's second split took place on June 14, 2010. This was a 110 for 100 split, meaning for each 100 shares of CMM owned pre-split, the shareholder now owned 110 shares. For example, a 100 share position pre-split, became a 110 share position following the split. CMM's third split took place on November 28, 2011. This was a 1 for 10 reverse split, meaning for each 10 shares of CMM owned pre-split, the shareholder now owned 1 share. For example, a 110 share position pre-split, became a 11 share position following the split.

When a company such as CMM splits its shares, the market capitalization before and after the split takes place remains stable, meaning the shareholder now owns more shares but each are valued at a lower price per share. Often, however, a lower priced stock on a per-share basis can attract a wider range of buyers. If that increased demand causes the share price to appreciate, then the total market capitalization rises post-split. This does not always happen, however, often depending on the underlying fundamentals of the business. When a company such as CMM conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share. Looking at the CMM stock split history from start to finish, an original position size of 1000 shares would have turned into 11 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into CMM shares, starting with a $10,000 purchase of CMM, presented on a split-history-adjusted basis factoring in the complete CMM stock split history. CMM split adjusted history picture

Growth of $10,000.00
With Dividends Reinvested

Start date: 10/20/2008
End date: 03/16/2012
Start price/share: $45.20
End price/share: $4.20
Starting shares: 221.24
Ending shares: 1,113.18
Dividends reinvested/share: $22.98
Total return: -53.25%
Average Annual Total Return: -20.01%
Starting investment: $10,000.00
Ending investment: $4,675.09
Years: 3.41
 
Growth of $10,000.00
Without Dividends Reinvested

Start date: 10/20/2008
End date: 03/16/2012
Start price/share: $45.20
End price/share: $4.20
Dividends collected/share: $22.98
Total return: -39.87%
Average Annual Total Return: -13.87%
Starting investment: $10,000.00
Ending investment: $6,014.09
Years: 3.41
Date Ratio
10/17/20011 for 10
06/14/2010110 for 100
11/28/20111 for 10

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