航美2015年年报（2016年5月发布）有误导投资者嫌疑。
年报提到，买方龙德在任意以下三个事件触发时有权要求卖方回购股权。其中第一个事件就是15年净利润未达到1.5亿人民币。
The buyers may require the Company to repurchase the equity interest of AM Advertising upon the occurrence of any of the following events:
1. the audited net profit (before or after adjustment for non-recurring gains and losses, whichever is less) in relation to the Target Business is less than RMB150 million in 2015;
2. eighty per cent of the concession right contracts ...
3. the internal restructuring as required under the equity interest transfer agreement has not been fully completed by June 30, 2016.
年报后文提到，卖方收到买方的确认(再后文提到是书面确认)：截至2016年5月13日，以上事项均未触发。但是英文措辞是说收到的一个买方(an buyer)的确认。而之前提到买方用的是the buyers，好像是把龙德和文化中心都当成买方了。现在昌九透露的信息是文化中心基金委托律师请求仲裁，要求因为15年业绩未达标的赔偿。看来公司这么措辞是知道另一个买家可能会要求赔偿的。
However, under that equity interest transfer agreement, the buyers may require us to repurchase the 75% equity interest upon the occurrence of certain events. In addition, the agreement’s earnout provisions will continue to apply until all profit targets have been achieved. ... We received a confirmation from a buyer that no such events had occurred as of May 13, 2016 which might trigger the repurchase provisions of the agreement.
为什么是两个买家，年报也给了答案。原来是龙德把部分股权和协议权利都转让给文化中心基金了。
In June 2015, we entered into an equity interest transfer agreement with Beijing Longde Wenchuang Investment Fund Management Co., Ltd. to sell 75% equity interest of AM Advertising for RMB2.1 billion in cash. In November 2015, Beijing Longde Wenchuang Investment Fund Management Co., Ltd. assigned and transferred its rights and obligations under the equity interest transfer agreement relating to 46.43% equity interest of AM Advertising to Beijing Cultural Center Construction and Development Fund (Limited Partnership).