Editorial Summary

Beijing-based computer-based testing services provider ATA Inc. filed for its initial public offering of 4,874,012 million American depositary shares, each representing two common shares, on January 16. ATA intends to list on the Nasdaq Global Market with initial pricing between US$9.50 and $11.50. Merrill Lynch & Co., Piper Jaffray and Susquehanna Financial Group, LLLP are underwriting the deal. Though the company has never booked net income in a full fiscal year, ATA recorded $10.2 million in total net revenues and $1.1 million net income for the six months ended September 30, 2007. As of September 30, 2007, ATA had a nationwide test center network of 1,810 authorized centers. First offering computer-based services in 1999, ATA offers test-based and career-oriented educational programs and solutions. ATA plans to list under the symbol "ATAI".