Chinese education software firm to list on NASDAQ

ATA, China’s largest test and education software supplier, has announced plans to list shares on NASDAQ, China Business Net reported (in Chinese). The company expects to raise around US$100 million in funds, which it will use to update equipment, enhance product configuration and make up the company’s working capital. The company’s sales have grown by an average of 100% a year since it was founded in 2001. China’s educational testing market is the world’s largest, with about 100 million people taking standardized exams each year and spending US$68 each on average. Merill Lynch Securities and Piper Jaffray will serve as advisors for the listing.