The 2012 competition consists of three parts: preliminaries, semi-finals and final competition. The preliminaries were held on August 24 and 25 in Beijing and included case analyses and quiz contests. Semi-finals and the final competition were held on October 19 and 21 in Suzhou and included case analyses, presentations and Q&A sessions. 46 teams from Chinese mainland universities and 20 from universities in Hong Kong, Macau and Taiwan applied for the competition, but only 13 broke into the semi-finals. Eventually, 6 teams got the ticket to the final. After three-hour preparation for case analyses, the finalists presented to the jury which consists of experts from taxation departments, business community and consulting firms. The participants then answered questions from the jury.