Business
ACM Research Provides Update on STAR Market IPO of ACM Research (Shanghai)
FREMONT, Calif., June 14, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced
About this update from Acm Research, Inc.
[{"type":"text","content":"FREMONT, Calif., June 14, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today is providing an update on the status of the proposed initial public offering (the “STAR Market IPO”) and listing of shares of ACM’s operating subsidiary ACM Research (Shanghai), Inc. (“ACM Shanghai”) on the STAR Market of the Shanghai Stock Exchange. The application for registration for the STAR Market IPO was submitted by the Shanghai Stock Exchange Commission (the “SSEC”) to the China Securities Regulatory Commission (the “CSRC”) on June 10, 2021. The STAR Market listing of ACM Shanghai’s shares remains subject to review and approval by the CSRC. The SSEC has posted the application documents in the Chinese language form on the SSEC’s website at http://kcb.sse.com.cn/renewal/xmxq/index.shtml?auditId=505&anchor_type=0. “The submission of ACM Shanghai’s application to the CSRC marks a significant milestone in our effort to complete the STAR Market IPO,” said Dr. David Wang, ACM’s President and Chief Executive Officer. “Although the timing remains uncertain and depends upon many factors beyond our control, the achievement of this milestone adds to our confidence that the STAR Market IPO will be completed successfully. We believe the STAR Market listing combined with the current listing of ACM’s Class A common stock on the Nasdaq Global Market will help accelerate our pace to become a global player in the semiconductor equipment industry.” The application documents include required preliminary estimates of ACM Shanghai’s revenue and net profit for the six months ended June 30, 2021, determined in accordance with the Accounting Standards for Business Enterprises under Chinese generally accepted accounting principles (“Chinese GAAP”), as follows: Revenue of ACM Shanghai under Chinese GAAP for the six months ended June 30, 2021 was expected to be in the range of RMB 623.2 to 672.0 million as compared to RMB 355.6 million for the six months ended June 30, 2020.Net profit attributable to the shareholders of ACM Shanghai under Chinese GAAP for the six months ended June 30, 2021 was expected to be in the range of RMB 57.1 to 66.3 million, as compared to RMB 37.6 million for the six months ended June 30, 2020. Following the end of the six-month period endin...