ACM Research’s Operating Subsidiary ACM Research (Shanghai) Updates Status of China IPO Process

Rhea-AI Summary

ACM Research, Inc. (NASDAQ: ACMR) reported updates regarding its subsidiary, ACM Research (Shanghai), and its proposed IPO on the Shanghai Stock Exchange. ACM Shanghai intends to start investor meetings on September 8, 2021, aiming for IPO completion in Q4 2021, subject to various external factors. Financial results show significant growth, with revenue of RMB 625.3 million for H1 2021, up from RMB 355.6 million in H1 2020, and an estimated revenue range of RMB 1,039.1 million to RMB 1,131.1 million for the first nine months of 2021, compared to RMB 608.0 million in the same period last year.

Positive

• ACM Shanghai reported revenue of RMB 625.3 million for H1 2021, a significant increase from RMB 355.6 million in H1 2020.
• Net profit for H1 2021 reached RMB 89.7 million, compared to RMB 37.6 million in H1 2020.
• Estimated revenue for the first nine months of 2021 is between RMB 1,039.1 million and RMB 1,131.1 million, up from RMB 608.0 million in 2020.
• Estimated net profit for the first nine months of 2021 is between RMB 153.8 million and RMB 181.8 million, compared to RMB 122.5 million in 2020.

Negative

• Completion and timing of the IPO remains uncertain due to factors beyond ACM Shanghai's control.
• Actual results for revenue and net profit for the nine months ending September 30, 2021, may differ materially from preliminary estimates.

FREMONT, Calif., Sept. 08, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today provided an update on the status of the proposed initial public offering (“IPO”) and listing of shares of ACM’s operating subsidiary ACM Research (Shanghai), Inc. (“ACM Shanghai”) on the Shanghai Stock Exchange's Sci-Tech innovAtion boaRd.

ACM Shanghai plans to begin preliminary in-person and videoconference meetings with qualified IPO investors in China on September 8, 2021. Further details regarding the timing of the IPO are expected to be posted by the Shanghai Stock Exchange when available. ACM estimates that the IPO and listing process will be completed during the fourth quarter of 2021, but the completion and timing of the IPO are subject to numerous factors that are outside of ACM Shanghai’s control.

In conjunction with the IPO process, the Shanghai Stock Exchange posted on its website certain financial results for ACM Shanghai for the six months ended June 30, 2021, and ACM Shanghai’s preliminary expectations for those financial results for the nine months ended September 30, 2021. ACM Shanghai’s financial results were determined in accordance with the Accounting Standards for Business Enterprises under Chinese generally accepted accounting principles (“Chinese GAAP”) and consisted of the following:

• Revenue of ACM Shanghai under Chinese GAAP for the six months ended June 30, 2021 was RMB 625.3 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 RMB 89.7 million, as compared to RMB 37.6 million for the six months ended June 30, 2020.
  
• Revenue of ACM Shanghai under Chinese GAAP for the nine months ending September 30, 2021 is preliminarily estimated to be in the range of RMB 1,039.1 million to RMB 1,131.1 million, as compared to RMB 608.0 million for the nine months ending September 30, 2020.
  
• Net profit attributable to the shareholders of ACM Shanghai under Chinese GAAP for the nine months ending September 30, 2021 is preliminarily estimated to be in the range of RMB 153.8 million to RMB 181.8 million, as compared to RMB 122.5 million for the nine months ending September 30, 2020.
  

Following the end of the nine-month period ending September 30, 2021, ACM Shanghai will need to close its books for the period and its independent public accounting firm will need to review ACM Shanghai’s operating results for the period. ACM Shanghai has provided ranges for the preliminary estimates described above because it will need to complete its financial closing procedures for the period before actual results will be known and because other developments may arise prior to the time it finalizes its results for the period. ACM Shanghai’s actual results for revenue and net profit for the nine months ending September 30, 2021 may differ materially from the ranges of preliminary estimates set forth above.

ACM currently owns a 91.7% equity interest in ACM Shanghai, and a substantial majority of ACM’s consolidated revenue and net income is contributed by ACM Shanghai. The preliminary estimates of revenue and net profit set forth above with respect to the nine-month period ending September 30, 2012 reflect the stand-alone results of ACM Shanghai in RMB as prepared in accordance with Chinese GAAP, and those results will differ, potentially materially, from ACM’s consolidated revenue and net profit for the period, which will reflect additional financial and operational items and will be prepared in U.S. dollars in accordance with U.S. generally accepted accounting principles.

About ACM Research, Inc.

ACM develops, manufactures, and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.

© ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM Research will not assert, to the fullest extent under applicable law, its rights to such trademark.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Ralph Fong
	+1 (415) 489-2195
	ralph@blueshirtgroup.com
In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.com

FAQ

What are ACM Research's estimated revenues for the nine months ending September 30, 2021?

The estimated revenue for ACM Shanghai for the nine months ending September 30, 2021, is between RMB 1,039.1 million and RMB 1,131.1 million.

When is ACM Shanghai planning to hold IPO investor meetings?

ACM Shanghai plans to start preliminary IPO investor meetings on September 8, 2021.

What was ACM Shanghai's revenue for H1 2021?

ACM Shanghai reported revenue of RMB 625.3 million for the first half of 2021.

What is the reported net profit for ACM Shanghai for H1 2021?

The net profit attributable to shareholders for H1 2021 was RMB 89.7 million.

What potential risks are associated with ACM Shanghai's IPO?

The completion and timing of ACM Shanghai's IPO are subject to numerous external factors that are beyond the company's control.