ACM Research, Inc.’s Listing on STAR Market

King & Wood Mallesons assisted ACM Shanghai throughout the deal, covering pre-IPO financing, restructuring, employee incentives, intellectual property rights, and IPO.

ACM Research (Shanghai), Inc. (ACM Shanghai) made its IPO and listing in the STAR market of the Shanghai Stock Exchange (SSE: 688082, ACM Shanghai). ACM Shanghai offered 43,355,753 shares at RMB 85.00 each, raising a total of RMB 3,685,239,005.

ACM Shanghai, set up in 2005, is a leading supplier in China that develops, manufactures, and sells special semiconductor equipment, including semiconductor cleaning equipment, semiconductor electroplating equipment, and advanced packaging wet equipment. Upon the IPO, ACM Shanghai and its controlling shareholder, ACM Research, Inc., (NASDAQ: ACMR) are listed in China and the US respectively.

The IPO application was officially received and approved by China Securities Regulatory Commission (CSRC) on 1 June and 30 September 2020 respectively. This is the first A-share IPO of an entity spun off from a US-listed company, providing an innovative solution for the US-listed companies to go public in China. Specifically, while the controlling US shareholder remains listed in the US, its subsidiary in China becomes publicly listed after restructuring and introduction of additional investors.

The KWM team was led by partner Zhao Xiaohong (Picture), with support from partners Xu Hui and Chen Fuan and senior associate Wang Anrong as the signatories of the IPO documents as well as partner Andrew Fu in pre-IPO financing.

Involved fees earner: Andrew Fu – King & Wood Mallesons; Chen Fuan – King & Wood Mallesons; Xu Hui – King & Wood Mallesons; Anrong Wang – King & Wood Mallesons; Zhao Xiaohong – King & Wood Mallesons;

Law Firms: King & Wood Mallesons;

Clients: ACM Research (Shanghai), Inc.;

Sonia Carcano

Author: Sonia Carcano