08:02 AM EDT, 09/24/2025 (MT Newswires) -- ACM Research ( ACMR ) said Wednesday its Chinese subsidiary has issued 38.6 million ordinary shares to raise gross proceeds of 4.5 billion Chinese renminbi ($630 million) at 116.11 renminbi apiece.

The company said the private offering, undertaken by ACM Research ( ACMR ) (Shanghai), was subscribed entirely in cash by 17 qualified investors.

Proceeds raised are expected to be used for research and development, capital expenditures, and working capital, it said.

ACM said the newly issued shares will be subject to a six-month lock-up period before becoming eligible for trading on the Shanghai Stock Exchange STAR market.

Once the offer closes, ACM estimates its stake in the ACM Shanghai unit will fall to about 74.5% from 81.1%, the company said.