ACM Research Inc. $(ACMR)$, a leading supplier of wafer and panel processing solutions, announced that its operating subsidiary, ACM Research (Shanghai), Inc., has completed a private offering of ordinary shares on the Shanghai Stock Exchange's STAR Market. The offering raised gross proceeds of RMB 4.5 billion (approximately US$630 million), with net proceeds of RMB 4.4 billion (approximately US$624 million) after expenses. A total of 38,601,326 new shares were allocated to 17 qualified investors, all subscribed in cash. The funds will be used for research and development, capital expenditures, and working capital. Following the transaction, ACM Research's equity interest in its Shanghai subsidiary is expected to decrease to approximately 74.5% from 81.1%, with ACM Research remaining the controlling shareholder. The newly issued shares will be subject to a six-month lock-up period before becoming eligible for trading.