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The application for the offering of the Company has yet not been approved by the Shanghai Stock Exchange or the CSRC. This [***] does not have the legal force for stock issue, which is used only for advance disclosure purpose. Investors shall make investment decisions based on the officially announced [***].

	Class of Shares		RMB-denominated Common Shares (A Shares)
	Number of Shares in the Offering		The number of shares offered in the Public Offering shall be 43,355,753.00, accounting for 10.00% of the total share capital of the Company after the Offering. The Offering does not involve any public offering of shares by shareholders.
	Par Value per Share		RMB 1.00 Yuan
	Offering Price per Share		RMB 85.00 Yuan
	Offering Date		November 8, 2021
	The Stock Exchange and Board for Listing		the STAR Market of the Shanghai Stock Exchange
	Total Share Capital after the Offering		433,557,100 shares
	Participation of the Sponsor’s Relevant Subsidiaries in Strategic Placement		[***], a subsidiary of [***], is arranged by the latter to participate in the strategic placement concerning the Offering, with the number of follow-up investment shares to be 1,176,470 accounting for 2.71% of the shares in the Offering. The said shares placed to [***] shall be subject to a lock-up period of 24 months from the date of the IPO and Listing of the Issuer.
	Sponsor (Lead Underwriter)		[***]
	Joint Lead Underwriter		[***]
	Signing Date		November 12, 2021

	I. Basic Terms
	Issuer, Company, the Company	means		ACM Research (Shanghai), Inc. and its predecessor ACM Research (Shanghai), Inc. (before restructuring)
	Corporation, ACMSH	means		ACM Research (Shanghai), Inc.
	ACMSH (before restructuring)	means		ACM Research (Shanghai), Inc., the predecessor of the Issuer
	ACM Wuxi	means		ACM Research (Wuxi), Inc., a wholly-owned subsidiary of the Issuer
	Shengwei Shanghai	means		Shengwei Semiconductor Equipment (Shanghai) Co., Ltd., a wholly-owned subsidiary of the Issuer
	CleanChip HK	means		CleanChip Technologies Limited, a wholly-owned subsidiary of the Issuer
	ACMKR	means		ACM Research Korea Co., Ltd., a wholly-owned subsidiary of CleanChip HK
	ACM CA	means		ACM Research (CA), Inc., a wholly-owned subsidiary of CleanChip HK
	Shengyi Technology	means		Shengyi Semiconductor Technology (Wuxi) Co., Ltd., an equity participation enterprise of the Issuer
	Shixi Chanheng	means		Hefei Shixi Chanheng Integrated Circuit Venture Capital Fund (L.P.), an equity participation enterprise of the Issuer
	Qingdao Juyuan	means		Qingdao Juyuan Xinxing Equity Investment Partnership (L.P.)
	ACMR	means		ACM Research, Inc., a Nasdaq stock market listed company and the controlling shareholder of the Issuer
	Xinwei Consulting	means		Xinwei (Shanghai) Management Consulting Partnership (L.P.), a shareholder of the Issuer
	SICIF	means		Shanghai Integrated Circuit Industry Fund Co., Ltd., a shareholder of the Issuer
	PDHTI	means		Shanghai Pudong High-tech Investment Co., Ltd., a shareholder of the Issuer
	[***]	means		[***], a shareholder of the Issuer
	Shangrong Innovation	means		Shangrong Innovation (Ningbo) Equity Investment Center (L.P.), a shareholder of the Issuer
	Jinpu Investment	means		Shanghai Jinpu Lingang Intelligent Technology Private Equity Investment Fund (L.P.), a shareholder of the Issuer
	Taihu Guolian	means		Wuxi Taihu Guolian Emerging Industry Investment Enterprise (L.P.), a shareholder of the Issuer
	Xinshi Consulting	means		Xinshi (Shanghai) Management Consulting Partnership (L.P.), a shareholder of the Issuer
	Yongkong Consulting	means		Shanghai Yongkong Business Information Consulting Partnership (L.P.), a shareholder of the Issuer
	Hai Feng Investment	means		Hai Feng Investment Holding Limited, a shareholder of the Issuer

	Runguang Investment	means		Hefei Runguang Equity Investment Partnership (L.P.), a shareholder of the Issuer
	ZJTVC	means		Shanghai Zhangjiang Science and Technology Venture Capital Co., Ltd., a shareholder of the Issuer
	SYEM	means		Shanghai Shanyi Enterprise Management Center (L.P.), a shareholder of the Issuer
	Xingang Consulting	means		Xingang (Shanghai) Management Consulting Partnership (L.P.), a shareholder of the Issuer
	SRJY	means		Shanghai Shangrong Juyuan Equity Investment Center (L.P.), a shareholder of the Issuer
	Shengxin Shanghai	means		Shengxin (Shanghai) Enterprise Management Consulting Partnership (L.P.)
	Zhangjiang Group	means		Shanghai Zhangjiang (Group) Co., Ltd.
	Yangtze Memory	means		Yangtze Memory Technologies Co., Ltd., a customer of the Issuer
	SMIC	means		Semiconductor Manufacturing International Corporation, a customer of the Issuer
	Hynix	means		SK Hynix Inc., a customer of the Issuer
	Hefei Changxin	means		Hefei Changxin Integrated Circuit Manufacture Co., Ltd., a customer of the Issuer
	Huahong Group	means		Shanghai Huahong (Group) Co., Ltd., a customer of the Issuer
	JCET	means		Jiangsu Changjiang Electronics Technology Co., Ltd., a customer of the Issuer
	TFME	means		Tongfu Microelectronics Co., Ltd., a customer of the Issuer
	Xiamen Tongfu	means		Xiamen Tongfu Microelectronics Co., Ltd.
	SJsemi	means		SJ Semiconductor (Jiangyin) Limited, a customer of the Issuer
	Nepes	means		Nepes corporation, a customer of the Issuer
	Wafer Works	means		Wafer Works Corporation, a customer of the Issuer
	JRH	means		Zhejiang QL Electronics Co., Ltd., a customer of the Issuer
	ZING SEMI	means		Zing Semiconductor Corporation, a customer of the Issuer
	PSI	means		Phoenix Silicon International Corporation, a customer of the Issuer
	NCAP	means		National Center for Advanced Packaging Co., Ltd., a customer of the Issuer
	ICRD	means		Shanghai IC R&D Center Co., Ltd., a customer of the Issuer
	NINEBELL	means		NINEBELL Co., Ltd., a supplier of the Issuer
	NOMURA	means		NOMURA MICRO SCIENCE CO., LTD., a supplier of the Issuer
	Charter Base International	means		Charter Base International Logistics (Shanghai) Co., Ltd.
	DNS	means		SCREEN Holdings Co., Ltd.
	TEL	means		Tokyo Electron Ltd.
	LAM	means		LAM Research Corporation

	SEMES	means		SEMES Co. Ltd.
	NAURA	means		NAURA Technology Group Co., Ltd.
	KINGSEMI	means		KINGSEMI Co., Ltd.
	PNC System	means		PNC Process System Co., Ltd.
	AMEC	means		Advanced Micro-Fabrication Equipment Inc.
	HZCCTECH	means		Hangzhou Changchuan Technology Co., Ltd.
	ASML	means		ASML Holding N.V.
	KLA	means		KLA Corporation
	Applied Materials	means		Applied Materials, Inc.
	MOST	means		Ministry of Science and Technology of the People’s Republic of China
	MIIT	means		Ministry of Industry and Information Technology of the People’s Republic of China
	NDRC	means		National Development and Reform Commission of the People’s Republic of China
	MOF	means		Ministry of Finance of the People’s Republic of China
	CSRC	means		China Securities Regulatory Commission
	SASAC	means		State-owned Assets Supervision and Administration Commission of the State Council
	The Company Law	means		The Company Law of the People’s Republic of China
	The Securities Law	means		The Securities Law of the People’s Republic of China
	The Articles of Association	means		The Articles of Association of ACM Research (Shanghai), Inc.
	The Articles of Association (Draft)	means		The Articles of Association of ACM Research (Shanghai), Inc. (Draft) applicable to the Issuer after the Offering
	NASDAQ	means		National Association of Securities Dealers Automated Quotations, the NASDAQ stock market
	Sponsor, Lead Underwriter, [***]	means		[***]
	Joint Lead Underwriter	means		[***]
	Issuer’s Lawyer; King & Wood	means		King & Wood Mallesons
	Reporting Accountant, Lixin	means		BDO CHINA SHU LUN PAN Certified Public Accountants LLP
	Appraisal Agency, China United Appraisal	means		China United Assets Appraisal Group Co., Ltd.
	Offering	means		the public offering of 43,355,753 shares
	Reporting Period	means		2018, 2019, 2020 and the 6-month period ending June 30, 2021
	RMB 1 Yuan, RMB 10,000 Yuan	means		RMB 1 Yuan and RMB 10,000 Yuan

	II. Technical Terms
	Semiconductors	mean		materials which have an intermediate conductivity between that of conductors and insulators at room temperature, which can be divided into integrated circuits (IC), discrete devices, optoelectronics and sensors in accordance with manufacturing technology. Semiconductors can be widely used in downstream communications, computers, consumer electronics, network technology, automobile, aerospace and other industries.
	Silicon Slice	means		Silicon Wafer, a silicon slice of semiconductor used for the fabrication of semiconductor devices such as integrated circuits, discrete devices and sensors.
	IC	means		Integrated Circuit, a circuit or system that uses a series of specific processing techniques to interconnect active components such as transistors and diodoes and passive originals such resistors and capacitors, integrate them on a semiconductor wafer according to a certain circuit, and package them in a shell to achieve specific functions.
	Wafer	means		the Silicon Slice during the specific processing such as oxidation/diffusion, photolithography, etching, ion implantation, film growth, cleaning and polishing, metallization, etc.
	Fab	means		a manufacturer that produces semiconductor devices on silicon wafers through a series of specific processing techniques.
	Chip	means		an IC carrier, and also the result of design, manufacturing, packaging, and testing of IC.
	Graphic Wafer	means		a wafer with a patterned structure on its surface.
	Wafer Fabrication, Chip Fabrication	means		the process of manufacturing semiconductor silicon wafers into chips through a series of specific processing technology, which are divided into front wafer manufacturing and back packaging testing.
	IDM	means		Integrated Device Manufacture, i.e., an Integrated Device Manufacturer completes the entire industrial chain from integrated circuit design, wafer manufacturing to test and packaging.
	Storage Device	means		a memory device in an electronic system for holding programs and data.
	Sensor	means		a detection device, which can feel the information measured and convert it to an electrical signal or information output in any other required form according to a certain law, thus to meet the information transmission, processing, storage, display, record and control requirements.
	Power Device	means		a large-power electronic device for power conversion and control circuits in power equipment.
	Discrete Device	means		a semiconductor device having a fixed single characteristic and function.
	NAND Flash Memory	means		flash memory/data storage type flash memory.
	5G	means		5th-Generation, i.e., the Fifth Generation of Mobile Phone Mobile Communications Standards.
	Photoetching	means		a process in which the circuit graphics are transferred to the surface of a single crystal or dielectric layer to form effective graphics windows or functional graphics by using the optical-chemical reaction principle and chemical and physical etching methods.

	Etching	means		the process of selectively removing unwanted material from a silicon surface by chemical or physical means, which is one of the main processes for photolithographic processing and a key step in semiconductor manufacturing.
	Gluing	means		the process of applying photoresist evenly to the surface of a wafer.
	Developing	means		the process of imaging the exposed wafer, by which the graphics imaged on the optical resistance are displayed.
	CVD	means		Chemical Vapor Deposition
	PVD	means		Physical Vapor Deposition
	LPCVD	means		Low Pressure Chemical Vapor Deposition
	ALD	means		Atomic Layer Deposition, a method that can plate the substance layer by layer in the form of monatomic film.
	DRAM	means		Dynamic Random-Access Memory
	RAM	means		Random Access Memory, a semiconductor memory.
	LCD	means		Liquid Crystal Display
	MEMS	means		Mechanical System
	MOCVD	means		Metal-organic Chemical Vapor Deposition.
	CMP	means		Chemical Mechanical Polishing, to make the surface of a wafer completely flat or flattened.
	SFP	means		Stress Free Polish, a technology that uses the principle of electrochemical reaction to abandon the mechanical pressure of the polishing process during the process of discarding the metal film on the surface of the wafer to eliminate the damage of the mechanical pressure on the metal wiring.
	VOC	means		Volatile Organic Compounds.
	Pa	means		The unit of pressure pascal, referred to as Pa.
	Dielectric Substance	means		all materials that can be polarized under the action of an external electric field, which usually present their electrical properties in the form of induction rather than conduction in the electric field.
	Precursor Chemicals	means		a chemical that can be mutated into another chemical or used to make another chemical.
	Yield	means		the percentage of the number of circuits whose test results are good accounting for the total number of circuits under test after the circuits under test have gone through all test procedures.
	Front-End, Back-End	means		the front-end process and the back-end process in the manufacture of the semiconductor devices, with the front-end process mainly including Photoetching, Etching, cleaning, ion implantation, chemical machinery flat etc. and the back-end process mainly including routing, Bonder, FCB, BGA reballing, inspection, testing etc.
	Packaging	means		the process of wrapping a small piece of material (such as a Chip) in a support housing during the final phase of Semiconductor development to prevent physical damage and corrosion and to allow the Chip to be connected to a circuit board.

	Advanced Packaging	means		cutting-edge Packaging forms and technologies. At present, Packaging with Flip Chip (FC) structure, Wafer Level Packaging (WLP), System in a Package (SIP), 2.5D Packaging and 3D Packaging etc. are considered to belong to the category of Advanced Packaging
	FC	means		Flip Chip, a DFN structure generally containing circuit units, which is designed to be electrically and mechanically connected to a circuit by an appropriate number of solder balls on its surface (covered by a conductive adhesive).
	WLP	means		Wafer Level Packaging, reducing the size of the Packaging to the size of an integrated circuit Chip and the fact that it can be made in batches as a wafer reduces the cost of the Packaging.
	SIP	means		System in a Package, which integrates a variety of functional Chips, including processors, memory and other functional Chips in a package, so as to achieve a basic complete function.
	3D Packaging	means		the Packaging technology in which more than two Chips are stacked vertically in the same packaging body without changing the size of the package body, with the main characteristics of multi-function, high efficiency, large capacity, high density, diploid increase of the functions and applications in unit volume and low cost.
	Fan-out	means		a wafer reconstruction technology, by which the Chip is re-embedded on the wafer, and then the Packaging is carried out according to the steps similar to the standard WLP process. The actual package area is larger than the chip area, and other active devices and passive components can be added to form SIP when the area is expanded.
	Under Bump Metal, UBM	means		the metal transition layer between the solder pad and the solder ball, which is located on top of the wafer passivation layer. There are very good adhesion characteristics between UBM and the metallized layer on the wafer and UBM also has good wetting characteristics with the solder ball, which acts as the diffusion layer of solder between the welding ball and IC metal welding pad. As an oxidation barrier layer, UBM also plays a role in protecting the Chip.
	UBM/RDL Technology	means		the Under-Bump Metal/redistribution layer technology, by which the undercut can be minimized while removing the barrier layer and seed layer, and the time to complete the etching step can be controlled and accurately monitored thus to reduce the undercut and ensure the critical feature (line or bump) size.
	Pillar Bump	means		pillar bumps.
	FinFET	means		Fin Field-Effect Transistor, a new complementary metal-oxide semiconductor transistor, which can improve circuit control, reduce leakage current and shorten the gate length of the transistor.
	SC-1 Solution	means		Standard Clean 1, a solution prepared by mixing a certain proportion of ammonia water, hydrogen peroxide and water and used for cleaning semiconductor silicon wafers.
	ppm	means		Parts per million, a concentration expressed in parts per million of the mass of the solute in the total solution mass, also known as parts per million concentration.

	IPA Drying	means		the process of using low surface tension and volatile characteristics of isopropyl alcohol (IPA) to replace the water with high surface tension on the surface of silicon wafers and then blowing dry with nitrogen to completely dry the silicon water film.
	PTFE	means		Poly Tetra FluoroEthylene, with the characteristics of anti-acid, anti-alkali, anti-various organic solvents, high temperature resistance and very low friction coefficient.
	TSV	means		Through Silicon Vias, a three-dimensional (3D) vertical integration with through silicon vias (TSV) copper interconnect, which is currently considered to be one of the most advanced technologies in the Semiconductor industry.
	Bernoulli Chuck	means		a device that uses the Bernoulli aerodynamic suspension principle to suck the wafer on the chuck during wafer cleaning.
	Robot Arm	means		an automatic operation device that can imitate some action functions of human hand and arm to grab and carry objects or to operate tools according to fixed procedures. The feature is that it can complete various expected tasks through programming. The structure and performance of the device have the advantages of both human and manipulator machines.
	SAPS Cleaning Technology	means		Space Alternative Phase Shift technology, which utilizes megasonic alternating phases to provide megasonic energy to the flat and patterned wafer surfaces in a highly uniform manner at the microscopic level, effectively removing random defects throughout the wafer and reducing the use of chemicals.
	TEBO Cleaning Technology	means		Timely Energized Bubble Oscillation technology, which enables damage-free cleaning of patterned Chips through the use of a series of rapid pressure changes forcing the bubbles to oscillate in the specific size and shape, precise and multiparameter control of cavitation of bubbles in the mega-frequency ultrasonic cleaning process, and avoidance of any damage to the patterns caused by transient cavitation in traditional supersonic cleaning.
	Tahoe Technology	means		the cleaning technology independently developed by the Issuer, which integrates the tank module and the single-chip module in a single wet cleaning equipment and has the advantages of both; the cleaning effect and process applicability of the Tahoe cleaner can be compared with that of single-chip cleaner, can also greatly reduce the use of sulfuric acid, help customers reduce production costs and better comply with energy conservation and environmental protection policies.
	Damascus Process	means		a technique derived from the ancient Damascus craftsman, in which the dielectric layer is first etched with a film of a metal conductor and then filled with metal, with the feature that the metal layer does not need to be etched.
	Process, Node and Manufacturing Procedure	means		the size of the transistor gate width, used to measure the level of semiconductor chip manufacturing.
	Moore’s Law	means		the Moore’s Law put forward by Gordon Moore, i.e., the number of transistors on an integrated circuit doubles every 18 months, the corresponding performance doubles, and the cost drops by half.
	ECP	means		Electro Chemical Plating, the process of coating the surface of a wafer with a thin layer of other metals or alloys by using the electrolysis principle.
	mm	means		Millimeter, 10-3 meter, a unit used to describe the diameter of a Semiconductor Wafer.

	μm	means		Micrometer, 10-6 meter
	nm	means		Nanometer, 10-9 meter
	Gartner	means		a leading research and consulting company in the field of IT. Its research scope covers the entire IT industry from the upstream hardware design and manufacture and to the downstream terminal applications.
	WSTS	means		World Semiconductor Trade Statistics, a data statistics company in the semiconductor industry whose members include the world’s leading semiconductor manufacturers.
	SEMI	means		Semiconductor Equipment and Materials International
	VLSI Research	means		a leading research consultancy in the field of integrated circuits and pan-semiconductors, providing market research and economic analysis on technology, business and economics for the semiconductor industry chain. It rates and ranks the world’s IC and pan-semiconductor manufacturing and equipment companies annually.
	Yole	means		Yole Dévelopment, which provides market research, technology analysis, strategy consulting, targeted media and financial advisory services.

(I) Overview of the Issuer
Issuer’s Name	ACM Research (Shanghai), Inc.	Date of Establishment	May 17, 2005
Registered Capital	RMB 390,201,300 Yuan	Legal Representative	HUI WANG
Registered Address	Building 4, No.1690 Cailun Road, China (Shanghai) Pilot Free Trade Zone	Main Production and Operation Premises	Building 4, No.1690 Cailun Road, China (Shanghai) Pilot Free Trade Zone
Controlling Shareholder	ACM Research, Inc.	Actual Controller	HUI WANG
Classification of Industry	Special Equipment Manufacturing (Classification Code: C35)	Status of Listing (Applying to List) on Another Exchange	None
(II) The Intermediaries for the Offering
Sponsor	[***]	Lead Underwriter	[***]
Issuer’s Lawyer	King & Wood Mallesons	Joint Lead Underwriter	[***]
Audit Institution	BDO CHINA SHU LUN PAN Certified Public Accountants LLP	Appraisal Agency	China United Assets Appraisal Group Co., Ltd.

(I) Basic Information of the Offering
Class of Shares	RMB-denominated Common Shares (A Shares)
Par Value per Share	RMB 1.00 Yuan
Number of Shares in the Offering	43,355,753 shares	Proportion in the Total Share Capital after the Offering	10.00%
Thereinto: Number of New Shares	43,355,753 shares	Proportion in the Total Share Capital after the Offering	10.00%
Number of Shares Offered by Shareholders	-	Proportion in the Total Share Capital after the Offering	-
Total Share Capital after the Offering	433,557,100 shares
Offering Price per Share	RMB 85.00 Yuan
Offering P/E	398.67 Times (offering price per share divided by earnings per share, of which, the earnings per share are calculated by dividing the lower of the audited net profits attributable to owners of the parent company before and after deducting non-recurring profit and loss in the year 2020 by the total share capital after the Offering)

Net Asset Value per Share Prior to the Offering	RMB 2.94 Yuan/Share (calculated by dividing the audited shareholder’s equity attributable to the parent company on the date of June 30, 2021 by the total share capital prior to the Offering)	Earnings per Share Prior to the Offering	RMB 0.24 Yuan/Share (calculated by dividing the lower of the audited net profits attributable to owners of the parent company before and after deducting non-recurring profit and loss in the year 2020 by the total share capital after the Offering)
Net Asset Value per Share after the Offering	RMB 10.68 Yuan (calculated by dividing the owner’s equity attributable to the parent company after the Offering by the total share capital after the Offering, of which, the owner’s equity attributable to the parent company after the Offering is calculated by the sum of the audited owner’s equity attributable to the parent company as at June 30, 2021 and the net fund raised)	Earnings per Share after the Offering	RMB 0.21 Yuan (calculated by dividing the lower of the audited net profits attributable to owners of the parent company before and after deducting non-recurring profit and loss in the year 2020 by the total share capital after the Offering)
Offering P/B	7.96 Times (calculated by dividing the offering price per share by the net asset value per share after the Offering)
Offering Mode	The combination mode of private placement to strategic investors, offline inquiry placing to qualified investors and online fixed-price offering to social public investors holding non-restricted A shares and non-restricted depositary receipts in Shanghai market will be adopted for the Offering.
Offering Targets	Qualified strategic investors, inquiry objects and domestic natural persons, legal persons and other investors opening accounts of the SSE and enabling trading on the STAR Market (other than those prohibited by laws, regulations and the business rules of the SSE).
Underwriting Mode	Stand-by Underwriting
Name of Shareholders Proposing to Offer Shares to the Public	N/A
Principle of Offering Expenses Sharing	-
Total Fund Raised	RMB 3,685.239 million Yuan
Net Fund Raised	RMB 3,481.2585 million Yuan

Projects to be Invested by the Fund Raised	1. ACMSH equipment R&D and manufacturing center
	2. ACMSH high end semiconductor equipment R&D project
	3. Supplementing working capital
Estimated Offering Expenses	Sponsor and underwriting fees	RMB 173.832 million Yuan (excluding tax)
	Accounting fees	RMB 12.467 million Yuan (excluding tax)
	Lawyer’s fees	RMB 10.9045 million Yuan (excluding tax)
	Information disclosure fees	RMB 4.5755 million Yuan (excluding tax)
	Offering service charges	RMB 2.2015 million Yuan (excluding tax)
	Note: The offering service charges amounted to RMB 1.331 million Yuan in the [***] disclosed last time, the difference between which and those in the [***] lying in the stamp tax of RMB 870,500 Yuan for the Offering. Except for such adjustment, there is no other adjustment to the offering expenses.
(II) Important Dates for the Offering
Date of Initial Bidding	November 3, 2021
Date for Publication of Offering Notice	November 5, 2021
Subscription Date	November 8, 2021
Payment Date	November 10, 2021
Listing Date	After the Offering, the Company will apply for listing on the STAR Market of SSE as soon as possible.

Item	June 30, 2021	December 31, 2020	December 31, 2019	December 31, 2018
Total Assets (RMB 10,000 Yuan)	229,393.43	184,352.37	130,800.15	63,602.25
Owner’s Equity Attributable to Parent Company (RMB 10,000 Yuan)	114,743.11	104,867.33	82,992.90	14,504.75
Debt Asset Ratio (Parent Company)	40.83%	35.60%	32.56%	76.34%
Item	From Jan. to Jun. 2021	2020	2019	2018
Operating Income (RMB 10,000 Yuan)	62,528.08	100,747.18	75,673.30	55,026.91
Net Profit (RMB 10,000 Yuan)	8,967.60	19,676.99	13,488.73	9,253.04
Net Profit Attributable to the Shareholders of the Issuer (RMB 10,000 Yuan)	8,967.60	19,676.99	13,488.73	9,253.04
Net Profit Attributable to the Parent Company after Deduction of Non-recurring Profit and Loss (RMB 10,000 Yuan)	4,885.66	9,243.78	13,047.50	7,140.06
Basic Earnings per Share (RMB 1 Yuan)	0.23	0.50	0.36	N/A
Diluted Earnings per Share (RMB 1 Yuan)	0.23	0.50	0.36	N/A
Weighted Average Return on Equity (%)	8.20	21.20	34.22	137.72
Net Cash Flow from the Operating Activities (RMB 10,000 Yuan)	4,093.21	-8,824.49	7,270.65	3,881.03
Cash Dividends (RMB 10,000 Yuan)	-	-	-	-
R & D Expenditure as a Percentage of Operating Income (%)	18.33	13.97	13.12	14.43

No.	Field of the Customer	Names of Customers
1	Wafer Fabrication	Hynix, Huahong Group, Yangtze Memory, SMIC, Hefei Changxin
2	Advanced Packaging	JCET, TFME, SJsemi, Nepes
3	Semiconductor Wafer Manufacturing and Recycling	ZING SEMI, JRH, Wafer Works, PSI
4	Scientific Research Institutions	Institute of Microelectronics of the Chinese Academy of Sciences, Shanghai IC R&D Center Co., Ltd., NCAP

Item	From Jan. to Jun. 2021		2020		2019		2018
	Amount	Ratio	Amount	Ratio	Amount	Ratio	Amount	Ratio
Semiconductor Cleaning Equipment	48,900.39	83.16%	81,627.25	83.69%	62,522.30	84.10%	50,135.96	92.91%
Including: Single-wafer Cleaning Equipment	43,884.74	74.63%	71,610.80	73.42%	55,099.52	74.12%	50,135.96	92.91%
Wet Bench Cleaning Equipment	5,015.65	8.53%	3,310.85	3.39%	4,801.36	6.46%	-	-
Single Wafer Wet Bench Combined Cleaning Equipment	-	-	6,705.60	6.88%	2,621.43	3.53%	-	-
Semiconductor Electro-plating Equipment	3,591.85	6.11%	5,290.13	5.42%	7,857.39	10.57%	1,191.13	2.21%
Advanced Packaging Wet Processing Equipment	6,312.54	10.73%	9,856.51	10.11%	3,961.12	5.33%	2,634.07	4.88%
Vertical furnace tube equipment	-	-	758.90	0.78%	-	-	-	-
Total	58,804.77	100.00%	97,532.78	100.00%	74,340.81	100.00%	53,961.17	100.00%

Ranking	Name of Enterprise
1	AMEC
2	NAURA
3	CETC Electronics Equipment Group Co., Ltd.
4	ACMSH
5	KINGSEMI

Industry field of the Company	✓ Next-generation information and technology	The Company is in the “special equipment manufacturing industry” (C35) according to the Guidelines for the Industry Classification of Listed Companies (2012 Revision) issued by the CSRC and engaged in the “manufacturing of special equipment for semiconductor devices” (C3562) under the “special equipment manufacturing industry” according to the Industrial Classification for National Economic Activities (GB/T 4754-2017) issued by the National Bureau of Statistics. Pursuant to the Classification of Strategic Emerging Industries (2018) issued by the National Bureau of Statistics, the manufacturing of special equipment for semiconductor devices engaged by the Company is a strategic emerging industry, as follows: 1. new-generation information and technology industry - 1.2 electronic core industry - 1.2.1 new electronic components and equipment manufacturing - manufacturing of special equipment for semiconductor devices.
	☐ High-end equipment
	☐ New materials
	☐ New energy
	☐ Energy saving and environmental protection
	☐ Biomedicine
	☐ Other fields in line with the positioning of the STAR Market

Criteria for evaluating the science and technology innovation attributes		Whether the criterion is met	Indicators
Its research and development investment accounts for 5% or more of operating income in the last three years, or its total research and development investment in the last three years exceeds RMB 60 million Yuan.		✓ Yes ☐ No	In 2018, 2019 and 2020, the Company’s research and development investment totals to RMB 319.4741 million Yuan, accounting for 13.80% of the total operating income of RMB 2,314.4738 million Yuan in the last three years, meeting the requirements defined in Article 1 (1) of the Guidelines for the Evaluation of Science and Technology Innovation Attributes (for Trial Implementation).
Its research and development personnel account for 10% or more of the total number of its employees in the corresponding year.		✓ Yes ☐ No	In 2020, the Company’s research and development personnel accounted for 42.07% of the total number of its employees, meeting the requirements defined in Article 1 (2) of the Guidelines for the Evaluation of Science and Technology Innovation Attributes (for Trial Implementation).
It has five or more patents for invention (including defense patents) generating main operating income.		✓ Yes ☐ No	As of June 30, 2021, the Company has been granted 322 patents, including 317 invention patents, and in 2018, 2019 and 2020, its income from core technology products accounted for 98.06%, 98.24% and 96.81% of its operating income, respectively, thereby meeting the requirements defined in Article 1 (3) of the Guidelines for the Evaluation of Science and Technology Innovation Attributes (for Trial Implementation).
The compound growth rate of its operating income in the last three years reaches 20%, or its operating income in the last year reaches RMB 0.3 billion Yuan.		✓ Yes ☐ No	In 2018, 2019 and 2020, the Company’s operating income was RMB 550,269,100 Yuan, RMB 756,733,000 Yuan and RMB 1,007,471,800 Yuan, respectively, with a compound growth rate of 35.31% in the last three years, meeting the requirements defined in Article 1 (4) of the Guidelines for the Evaluation of Science and Technology Innovation Attributes (for Trial Implementation).

No.	Investment Orientation of the Raised Fund	Total Investment	Amount of the Raised Fund to be Used
1	ACMSH Equipment R&D and Manufacturing Center	88,245	70,000
2	ACMSH High-end Semiconductor Equipment R&D Project	45,000	45,000
3	To Supplement Liquidity	65,000	65,000
Total		198,245	180,000

(I) Class of Shares:	RMB-denominated Common Shares (A Shares)
(II) Par Value per Share:	RMB 1.00 Yuan
(III) Number of Shares in the Offering:	The number of shares offered in the Public Offering shall be 43,355,753.00, accounting for 10.00% of the total share capital of the Company after the Offering. The Offering does not involve any public offering of shares by shareholders.
(IV) Offering Price per Share:	RMB 85.00 Yuan/Share
(V) Participation of the Issuer’s Senior Executives and Employees in Strategic Placement:	On November 4, 2020, the Company held the 9th session of the first board of directors, deliberating and passing the Proposal on the Participation of Officers and Core Employees in the Strategic Placement of the Offering and Listing, whereby some senior executives and core employees of the Company are allowed to participate in the strategic placement of the Offering and Listing by establishing a special asset management plan and to subscribe for up to 10% of the shares in the Offering. On August 27, 2021, the Company held the 12th session of the first board of directors, deliberating and approving the Proposal on Adjusting the Company’s Senior Executives and New Core Employees Participating in the Strategic Placement of the Offering and Listing, pursuant to which the list of senior executives and core employees participating in the strategic placement of the Offering and Listing was adjusted, and finally no one other than those in the list would be permitted to actually participate therein. The number of shares participated by the aforementioned asset management plan in the strategic placement is 3,219,198, accounting for 7.43% of the total number of shares in the Public Offering. The Collective Asset Management Plan of CICC Wealth Management - ACMSH Employees Participating in the Strategic Placement Involving the STAR Market undertakes that the shares available to it in the placement will be subject to a lock-up period of 12 months from the date of the Issuer’s IPO and Listing.
(VI) Participation of the Sponsor’s Subsidiaries in Strategic Placement:	[***], a subsidiary of [***], is arranged by the latter to participate in the strategic placement concerning the Offering, with the number of follow-up investment shares to be 1,176,470 accounting for 2.71% of the shares in the Public Offering. The said shares placed to [***] shall be subject to a lock-up period of 24 months from the date of the IPO and Listing of the Issuer.
(VII) Offering P/E:	398.67 Times (calculated by the offering price dividing by the earnings per share; the earnings per share is calculated by dividing the lower of the audited net profits attributable to shareholders of the parent company before and after deducting non-recurring profit and loss in the year 2020 by the total share capital after the Offering)
(VIII) Net Asset Value per Share Prior to the Offering:	RMB 2.94 Yuan/Share (calculated by dividing the audited shareholder’s equity attributable to the parent company on the date of June 30, 2021 by the total share capital prior to the Offering)
(IX) Net Asset Value per Share after the Offering:	RMB 10.68 Yuan/Share (calculated by dividing the sum of the audited shareholder’s equity attributable to the parent company on the date of June 30, 2021 plus the net proceeds of the Offering by the total share capital after the Offering)
(X) Offering P/B:	7.96 Times (calculated by dividing the offering price per share by the net assets per share after the Offering)

(XI) Offering Mode:	The combination mode of private placement to strategic investors, offline inquiry placing to qualified investors and online fixed-price offering to social public investors holding non-restricted A shares and non-restricted depositary receipts in Shanghai market will be adopted for the Offering.
(XII) Offering Targets:	Qualified strategic investors, inquiry objects and domestic natural persons, legal persons and other investors opening accounts of the SSE and enabling trading on the STAR Market (other than those prohibited by laws, regulations and the business rules of the SSE).
(XIII) Underwriting Mode:	Stand-by Underwriting
(XIV) Estimated Offering Fees:	Sponsor and underwriting fees	RMB 173.832 million Yuan (excluding tax)
	Accounting fees	RMB 12.467 million Yuan (excluding tax)
	Lawyer’s fees	RMB 10.9045 million Yuan (excluding tax)
	Information disclosure fees	RMB 4.5755 million Yuan (excluding tax)
	Offering service charges	RMB 2.2015 million Yuan (excluding tax)
	Note: The offering service charges amounted to RMB 1.331 million Yuan in the [***] disclosed last time, the difference between which and those in the [***] lying in the stamp tax of RMB 870,500 Yuan for the Offering. Except for such adjustment, there is no other adjustment to the offering expenses.

(I) Issuer
Name	ACM Research (Shanghai), Inc.
Legal Representative	HUI WANG
Domicile	Building 4, No.1690 Cailun Road, China (Shanghai) Pilot Free Trade Zone
Telephone	021-50808868
Fax	021-50808860
Contact Person	MINGZHU LUO
(II) Sponsor (Lead Underwriter)
Name	[***]
Legal Representative	[***]
Domicile	[***]
Telephone	[***]
Fax	[***]
Sponsor Representatives	[***]
Project Co-organizer
Project Managers	[***]

(III) Joint Lead Underwriter
Name	[***]
Legal Representative	[***]
Domicile	[***]
Telephone	[***]
Fax	[***]
Project Managers	[***]
(IV) Law Firm
Name	King & Wood Mallesons
Person in Charge	LING WANG
Domicile	17th & 18th Floors, East Tower, World Financial Center 1, No.1 Dongsanhuan Zhonglu, Chaoyang District, Beijing
Telephone	010-58785588
Fax	010-58785599
Responsible Lawyers	HUI XU, FUAN CHEN, ANRONG WANG
(V) Accounting Firm
Name	BDO CHINA SHU LUN PAN Certified Public Accountants LLP
Managing Partner	ZHIGUO YANG
Domicile	4 F, No.61 East Nanjing Road, Huangpu District, Shanghai
Telephone	0755-82584611
Fax	0755-82584611
Responsible Certified Public Accountants	YI TANG, JING Zhao
(VI) Asset Appraisal Agency
Name	China United Assets Appraisal Group Co., Ltd.
Legal Representative	ZHI HU
Domicile	F4, East Block, Kaichen World Trade Center, 28 Fuxingmennei Street, Xicheng District, Beijing
Telephone	010-88000066
Fax	010-88000066
Responsible Certified Appraisers	WEI LIU and QIQUAN GE
(VII) Stock Registrar
Name	China Securities Depository and Clearing Corporation Limited Shanghai Branch
Domicile	188 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone
Telephone	021-58708888

(VIII) Recipient Bank
Account Name	[***]
Opening Bank	[***]
Account Number	[***]
(IX) Stock Exchange Applied for Listing
Name	Shanghai Stock Exchange
Domicile	Shanghai Stock Exchange Building, 528 Pudong South Road, Shanghai
Telephone	021-68808888

Date of Initial Bidding	November 3, 2021
Date for Publication of Offering Notice	November 5, 2021
Subscription Date	November 8, 2021
Payment Date	November 10, 2021
Listing Date	After the Offering, the Company will apply for listing on the STAR Market of SSE as soon as possible.

Name of Strategic Investor	Number of Placed Shares (10,000 Shares)	Placed Amount (RMB 1 Yuan)	Brokerage Commission for New Share Placement (RMB 1 Yuan)	Lock-up Period
[***]	117.6470	99,999,950.00	-	24 months
CICC Wealth Management - ACMSH Employees Participating in the Strategic Placement Involving the STAR Market	321.9198	273,631,830.00	1,368,159.15	12 months
Shanghai Guosheng Group Co., Ltd.	43.3558	36,852,430.00	184,262.15	12 months
Shanghai Pudong Technology Innovation Group Co., Ltd.	43.3558	36,852,430.00	184,262.15	12 months
Shanghai Science and Technology Venture Capital (Group) Co., Ltd.	65.0337	55,278,645.00	276,393.23	12 months
Shanghai Huali Microelectronics Corporation	70.2370	59,701,450.00	298,507.25	12 months
Beijing Yitang Tongzhou Equity Investment Center (L.P.)	43.3558	36,852,430.00	184,262.15	12 months
Will Semiconductor CO., Ltd. Shanghai	43.3558	36,852,430.00	184,262.15	12 months
Shanghai Zhangjiang Science and Technology Venture Capital Co., Ltd.	21.6750	18,423,750.00	92,118.75	12 months
Total	769.9357	654,445,345.00	2,772,226.98	-

Specific name	Actual dominant entity	Record No.	Date of establishment time	Size of raised funds (RMB 10,000 Yuan)	Upper limit of subscription size (including brokerage commission for placement of new shares) (RMB 10,000 Yuan)	Manager
CICC Wealth Management - ACMSH Employees Participating in the Strategic Placement Involving the STAR Market	CHINA CICC WEALTH MANAGEMENT SECURITIES COMPANY LIMITED	SSR594	September 24, 2021	27,500	27,500	CHINA CICC WEALTH MANAGEMENT SECURITIES COMPANY LIMITED

S/N	Name	Position	Paid-in amount (RMB 10,000 Yuan)	Proportion of shares held under the asset management plan (%)	Employee category
1	WANG HUI	Chairman	3,000	10.91	Core employee
2	WANG JIAN	General Manager	6,000	21.82	Senior executive
3	FUPING CHEN	Vice General Manager	3,600	13.09	Senior executive
4	MINGZHU LUO	Board Secretary	1,100	4.00	Senior executive
5	WANG JUN	Deputy General Manager of Engineering	900	3.27	Core employee
6	XUEJUN LI	Deputy General Manager of After-sales Service	825	3.00	Core employee
7	FENG LISA YI LU	Financial Director	600	2.18	Senior executive
8	XIAOYAN ZHANG	Process Director	571	2.08	Core employee
9	YAN LI	Purchasing Director	530	1.93	Core employee
10	GUANGYU XIA	After-sales Service Director	495	1.80	Core employee
11	JUN WU	Mechanical Director	460	1.67	Core employee
12	SHENA JIA	Mechanical Director	430	1.56	Core employee
13	XIAOFENG TAO	Mechanical Director	375	1.36	Core employee
14	YINUO JIN	Process Director	360	1.31	Core employee
15	XIAYUN YANG	HR Director	350	1.27	Core employee
16	ZHENMING CHU	Process Manager	345	1.25	Core employee
17	WENJUN WANG	Process Director	344	1.25	Core employee

18	HU ZHAO	After-sales Service Director	315	1.15	Core employee
19	SHU YANG	Process Manager	305	1.11	Core employee
20	LAN WANG	Chief Financial Officer	270	0.98	Core employee
21	FANGYONG ZHEN	After-sales Service Manager	245	0.89	Core employee
22	GUANGBO HAN	Marketing Manager	230	0.84	Core employee
23	ZHAOWEI JIA	Process Director	215	0.78	Core employee
24	SHAN ZHANG	Process Manager	210	0.76	Core employee
25	XI WANG	Marketing Director	195	0.71	Core employee
26	QIANG WANG	After-sales Service Manager	195	0.71	Core employee
27	HUI SHEN	Software Director	195	0.71	Core employee
28	ANYUN BI	Finance Manager	190	0.69	Core employee
29	YU NIE	Standardization Manager	180	0.65	Core employee
30	XIAOQUN WANG	Quality Manager	165	0.60	Core employee
31	WEI ZHANG	After-sales Service Manager	165	0.60	Core employee
32	DEYUN WANG	Software Director	158	0.57	Core employee
33	XINZHENG WANG	Project Director	155	0.56	Core employee
34	WENJUN HU	After-sales Service Manager	145	0.53	Core employee
35	XINPING DENG	Mechanical Manager	142	0.52	Core employee
36	DONGCHENG ZHOU	After-sales Service Manager	130	0.47	Core employee
37	HONGCHAO YANG	Mechanical Director	130	0.47	Core employee
38	YANLI HU	Patent Manager	130	0.47	Core employee

39	GUANZHONG LU	Technical Sales Director	130	0.47	Core employee
40	WENQING JI	Information Technology Manager	130	0.47	Core employee
41	LIU FENG	Sales Manager	130	0.47	Core employee
42	FEI HUO	Project Manager	130	0.47	Core employee
43	DANYING WANG	Sales Manager	125	0.45	Core employee
44	YULU HU	Electrical Director	120	0.44	Core employee
45	YU WANG	Software Manager	105	0.38	Core employee
46	CHUANYUN ZHU	Assembly Manager	105	0.38	Core employee
47	LEI WU	Mechanical Manager	105	0.38	Core employee
48	ZHENJIANG QIN	Mechanical Manager	105	0.38	Core employee
49	XIAOHUI ZHANG	HR Manager	105	0.38	Core employee
50	RONG XU	Process Manager	105	0.38	Core employee
51	YUNCHEN YU	Electrical Manager	105	0.38	Core employee
52	MINLI GU	Finance Manager	105	0.38	Core employee
53	LAN XI	Administrative Manager	105	0.38	Core employee
54	YUAN ZONG	Process Manager	105	0.38	Core employee
55	XIAOWEI DI	Test Manager	105	0.38	Core employee
56	RONG CAO	Laboratory Manager	105	0.38	Core employee
57	CHENHUA LU	Process Manager	105	0.38	Core employee
58	YINGWEI DAI	Safety Manager	105	0.38	Core employee
59	CHENG CHENG	Mechanical Manager	105	0.38	Core employee
60	XINXIN JIAO	Mechanical Manager	105	0.38	Core employee
61	XIAOCHENG GU	Sales Manager	105	0.38	Core employee
62	LEI GUAN	Planning Manager	100	0.36	Core employee

63	LING ZHU	After-sales Service Manager	100	0.36	Core employee
64	FENG WANG	Purchasing Manager	100	0.36	Core employee
65	YUN SUN	Assembly Manager	100	0.36	Core employee
66	QI ZHU	Project Manager	100	0.36	Core employee
67	JUNZHUO WU	Electrical Manager	100	0.36	Core employee
Total			27,500	100.00	-

I.	Overview of the Issuer

Name:	盛美半导体设备（上海）股份有限公司
English Name:	ACM Research (Shanghai), Inc
Legal Representative：	HUI WANG
Share Capital:	RMB 390,201,347 Yuan
Date of Establishment:	May 17, 2005
Date of Overall Change:	November 21, 2019
Domicile:	Building 4, No.1690 Cailun Road, China (Shanghai) Pilot Free Trade Zone
Post Code:	201203
Telephone:	021-50808868
Fax:	021-50808860
Internet Address:	www.acmrcsh.com.cn
Email Address:	ir@acmrcsh.com
Information Disclosure Department:	Board Office
Person in Charge of Information Disclosure:	MINGZHU LUO
Telephone of the Information Disclosure Department:	021-50276506

(I)	Establishment of ACM Research (Shanghai), Inc.

No.	Name of Shareholder	Subscribed Capital Contribution (Ten Thousand US)	Paid-up Capital Contribution (Ten Thousand US)	Proportion of Shareholding (%)
1	ACMR	120	18.0088	100
Total		120	18.0088	100

(II)	Establishment of ACMSH

No.	Name of Shareholders	Shares Held (Ten Thousand Shares)	Proportion of Shareholding (%)
1	ACMR	35,769.2308	95.99
2	Xinwei Consulting	475.6154	1.28
3	[***]	230.7692	0.62
4	Jinpu Investment	192.3077	0.52
5	Taihu Guolian	192.3077	0.52
6	Xinshi Consulting	178.1923	0.48
7	Hai Feng Investment	153.8462	0.41
8	Xingang Consulting	72.7115	0.20
Total		37,264.9808	100.00

Item	2019/ December 31, 2019	2018/ December 31, 2018	2017/ December 31, 2017
Consolidated Financial Statements
Operating Income	75,673.30	55,026.91	25,358.73
Net Profit	13,488.73	9,253.04	1,086.06
Undistributed Profit	6,559.47	-7,598.98	-16,852.02
Financial Statements of the Parent Company
Operating Income	72,799.03	53,826.81	25,358.73
Net Profit	14,076.03	8,785.44	1,091.39
Undistributed Profit	6,724.45	-8,021.29	-16,806.73

Debit/Credit	Accounting Name	Amount
Debit	Paid-up Capital	37,264.98
Debit	Undistributed Profit	-1,416.88
Debit	Capital Reserves	19,440.89
Credit	Share Capital	37,264.98
Credit	Capital Reserves - Share Premium	18,024.01

(III)

Changes in the shareholders of the Issuer

1.

Equity Structure of the Issuer at the Beginning of the Reporting Period

No.	Name of Shareholder	Subscribed Capital Contribution (RMB 10,000 Yuan)	Paid-up Capital Contribution (RMB 10,000 Yuan)	Proportion of Shareholding (%)
1	ACMR	13,400.0000	13,400.0000	62.87
2	Shanghai Venture Capital Co., Ltd.	4,000.0000	4,000.0000	18.77
3	ZJTVC	1,615.1250	1,615.1250	7.58
4	PDHTI	2,297.3700	2,297.3700	10.78
Total		21,312.4950	21,312.4950	100.00

2.

In August, 2017, the Second Equity Transfer of ACMSH

No.	Name of Shareholder	Subscribed Capital Contribution (RMB 10,000 Yuan)	Paid-up Capital Contribution (RMB 10,000 Yuan)	Proportion of Shareholding (%)
1	ACMR	17,400.0000	17,400.0000	81.64
2	ZJTVC	1,615.1250	1,615.1250	7.58
3	PDHTI	2,297.3700	2,297.3700	10.78
Total		21,312.4950	21,312.4950	100.00

3.

In November, 2017, the Third Equity Transfer of ACMSH

No.	Name of Shareholder	Subscribed Capital Contribution (RMB 10,000 Yuan)	Paid-up Capital Contribution (RMB 10,000 Yuan)	Proportion of Shareholding (%)
1	ACMR	21,312.4950	21,312.4950	100.00
Total		21,312.4950	21,312.4950	100.00

4.

In May, 2019, the Fourth Capital Increase of ACMSH

No.	Name of Shareholder	Subscribed Capital Contribution (RMB 10,000 Yuan)	Paid-up Capital Contribution (RMB 10,000 Yuan)	Proportion of Shareholding (%)
1	ACMR	35,769.2308	35,769.2308	100.00
Total		35,769.2308	35,769.2308	100.00

5.

In June, 2019, the Fifth Capital Increase of ACMSH

No.	Name of Shareholder	Subscribed Capital Contribution (RMB 10,000 Yuan)	Paid-up Capital Contribution (RMB 10,000 Yuan)	Proportion of Shareholding (%)
1	ACMR	35,769.2308	35,769.2308	95.99
2	Xinwei Consulting	475.6154	475.6154	1.28
3	[***]	230.7692	230.7692	0.62
4	Jinpu Investment	192.3077	192.3077	0.52
5	Taihu Guolian	192.3077	192.3077	0.52
6	Xinshi Consulting	178.1923	178.1923	0.48
7	Hai Feng Investment	153.8462	153.8462	0.41
8	Xingang Consulting	72.7115	72.7115	0.20
Total		37,264.9808	37,264.9808	100.00

7.

In November, 2019, the First Capital Increase of ACMSH

No.	Name of Shareholder	Quantity of Shares Held (Ten Thousand Shares)	Proportion of Shareholding (%)
1	ACMR	35,769.23	91.67
2	Xinwei Consulting	475.62	1.22
3	SICIF	461.54	1.18
4	PDHTI	461.54	1.18
5	[***]	230.77	0.59
6	Shangrong Innovation	207.69	0.53
7	Jinpu Investment	192.31	0.49
8	Taihu Guolian	192.31	0.49
9	Xinshi Consulting	178.19	0.46
10	Yongkong Consulting	176.92	0.45
11	Hai Feng Investment	153.85	0.39
12	Runguang Investment	153.85	0.39
13	ZJTVC	153.85	0.39
14	SYEM	116.69	0.30
15	Xingang Consulting	72.71	0.19
16	SRJY	23.08	0.06
Total		39,020.13	100.00

(IV)	Material assets reorganization during the Issuer’s Reporting Period

(V)	Listing of the Issuer in other securities markets

(I)	Majority owned subsidiaries

	Name		清芯科技有限公司
	English Name		CleanChip Technologies Limited
	Address		FLAT/RM K 15/F, MG TOWER, 133 HOI BUN ROAD, KWUN TONG KL, HONGKONG
	Legal Representative		HUI WANG
	Registered Capital		10 Hong Kong
	Date of Establishment		June 9, 2017
	Main Business and Its Relationship with Main Business of the Issuer		Sales of Special Equipment for Semiconductors; Sales Platform of the Issuer’s Export Business
	Shareholders		The Company holds its 100% equity interests.

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	52,291.91	44,261.03
Net Assets	-2,092.06	-1,570.57
Net Profit	-538.07	-1,028.28

Name	ACM Research (Wuxi), Inc.
Unified Social Credit Code	91320214579450405R
Domicile	J1-6, Export Processing Zone, Wuxi New District
Legal Representative	HUI WANG
Registered Capital	RMB 5 million Yuan
Paid-in Capital	RMB 5 million Yuan
Date of Establishment	July 14, 2011
Type of Company	Limited Liability Company (Sole Proprietorship by Legal Person)
Business Scope	The design, production, processing of electronic special equipment and parts, sales of self-produced products, and provision of after-sales technical services and consulting services (for the above items subject to the administrative permits, relevant permits shall be obtained for operation)
Main Business and Its Relationship with Main Business of the Issuer	After-sales services for semiconductor equipment; providing after-sales services for some clients of the issuer
Shareholder	The Company holds its 100% equity interests.

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	205.27	81.33
Net Assets	-168.51	-205.64
Net Profit	37.13	-647.35

Name	Shengwei Semiconductor Equipment (Shanghai) Co., Ltd.
Unified Social Credit Code	91310115MA1HAJFA8M
Domicile	Building C, No.888 Huanhu West II Road, Nanhui New Town, Lingang New Area, China (Shanghai) Pilot Free Trade Zone
Legal Representative	HUI WANG
Registered Capital	RMB 5 million Yuan
Paid-in Capital	RMB 1 million Yuan
Date of Establishment	March 25, 2019
Type of Company	Limited Liability Company (Sole Proprietorship by WFOE Legal Person)
Business Scope	The technology development, technical services, technical consulting and technology transfer in the field of semiconductor equipment technology, the design and sales of electronic equipment and its parts, the import and export of goods and technology. (for the above items subject to the administrative permits, relevant permits shall be obtained for operation)
Main Business and Its Relationship with Main Business of the Issuer	Intending to be engaged in research and development, production and sales of semiconductor special equipment; under construction, not yet carrying out any business.
Shareholder	The Company holds its 100% equity interests.

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	33,422.16	33,314.73
Net Assets	57.45	141.49
Net Profit	-84.03	-158.50

Name	ACM Research Korea Co., LTD.
Registration No.	134411-0078948
Registered Address	No.402, 2106 Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do (Modern City Plaza)
CEO	YOUNG YOUL KIM
Registered Capital	KRW 100 Million
Number of Issued Shares	20,000 shares
Date of Establishment	December 5, 2017
Main Business and Its Relationship with Main Business of the Issuer	Research and development, production and sales of semiconductor special equipment; conducting research and development of semiconductor special equipment and the spare parts for the Issuer, and at the same time, purchasing the spare parts of semiconductor special equipment for the Issuer
Shareholders	CleanChip HK holds its 100% equity interests.

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	5,112.69	4,211.31
Net Assets	610.88	335.57
Net Profit	197.19	3.29

Name	ACM Research (CA), Inc.
Address	42307 Osgood Road, Suite #I, ROOM B, Fremont, CA 94539
Director	JIAN WANG
Number of Shares Outstanding	10,000 shares
Main Business and Its Relationship with Main Business of the Issuer	Purchase and sales of the spare parts of semiconductor special equipment; purchasing the spare parts of semiconductor special equipment for the Issuer
Date of Establishment	April 5, 2019
Shareholder	CleanChip HK holds its 100% equity interests.

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	7,476.70	3,129.06
Net Assets	765.34	383.71
Net Profit	386.14	423.12

(II)	Equity participation companies

1.

Shengyi Technology

Name	Shengyi Semiconductor Technology (Wuxi) Co., Ltd.
Unified Social Credit Code	91320214MA1XD32R1A
Domicile	F/7, China Internet of Things International Innovation Park, 200 Linghu Avenue, Xinwu District, Wuxi
Legal Representative	BEIYI WANG
Registered Capital	RMB 5 million Yuan
Type of Company	Limited Liability Company
Business Scope	Semiconductor technology development, technical services, technical consultation and technology transfer; Semiconductor equipment production, sales, installation, maintenance, testing; Sales of electronic products, electrical and mechanical equipment, mechanical equipment and accessories, instrumentation, chemical raw materials and products (with the hazardous chemicals business permit), metal materials, environmental protection equipment, metal products, rubber and plastic products, electrical and mechanical equipment, hardware and electrical equipment, building materials, chemical raw materials (except dangerous goods), fire-fighting equipment, packaging materials, furniture supplies, office supplies, articles of daily use, cleaning supplies; Import and export of all kinds of commodities and technologies on its own behalf or on behalf of others (except for commodities and technologies whose import and export are restricted or prohibited by the state). (For the above items subject to the administrative permits, relevant permits shall be obtained for operation)
Main Business	Production and sales of components and parts of semiconductor special equipment
Date of Establishment	October 29, 2018

No.	Name of Shareholder	Subscribed Capital Contribution (RMB 10,000 Yuan)	Proportion of Contributions (%)
1	BEIYI WANG	425	85
2	ACMSH	75	15
Total		500	100

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	3,976.94	1,690.61
Net Assets	825.63	586.44
Net Profit	257.87	68.49

Name	Hefei Shixi Chanheng Integrated Circuit Venture Capital Fund (L.P.)
Unified Social Credit Code	91340111MA2U3KUJ5C
Domicile	Room 6103, Haiheng Building, No.6 Cuiwei Road, Hefei Economic and Technological Development Area, Anhui Province
Managing Partner	Beijing Shixi Qingliu Investment Co., Ltd.
Type of Enterprise	Limited Partnership
Business Scope	Venture project investment; Venture capital investment consulting; Provision of entrepreneurial management services for enterprises. (For projects subject to approval according to law, business activities can only be carried out after the approval of relevant departments)
Main Business	Venture capital investment, consulting and entrepreneurial management services
Date of Establishment	September 10, 2019

No.	Name of Partners	Subscribed Capital Contributions (RMB 10,000 Yuan)	Proportion of Contributions (%)
1	Hefei Tongyi Equity Investment Partnership (L.P.)	7,600	25.33
2	Hefei Economic and Technological Development Zone Industrial Investment Guide Fund Co., Ltd.	6,600	22.00
3	Infotech National Emerging Fund (L.P.)	6,500	21.67
4	Hefei Guozheng Assets Management Co., Ltd.	5,000	16.67
5	ACMSH	3,000	10.00
6	Shenzhen Waitan Technology Development Co., Ltd.	1,000	3.33
7	Beijing Shixi Qingliu Investment Co., Ltd.	300	1.00
Total		30,000	100.00

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	29,644.41	29,908.96
Net Assets	29,344.41	29,608.96
Net Profit	-264.55	-322.91

Name	Qingdao Juyuan Xinxing Equity Investment Partnership (L.P.)
Unified Social Credit Code	91370214MA3T7CBF22
Domicile	302, Building 10, 89 Changcheng Road, Chengyang Street, Chengyang District, Qingdao, Shandong Province
Managing Partner	China Fortune-Tech Capital Co., Ltd.
Type of Enterprise	Limited Partnership
Business Scope	Equity investment with its own funds, asset management, investment management, equity investment management, venture capital and venture capital management (without the approval of the financial regulatory department according to law, it is not allowed to engage in financial services such as deposit absorption from the public, financing guarantee and financial management services for clients); Economic information consultation (excluding finance, securities, futures, financial management, fund-raising, financing and other related businesses). (For projects subject to approval according to law, business activities can only be carried out after the approval of relevant departments.)
Main Business	Equity investment and asset management
Date of Establishment	June 4, 2020

No.	Name of Partners	Subscribed Capital Contributions (RMB 10,000 Yuan)	Proportion of Contributions (%)
1	China Fortune-Tech Capital Co., Ltd.	500	0.22%
2	Advanced Micro-Fabrication Equipment Inc. China	30,000	13.02%
3	Shanghai Sinyang Semiconductor Materials Co., Ltd.	30,000	13.02%
4	Zing Semiconductor Corporation	20,000	8.68%
5	LanChi Investment Co., Ltd.	20,000	8.68%
6	Will Semiconductor CO., Ltd. Shanghai	20,000	8.68%
7	TIANJIN ZHONGHUAN SEMICONDUCTOR CO., LTD.	20,000	8.68%
8	Shenzhen Goodix Technology Co., Ltd.	20,000	8.68%
9	Giantec Semiconductor Corporation	10,000	4.34%
10	Allwinnertech Technology Co., Ltd.	10,000	4.34%
11	Anji Microelectronics Technology (Shanghai) Co., Ltd.	10,000	4.34%
12	ACMSH	10,000	4.34%
13	Shanghai Laimu Electronics Co., Ltd	10,000	4.34%
14	Konfoong Materials International Co., Ltd.	10,000	4.34%
15	PNC Process Systems Co., Ltd.	10,000	4.34%
Total		230,500	100.00%

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	481,326.60	425,041.61
Net Assets	481,326.60	425,041.61
Net Profit	56,284.99	198,041.61

(1)

Basic Information

Name	ACM RESEARCH INC
Stock Code	ACMR
Listing Date	November 3, 2017
Date of Establishment	January 18, 1998
Corporate Website	www.acmrcsh.com
Chairman	David H. Wang
Registered Address	c/o Corporation Service Company, 251 Little Falls Drive, County of New Castle, Wilmington, Delaware 19808
Office Address	42307 Osgood Road, Suite # #I, ROOM A, Fremont, CA 94539

(2)

The Setting and Conversion of Class A, B Common Shares

①

The Setting of Class A, B Common Shares

No.	Circumstances for conversion	Reasons for creation of conversion provisions
1	“Each outstanding share of Class B common stock is convertible into one share of Class A common stock at any time, at the option of the holder”	To realize the liquidity of shares of Class B common stock
2	“Each outstanding share of Class B common stock is convertible into one share of Class A common stock upon any transfer of such share of Class B common stock, whether or not for value, except for certain transfers described in the Restated Certificate of Incorporation, including transfers to family members, trusts solely for the benefit of the shareholder or its family members, and partnerships, corporations, or other entities exclusively owned by the stockholder or their family members”	To maintain the stability of holders of shares of Class B common stock and their voting rights
3	“Upon the adoption by the holders of a majority of the then outstanding shares of Class B common stock”	To grant shareholders of Class B common stock the power to convert all shares of Class B common stock into shares of Cass A common stock through majority voting
4	“On the first December 31 that occurs five years after the date of this Prospectus if the “October Market Cap” with respect to the month of October immediately preceding such December 31 exceeds US$1.0 billion”	The shares of Class B common stock will not be automatically converted into shares of Class A common stock before the “October Market Cap” exceeds US$ 1.0 billion, which can avoid ACMR being taken over hostilely during the period of the lower market value
5	“The above provision on conversion shall not apply and no automatic conversion of Class B common stock into Class A common stock will ever occur pursuant to the provisions above if the “October Market Cap” for the month of October immediately preceding a December 31 exceeds US$1.0 billion prior to the fifth anniversary of the date of this Prospectus.	To motivate major holders of shares of Class B common stock of ACMR and its officer HUI WANG; if the “October Market Value” exceeds US$ 1.0 billion within five years from the date of ACMR’s listing, no automatic conversion of Class B common stock into Class A common stock will ever occur, and HUI WANG may continue to maintain the control on the operation and management of ACMR

(3)

Major Shareholders

No.	Name of Shareholder	Quantity of Shares Held	Proportion of Shareholding
1	Shanghai Science and Technology Venture Capital Co., Ltd.	1,506,170	8.52%
2	Pudong Science and Technology (Cayman) Co., Ltd.	1,119,576	6.34%
3	Xinxin (Hongkong) Capital Co., Limited	833,334	4.72%
4	HAIPING DUN	285,030	1.61%
5	Shengxin (Shanghai) Management Consulting Limited Partnership	242,681	1.37%
Total		3,986,791	22.56%

No.	Name of Shareholder	Quantity of Shares Held	Proportion of Shareholding
1	HUI WANG	1,146,934	67.17%
2	BRIAN WANG	117,334	6.87%
3	SOPHIA WANG	117,334	6.87%
4	HAIPING DUN	100,000	5.86%
5	STEPHEN SUN-HAI CHIAO	69,815	4.09%
Total		1,551,417	90.85%

Title	David Hui Wang & Jing Chen Family Living Trust
Establishment Date	2001/2/28
Type of Trust	Living Trust
Term	Long-term
Settlor and Settlor’s Right and Obligation	Settlor: HUI WANG & JING CHEN The Grantors have no rights and bear no obligations with respect to the Trust Assets.
Trustee and Trustee’s Right and Obligation	Trustee: JING CHEN The Trustee has rights and bears obligations under the provisions of this Trust Agreement.
Beneficiary and Beneficiary’s Right and Obligation	Beneficiary: BRIAN WANG & SOPHIA WANG If JING CHEN shall die, BRIAN WANG and SOPHIA WANG will benefit 50% each. Prior to this, the Beneficiaries have no rights and bear no obligations with respect to the Trust Assets.
Actual Exercise of Trust Voting Rights Since Its Establishment	Trustee JING CHEN exercises voting rights over the Trust Assets under the provisions of this Trust Agreement.
Management of the Trust	The trustee is responsible for managing the Trust according to the trustee’s rights listed in the Trust Agreement.

Title	David Hui Wang & Jing Chen Irrevocable Trust
Establishment Date	2000/1/29
Type of Trust	Irrevocable Trust
Term	Long-term
Settlor and Settlor’s Right and Obligation	Settlor: HUI WANG & JING CHEN The Settlor have no rights and bear no obligations with respect to the Trust Assets.
Trustee and Trustee’s Right and Obligation	Trustee: JING CHEN Except for the voting rights of the Trust, the trustee has no benefit rights over the Trust Assets under the provisions of this Trust Agreement. The trustee’s obligation is to hold, manage and distribute the Trust Assets for the benefit of the Beneficiary under the provisions of this Trust Agreement.
Beneficiary and Beneficiary’s Right and Obligation	Beneficiary: BRIAN WANG & SOPHIA WANG (Children of HUI WANG), 50% each. The Beneficiary has rights to the Trust Assets under the provisions of this Trust Agreement. The Beneficiary has no fiduciary obligation to the Trust Assets.
Actual Exercise of Trust Voting Rights Since Its Establishment	Trustee JING CHEN exercises voting rights over the Trust Assets under the provisions of this Trust Agreement.
Management of the Trust	The trustee is responsible for managing the Trust according to the Trustee’s rights listed in the Trust Agreement.

Item	June 30, 2021/From Jan. to Jun. 2021	December 31, 2020/2020
Total Assets	418,958	341,257
Net Assets	229,556	208,170
Net Profit	13,156	21,677

①

Non-financial information comparison

Matters	Disclosed in the Issuer’s [***]	Disclosed by ACMR on the website of the SEC
ACMR’s shareholding ratio in the Issuer	Prior to this offering and listing of the Issuer, ACMR holds 91.67% of shares in the Issuer.	ACMR discloses in the “Risk Factors” of 2019 annual report that: “ACMSH is our major operating company, and prior to the listing on the Science and Technology Innovation Board, is a wholly-owned subsidiary of ACMR. ”
Labor Contract and Non-competition Agreement between the Issuer and its employees and officers and performance thereof	“As of the date of signing the [***], the Company has entered into the Labor Contract, the Non-competition Agreement and the Confidentiality and Intellectual Property Protection Agreement regarding horizontal competition and confidentiality matters with each director, supervisor, officer and key technician who works in and receives remuneration from the Company, and the Company and directors, supervisors, officers and key technicians are protected and bound by provisions of relevant labor contracts. ”	ACMR discloses in the “Risk Factors” of 2019 annual report that: “We have not signed any employee or retention agreements with any employee, or maintain any key personal insurance policy for any employee... Further, our senior executive may join any competitor or establish any competing company.”
Shareholder Name of ACMSH (before restructuring)	“On May 2, 2017, Shanghai Venture Capital Co., Ltd. and ACMR signed a Shanghai Assets and Equity Exchange Contract, stipulating that Shanghai Venture Capital Co., Ltd. would transfer its 18.77% equity of ACMSH (before restructuring) to ACMR for a consideration of RMB 40 million Yuan. ”	ACMR discloses in the “Financial Statements and Supplementary Data” of 2019 annual report that: “In August 2017, ACMR acquired 18.77% of equity held by Shanghai Science and Technology Venture Capital Co., Ltd. in ACMSH.”
Amount of funds raised by the Issuer through two rounds of equity financing	(1) “On August 29, 2019, BDO China verified the paid-up status of the registered capital of ACMSH (before restructuring), and issued the Capital Verification Report (Xin Kuai Shi Bao Zi [2019] No. ZI10620). As of August 22, 2019, ACMSH (before restructuring) had received the newly increased capital of RMB 187,924,000 Yuan paid by the above shareholders, with RMB 14,957,500 Yuan included in the registered capital and RMB 172,966,500 Yuan included in the capital reserves.” (2) “BDO China verified the paid-up status of the registered capital of ACMSH and issued the Capital Verification Report (Xin Kuai Shi Bao Zi [2020] No. ZI10025). As of December 10, 2019, ACMSH had received the newly increased capital of RMB 228,170,000 Yuan paid by the above shareholders, with RMB 17,551,500 Yuan included in the registered capital and RMB 210,618,500 Yuan included in the capital reserves.”	ACMR discloses in the “Financial Statements and Supplementary Data” of 2019 annual report that: “In order to obtain the qualifications for listing and for IPO on the Science and Technology Innovation Board, on June 12, 2019, ACMSH signed an agreement with seven investors (“Tranche 1 Investors”), upon which Tranche 1 Investors agree to pay ACMSH a total price of RMB 187,900,000 Yuan (equivalent to US$ 27,300,000) to acquire 4.2% of the outstanding equity of ACMSH.   And on November 29, 2019, ACMSH signed an agreement with eight investment entities in China (“Tranche 2 Investors”), upon which Tranche 2 Investors agree to acquire shares of ACMSH at the price of RMB 13 Yuan per share (same with the Tranche 1 Investors) and an aggregate value of RMB 228,200,000 Yuan (equivalent to US$ 32,400,000). ”

Date of incorporation of ACMSH (before restructuring) and ACM CA	(1)   ACMSH (before restructuring) was incorporated on May 17, 2005.   (2)    ACM CA was incorporated on April 5, 2019.	ACMR discloses in the “Financial Statements and Supplementary Data” of 2019 annual report that: “CleanChip established its wholly-owned subsidiary in California, being ACM Research (CA), Inc. (“ACM CA”) on June 2019, which provides the procurement services on behalf of ACMSH. …ACM Research (CA), Inc. was incorporated in June 2019.” “ACM Research (Shanghai), Inc. was incorporated in May 2006.”
Leased Premises of the Issuer	(1)   The Issuer leased from Zhangjiang Group the premise located at Building 4, No. 1690 Cailun Road, Zhangjiang Hi-tech Park, Shanghai, the total area of which is 5,900.28 m2 and the lease term of which is from January 1, 2018 to December 31, 2024. (2)   The Issuer leased from Shanghai Shengyu Culture Development Co., Ltd. the whole building located at Building 2, No. 365, Chuanhong Road, Shanghai, the total area of which is 9,629.87 m2 and the lease term of which is from September 26, 2019 to January 15, 2023.	ACMR discloses in the “Financial Statements and Supplementary Data” of 2019 annual report that: “In 2007, ACMSH and Zhangjiang Group (a related party, see note 11) signed an operating lease with respect to appr. 63,510 square feet of manufacturing and office space located in Shanghai, China. The lease term and payment terms were amended and extended from time to time upon negotiation with Zhangjiang Group. The lease signed with Zhangjiang Group expired on December 31, 2017, and ACMSH leased promises on a monthly basis from January 1, 2018 to April 25, 2018. ACMSH and Zhangjiang Group signed the renewal lease on April 26, 2018, with the term being from January 1, 2018 to December 31, 2022. Pursuant to the aforesaid renewal lease, ACMSH shall pay a rental in an amount of RMB 366,000 Yuan (equivalent to US$ 55,000) on a monthly basis. The required security deposit is RMB 1,077,000 Yuan (equivalent to US$ 163,000). … In January 2018, ACMSH signed an operating lease with respect to the No. 2 Factory located at Pudong District, Shanghai, with the term being from January 2018 to January 2023. This facility covers a total construction area of 50,000 square feet. The monthly rental may change within the lease term.”
Public rental housing pre-sale contract	In October 2020, Shengwei Shanghai and Shanghai Lingang Industrial Zone Public Rental Housing Construction Operation Management Co., Ltd. entered into an Overall Pre-sale Contract on Shanghai Public Rental Housing, whereby the former shall purchase from the latter 162 houses at No. 14, No. 21, No. 41 and No. 42, Lane 128, Qunfeng Road, with a predicted total area of 15,322.14 square meters at a predicted price totaling to RMB 257,303,200 Yuan.	ACMR discloses in the “Real Estate” of 2020 annual report that: “On October 28, 2020, Shengwei’s wholly-owned subsidiary and Shanghai Lingang Industrial Zone Public Rental Housing Construction Operation Management Co., Ltd. entered into an Overall Pre-sale Contract on Shanghai Public Rental Housing with a total price of about US$40 million. According to the contract, as part of the pilot project on the “renting before selling” public rental housing in the Lingang Industrial Zone, Shengwei’s subsidiary will obtain the housing and corresponding land use rights by October 31, 2021.”

Item	Issuer	ACMR	Difference	Percentage
2020/December 31, 2020
Operating income	100,747.18	108,016.43	-7,269.25	-6.73%
Net profit	19,676.99	14,950.12	4,726.87	31.62%
Total assets	184,352.37	222,607.81	-38,255.44	-17.19%
Net assets	104,867.33	135,793.08	-30,925.75	-22.77%
2019/December 31, 2019
Operating income	75,673.30	74,154.74	1,518.56	2.05%
Net profit	13,488.73	13,419.76	68.97	0.51%
Total assets	130,800.15	151,921.16	-21,121.01	-13.90%
Net assets	82,992.90	109,897.35	-26,904.45	-24.48%
2018/December 31, 2018
Operating income	55,026.91	49,399.75	5,627.16	11.39%
Net profit	9,253.04	4,350.79	4,902.25	112.68%
Total assets	63,602.25	70,725.74	-7,123.50	-10.07%
Net assets	14,504.75	35,912.60	-21,407.85	-59.61%

2.

De Facto Controller

①

Distribution of voting rights held by shareholders in ACMR

No.	Name of Shareholder	No. of Class A Shares (Share)	No. of Class B Shares (Share)	Percentage of voting rights
1	HUI WANG	168,006	1,146,934	43.24%
2	SOPHIA WANG	15,279	117,334	4.42%
3	BRIAN WANG	-	117,334	4.39%
4	HAIPING DUN	285,030	100,000	4.28%
5	Shanghai Science and Technology Venture Capital Co., Ltd	1,666,170	-	3.12%
Total		2,134,485	1,481,602	59.45%

No.	Name of Shareholder	No. of Class A Shares (Share)	No. of Class B Shares (Share)	Percentage of voting rights
1	HUI WANG	168,006	1,146,934	44.59%
2	SOPHIA WANG	15,279	117,334	4.56%
3	BRIAN WANG	-	117,334	4.53%
4	HAIPING DUN	285,030	100,000	4.41%
5	Shanghai Science and Technology Venture Capital Co., Ltd	1,506,170	-	2.91%
Total		1,974,485	1,481,602	60.99%

②

Agreements on concerted action with respect to ACMR

③

Position of HUI WANG

No.	Name of Shareholder	No. of Class A shares (Share)	Percentage of voting rights
1	Shanghai Science and Technology Venture Capital Co., Ltd.	1,506,170	7.77%
2	HUI WANG	1,314,940	6.79%
3	Pudong Science and Technology (Cayman) Co., Ltd.	1,119,576	5.78%
4	Xinxin (Hongkong) Capital Co., Limited	833,334	4.30%
5	HAIPING DUN	385,030	1.99%
Total		5,159,050	26.63%

3.

Other Companies Controlled by the Controlling Shareholder

Name	ACM Research (Cayman), Inc.
Address	Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands
Director	HUI WANG
Number of Issued Shares	10,000 Shares
Main Business	No actual business carried out
Shareholders	100% equity rights held by ACMR

Name	ACM RESEARCH (SINGAPORE) PTE. LTD.
Address	77 ROBINSON ROAD，#20-01， ROBINSON 77， SINGAPORE 068896
Director	HUI WANG，LIU JIA
Number of Issued Shares	100,000 Shares
Main Business	No actual business carried out
Shareholders	100% equity rights held by ACMR
Date of Establishment	August 17, 2021

No.	Name of Shareholder	Capital Structure before the Offering		Capital Structure after the Offering
		Number of Shares Held (10,000 Shares)	Proportion of Shareholding (%)	Number of Shares Held (10,000 Shares)	Proportion of Shareholding (%)
1	ACMR	35,769.23	91.67	35,769.23	82.50
2	Xinwei Consulting	475.62	1.22	475.62	1.10
3	SICIF	461.54	1.18	461.54	1.06
4	PDHTI	461.54	1.18	461.54	1.06
5	[***]	230.77	0.59	230.77	0.53
6	Shangrong Innovation	207.69	0.53	207.69	0.48
7	Taihu Guolian	192.31	0.49	192.31	0.44
8	Jinpu Investment	192.31	0.49	192.31	0.44
9	Xinshi Consulting	178.19	0.46	178.19	0.41
10	Yongkong Consulting	176.92	0.45	176.92	0.41
11	Hai Feng Investment	153.85	0.39	153.85	0.35
12	Runguang Investment	153.85	0.39	153.85	0.35
13	ZJTVC	153.85	0.39	153.85	0.35
14	SYEM	116.69	0.30	116.69	0.27
15	Xingang Consulting	72.71	0.19	72.71	0.17
16	SRJY	23.08	0.06	23.08	0.05
Shares in the Offering		-	-	4,335.5753	10.00
Total		39,020.13	100.00	43,355.71	100.00

No.	Name of Shareholder	Time of Acquisition	Quantity of Shares Held (Ten Thousand)	Proportion of Shareholding
1	SICIF	December 13, 2019	461.54	1.18%
2	PDHTI	December 13, 2019	461.54	1.18%
3	ZJTVC	December 13, 2019	153.85	0.39%

No.	Name of Shareholder	Time of Acquisition	Method	Quantity of Shares Held (Ten Thousand)	Proportion of Shareholding	Capital Increase Price (Yuan/Share)	Pricing Basis
1	Xinwei Consulting	August 20, 2019	Capital Increase	475.62	1.22%	13.00	Negotiated Pricing
2	[***]	August 20, 2019	Capital Increase	230.77	0.59%	13.00	Negotiated Pricing
3	Taihu Guolian	August 20, 2019	Capital Increase	192.31	0.49%	13.00	Negotiated Pricing
4	Jinpu Investment	August 20, 2019	Capital Increase	192.31	0.49%	13.00	Negotiated Pricing
5	Xinshi Consulting	August 20, 2019	Capital Increase	178.19	0.46%	10.40	Negotiated Pricing
6	Hai Feng Investment	August 20, 2019	Capital Increase	153.85	0.39%	13.00	Negotiated Pricing
7	Xingang Consulting	August 20, 2019	Capital Increase	72.71	0.19%	10.40	Negotiated Pricing
8	SICIF	December 13, 2019	Capital Increase	461.54	1.18%	13.00	Negotiated Pricing
9	PDHTI	December 13, 2019	Capital Increase	461.54	1.18%	13.00	Negotiated Pricing
10	Shangrong Innovation	December 13, 2019	Capital Increase	207.69	0.53%	13.00	Negotiated Pricing
11	Yongkong Consulting	December 13, 2019	Capital Increase	176.92	0.45%	13.00	Negotiated Pricing
12	Runguang Investment	December 13, 2019	Capital Increase	153.85	0.39%	13.00	Negotiated Pricing
13	ZJTVC	December 13, 2019	Capital Increase	153.85	0.39%	13.00	Negotiated Pricing
14	SYEM	December 13, 2019	Capital Increase	116.69	0.30%	13.00	Negotiated Pricing
15	SRJY	December 13, 2019	Capital Increase	23.08	0.06%	13.00	Negotiated Pricing

Name	Xinwei (Shanghai) Management Consulting Partnership (L.P.)
Domicile	Room 4166, Building 1, No.63 Liantai Road, Baoshan District, Shanghai
Unified Social Credit Code	91310113MA1GNJQF9E
Executive Partner	Xinrun Management Consulting (Shanghai) Ltd.
Registered Capital	RMB 61.83 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Enterprise management consultancy; enterprise marketing planning; commercial information consultancy; market information consultancy and investigation (being prohibited from engaging in social investigation, social survey, public opinion survey, public opinion poll); conference services. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From June 11, 2019 to June 10, 2049

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Contribution Proportion (%)
BAOMING LI	Limited Partner	1,200	19.41
DAQUAN YU	Limited Partner	1,000	16.17
BEIYI WANG	Limited Partner	900	14.56
ZHONGPING LUO	Limited Partner	500	8.09
HONG HU	Limited Partner	350	5.66
QUAN ZHANG	Limited Partner	300	4.85
SHU ZHU	Limited Partner	300	4.85
YUN MA	Limited Partner	300	4.85
JIANBO ZHANG	Limited Partner	220	3.56
GANG HUANG	Limited Partner	220	3.56
XIAOHONG WANG	Limited Partner	210	3.40
QIAN DONG	Limited Partner	200	3.23
YU HOU	Limited Partner	152.5	2.47
SHOULEI JIANG	Limited Partner	130	2.10
XIAOLAN SU	Limited Partner	130	2.10
JINSONG LE	Limited Partner	70	1.13
Xinrun Management Consulting (Shanghai) Ltd.	General Partner	0.5	0.01
Total	--	6,183	100.00

Name	Xinrun Management Consulting (Shanghai) Ltd.
Principal Place of Business	Room 239, 2/F, Whole Building, No.390-408 East Beijing Road, Huangpu District, Shanghai
Date of Establishment	May 22, 2019
Unified Social Credit Code	91310101MA1FPEW358
Legal Representative	GANG HUANG
Registered Capital	RMB 500,000 Yuan
Business Scope	Enterprise management consultancy; enterprise marketing planning; commercial information consultancy; market information consultancy and investigation (being prohibited from engaging in social investigation, social survey, public opinion survey, public opinion poll). [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]

Name	[***]
Domicile	[***]
Unified Social Credit Code	[***]
Executive Partner	[***]
Registered Capital	RMB 323.625 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Investment and investment management of non-securities businesses. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From January 24, 2018 to January 23, 2028

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Capital Proportion (%)
China Merchants Wealth	Limited Partner	25,890.00	80.00
[***]	General Partner	6,276.50	19.39
Jiaxing Xiyue Investment Management Partnership (L.P.)	Limited Partner	196.00	0.61
Total		32,362.5	100.00

Name	[***]
Domicile	[***]
Date of Establishment	[***]
Unified Social Credit Code	[***]
Legal Representative	[***]
Registered Capital	RMB 7,500 million Yuan
Business Scope	Using self-owned funds or setting up direct investment funds to make equity investment or equity-related debt investment in enterprises, or investing other investment funds related to equity investment; providing investment consultancy, investment management, financial consultancy service related to equity investment; other businesses approved by the CSRC. (For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained)

Name	Jiangsu Jiequan Taihu Guolian Emerging Industry Investment Enterprise (L.P.) (Formerly known as: Wuxi Taihu Guolian Emerging Industry Investment Enterprise (L.P.))
Domicile	5/F, Guolian Financial Building, No.8 Jinrongyi 1st Street, Binhu District, Wuxi City
Unified Social Credit Code	91320200MA1Y27GM1N
Executive Partner	Wuxi Guolian Industry Investment Co., Ltd.
Registered Capital	RMB  5 billion Yuan
Type of Enterprise	Limited Partnership
Business Scope	Using self-owned funds to conduct foreign investment. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From March 13, 2019 to March 12, 2027

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Contribution Proportion (%)
Wuxi Guolian Financial Investment Group Co., Ltd.	Limited Partner	299,500	59.90
Wuxi Municipal Finance Bureau	Limited Partner	133,500	26.70
Jiangsu Provincial Government Investment Fund (L.P.)	Limited Partner	66,500	13.30
Wuxi Guolian Industry Investment Co., Ltd.	General Partner	500	0.10
Total		500,000	100.00

Name	Wuxi Guolian Industry Investment Co., Ltd.
Domicile	E1-202, China Sensor Network International Innovation Park, No. 200, Linghu Avenue, Xinwu District, Wuxi City
Date of Establishment	September 21, 2006
Unified Social Credit Code	9132021479331907XR
Executive Partner	HAIJIANG MA
Registered Capital	RMB 1.2 billion Yuan
Business Scope	Investment management; venture capital investment; industry investment (Except for sectors prohibited, restricted by the laws and regulations); high-tech industry investment and management. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]

Name	Shanghai Jinpu Lingang Intelligent Technology Private Equity Investment Fund (L.P.)
Domicile	Room 865, No.888, West Huanhu’er Road, Nanhui New Town, Pudong New District, Shanghai
Unified Social Credit Code	91310000MA1FL3Q357
Executive Partner	Shanghai Jinpu Intelligent Technology Investment Management Co., Ltd.
Registered Capital	RMB 1.286 billion Yuan
Type of Company	Limited Partnership
Business Scope	Equity Investment, investment management, investment consultancy, asset management, industrial investment. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From March 27, 2017 to March 26, 2037

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Contribution Proportion (%)
Shanghai Lingang Zhiyao Equity Investment Fund Partnership (L.P.)	Limited Partner	20,000	15.55
Shanghai Huilin Enterprise Management Center (L.P.)	Limited Partner	18,800	14.62
Shanghai Guofang Master Fund Phase I Venture Vapital Partnership (L.P.)	Limited Partner	11,250	8.75
Shanghai Jinxin Enterprise Management Co., Ltd.	Limited Partner	10,000	7.78
Quzhou Green Development Group Co., Ltd.	Limited Partner	10,000	7.78
Zhenjiang Dantu Huajian Asset Investment Co., Ltd.	Limited Partner	10,000	7.78
Shanghai Tiantai Real Estate Co., Ltd.	Limited Partner	10,000	7.78

Zhenjiang High-tech Investment Co., Ltd.	Limited Partner	10,000	7.78
Gongqingcheng Pulian Investment Partnership (L.P.)	Limited Partner	5,500	4.28
Shanghai Lianming Investment Group Co., Ltd.	Limited Partner	5,000	3.89
Shanghai Lingang Fengxian Economic Development Co., Ltd.	Limited Partner	4,000	3.11
Shanghai Guofang Master Fund Phase II Venture Vapital Partnership (L.P.)	Limited Partner	3,750	2.92
Xiamen International Trust Co., Ltd.	Limited Partner	2,000	1.56
Xiamen Tiandi Equity Investment Co., Ltd.	Limited Partner	2,000	1.56
Zhenjiang Tuanshan Capital Management Co., Ltd.	Limited Partner	2,000	1.56
Shanghai Songjiang Chengqian Investment Co., Ltd.	Limited Partner	1,900	1.48
Shanghai Jieyue Enterprise Management Partnership (L.P.)	Limited Partner	1,200	0.93
Ningbo Enguang Venture Capital Investment Partnership (L.P.)	Limited Partner	1,000	0.78
Shanghai Xuanhong Enterprise Management Partnership (L.P.)	General Partner	100	0.08
Shanghai Jinpu Intelligent Technology Investment Management Co., Ltd.	General Partner	100	0.08
Total		128,600	100.00

Name	Shanghai Xuanhong Enterprise Management Partnership (L.P.)
Domicile	Building 1, No.139 Rongmei Road, Songjiang District, Shanghai
Date of Establishment	March 17, 2017
Unified Social Credit Code	91310117MA1J21JHXM
Executive Partner	HUAFENG TIAN
Business Scope	Enterprise management consultancy; commercial information consultancy; exhibition services; enterprise marketing planning; enterprise image planning; cultural and art exchange activities planning; financial consulting; market information consulting and investigation (being prohibited from engaging in social investigation, social survey, public opinion survey, public opinion poll); the design and making of various advertisements; using self-owned media to publish advertisements. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]

Name	Shanghai Jinpu Intelligent Technology Investment Management Co., Ltd.
Domicile	Tower C, No.888 West Huanhu’er Road, Nanhui New Town, Pudong New District
Date of Establishment	March 15, 2017
Unified Social Credit Code	91310115MA1H8Q3H7H
Legal Representative	HOUJUN LV
Registered Capital	RMB5 million Yuan
Business Scope	Investment management; asset management; industrial investment. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]

Name	Xinshi (Shanghai) Management Consulting Partnership (L.P.)
Domicile	Room 4162, Building 1, No.63 Liantai Road, Baoshan District, Shanghai
Unified Social Credit Code	91310113MA1GNJDY1N
Executive Partner	Xindai Management Consulting (Shanghai) Ltd.
Registered Capital	RMB 18.532 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Enterprise management consultancy; enterprise marketing planning; commercial information consultancy; market consultancy and investigation (being prohibited from engaging in social investigation, social survey, public opinion survey, public opinion poll). [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From June 5, 2019 to June 4, 2049

Name of Partner	Category of Partner	Contribution Proportion	Capital Contributions (RMB 10,000 Yuan)	Position
JUN WANG	Limited Partner	5.40%	100.00	Core Technician
XUEJUN LI	Limited Partner	5.40%	100.00	Core Technician
HUI SHEN	Limited Partner	4.32%	80.00	Core Management Personnel
XIAYUN YANG	Limited Partner	4.32%	80.00	Core Management Personnel
YAN LI	Limited Partner	4.32%	80.00	Core Management Personnel
SHENA JIA	Limited Partner	4.32%	80.00	Core Management Personnel
DEYUN WANG	Limited Partner	4.32%	80.00	Core Management Personnel
XIAOYAN ZHANG	Limited Partner	4.32%	80.00	Core Management Personnel
XI WANG	Limited Partner	4.32%	80.00	Core Management Personnel
XIAOFENG TAO	Limited Partner	3.24%	60.00	Core Business Personnel
JUN WU	Limited Partner	3.24%	60.00	Core Management Personnel
HU ZHAO	Limited Partner	3.24%	60.00	Core Business Personnel
GUANGYU XIA	Limited Partner	3.24%	60.00	Core Business Personnel
GUANZHONG LU	Limited Partner	3.24%	60.00	Core Business Personnel
HONGCHAO YANG	Limited Partner	3.24%	60.00	Core Business Personnel
YULU HU	Limited Partner	3.24%	60.00	Core Business Personnel
ZHAOWEI JIA	Limited Partner	3.24%	60.00	Core Management Personnel
YINUO JIN	Limited Partner	3.24%	60.00	Core Management Personnel
WENJUN WANG	Limited Partner	3.24%	60.00	Core Business Personnel
XIAOQUN WANG	Limited Partner	2.16%	40.00	Core Business Personnel
GUANGBO HAN	Limited Partner	2.16%	40.00	Core Business Personnel
WENQING JI	Limited Partner	2.16%	40.00	Core Management Personnel
FENG LIU	Limited Partner	2.16%	40.00	Core Business Personnel
QIANG WANG	Limited Partner	2.16%	40.00	Core Business Personnel
YANLI HU	Limited Partner	2.16%	40.00	Core Business Personnel
FANGYONG ZHEN	Limited Partner	2.16%	40.00	Core Business Personnel
ANYUN BI	Limited Partner	2.16%	40.00	Core Management Personnel
XINZHENG WANG	Limited Partner	2.16%	40.00	Core Business Personnel
LAN WANG	Limited Partner	1.62%	30.00	Core Management Personnel

XIAOWEI DI	Limited Partner	1.62%	30.00	Core Business Personnel
CHUANYUN ZHU	Limited Partner	1.08%	20.00	Core Business Personnel
BINGGENG LONG	Limited Partner	0.81%	15.00	Core Business Personnel
DONGHUI LU	Limited Partner	0.54%	10.00	Core Management Personnel
HAILANG DUAN	Limited Partner	0.54%	10.00	Core Business Personnel
JUNZHUO WU	Limited Partner	0.43%	8.00	Core Business Personnel
FEI ZHOU	Limited Partner	0.43%	8.00	Core Business Personnel
WENJUN HU	Limited Partner	0.11%	2.00	Core Business Personnel
Xindai Management Consulting (Shanghai) Ltd.	General Partner	0.01%	0.20	-
Total	-	100.00%	1,853.20	-

Name	Xindai Management Consulting (Shanghai) Ltd.
Unified Social Credit Code	91310101MA1FPEW27D
Principal Place of Business	Room 240, 2/F, Whole Building, No. 390-408 East Beijing Road, Huangpu District, Shanghai
Registered Capital	RMB10,000 Yuan
Legal Representative	XIAYUN YANG
Date of Establishment	May 22, 2019
Business Scope	Enterprise management consultancy; enterprise marketing planning; commercial information consultancy; market information consultancy and investigation (being prohibited from engaging in social investigation, social survey, public opinion survey, public opinion poll). [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]

Name	Hai Feng Investment Holding Limited
Address of Registered Office	Room 5301, 53/F, The Center, No.99 Queen’s Road, Hong Kong
Company ID	2788115
Number of Issued Shares	1 share
Directors	CHONGJIU SHA, Youngjin KO
Composition of Shareholders	100% equity rights held by SL Capital Fund I, L. P.
De Facto Controller	The sole shareholder of Hai Feng Investment is SL Capital Fund I, L. P., and the general partner of SL Capital Fund I, L. P. is SLSF I GP Limited, with SK Investment Management Co., Ltd. and Legend Capital Management Co., Ltd. each having a 50% shareholding in SLSF I GP Limited.

Nam	Xingang (Shanghai) Management Consulting Partnership (L.P.)
Domicile	Room 4163, Building 1, No.63 Liantai Road, Baoshan District, Shanghai
Unified Social Credit Code	91310113MA1GNJDX3U
Executive Partner	Xindai Management Consulting (Shanghai) Ltd.
Registered Capital	RMB7.562 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Enterprise management consultancy; enterprise marketing planning; commercial information consultancy; market information consultancy and investigation (being prohibited from engaging in social investigation, social survey, public opinion survey, public opinion poll); conference service. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From June 5, 2019 to June 4, 2049

Name of Partner	Category of Partner	Contribution Proportion	Subscribed Capital Contributions (RMB 10,000 Yuan)	Position
XUFENG MENG	Limited Partner	2.64%	20.00	Core Business Personnel
ZHENMING CHU	Limited Partner	2.64%	20.00	Core Business Personnel
YUN SUN	Limited Partner	2.64%	20.00	Core Business Personnel
WEI ZHANG	Limited Partner	2.64%	20.00	Core Business Personnel
XIAOHUI ZHANG	Limited Partner	2.64%	20.00	Core Management Personnel
RONG CAO	Limited Partner	2.64%	20.00	Core Business Personnel
SHILIANG CHEN	Limited Partner	2.64%	20.00	Core Business Personnel
LAN XI	Limited Partner	2.64%	20.00	Core Management Personnel
YINGWEI DAI	Limited Partner	2.64%	20.00	Core Business Personnel
JUAN LI	Limited Partner	2.64%	20.00	Core Business Personnel
LEI WU	Limited Partner	2.64%	20.00	Core Business Personnel
HAIBO HU	Limited Partner	2.64%	20.00	Core Business Personnel
YU NIE	Limited Partner	2.64%	20.00	Core Management Personnel

DING XU	Limited Partner	2.64%	20.00	Core Business Personnel
YI SHI	Limited Partner	2.64%	20.00	Core Business Personnel
DANYING WANG	Limited Partner	2.64%	20.00	Core Business Personnel
MINLI GU	Limited Partner	2.64%	20.00	Core Management Personnel
WEIZHAN CAI	Limited Partner	2.64%	20.00	Core Business Personnel
ZHENJIANG QIN	Limited Partner	2.64%	20.00	Core Business Personnel
XIAOCHENG GU	Limited Partner	2.38%	18.00	Core Business Personnel
CHUNYANG HAN	Limited Partner	1.98%	15.00	Core Business Personnel
YANPING WANG	Limited Partner	1.98%	15.00	Core Business Personnel
YANJUN QIAN	Limited Partner	1.98%	15.00	Core Business Personnel
HONGXIN ZHANG	Limited Partner	1.98%	15.00	Core Business Personnel
HE WANG	Limited Partner	1.98%	15.00	Core Business Personnel
SHU YANG	Limited Partner	1.98%	15.00	Core Business Personnel
SONG WANG	Limited Partner	1.98%	15.00	Core Business Personnel
QI LI	Limited Partner	1.98%	15.00	Core Business Personnel
YANG XIANG	Limited Partner	1.98%	15.00	Core Business Personnel
SHAOSHUAI ZHANG	Limited Partner	1.98%	15.00	Core Business Personnel
ZERAN LI	Limited Partner	1.98%	15.00	Core Business Personnel
LI SUN	Limited Partner	1.98%	15.00	Core Business Personnel
BO XIONG	Limited Partner	1.98%	15.00	Core Business Personnel
YuanYuan XU	Limited Partner	1.98%	15.00	Core Business Personnel
GUANGXU ZHOU	Limited Partner	1.98%	15.00	Core Business Personnel
ZHAOMING ZHONG	Limited Partner	1.98%	15.00	Core Business Personnel
YING WANG	Limited Partner	1.98%	15.00	Core Business Personnel
XINXIN JIAO	Limited Partner	1.98%	15.00	Core Business Personnel
JIAN CHEN	Limited Partner	1.72%	13.00	Core Business Personnel
BAIGANG ZHUANG	Limited Partner	1.32%	10.00	Core Business Personnel
YANG HAN	Limited Partner	1.32%	10.00	Core Business Personnel
YUNCHEN YU	Limited Partner	1.32%	10.00	Core Business Personnel
YANYAN WANG	Limited Partner	1.32%	10.00	Core Management Personnel
CHUNYING LIU	Limited Partner	1.32%	10.00	Core Business Personnel
XINPING DENG	Limited Partner	1.32%	10.00	Core Business Personnel
HUA CHEN	Limited Partner	0.93%	7.00	Core Business Personnel
CHENG CHENG	Limited Partner	0.66%	5.00	Core Business Personnel
CHENHUA LU	Limited Partner	0.40%	3.00	Core Business Personnel
Xindai Management Consulting (Shanghai) Ltd.	General Partner	0.03%	0.20	-
Total	-	100.00%	756.20	-

Name	Shanghai Integrated Circuit Industry Fund Co., Ltd.
Domicile	Unit A, Room 1201, No.289 Chunxiao Road, China (Shanghai) Pilot Free Trade Zone
Unified Social Credit Code	91310000MA1FL3AW02
Executive Partner	HONGYAN FU
Registered Capital	RMB28.5 billion Yuan
Type of Enterprise	Joint Stock Company Limited
Business Scope	Equity investment; venture investment. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From December 7, 2016 to December 6, 2024

Name of Shareholder	Number of Shares (Ten thousand)	Percentage of Shares
Shanghai Science and Technology Venture Capital (Group) Co., Ltd.	875,000	30.70
SAIC Group Equity Investment Co., Ltd.	600,000	21.05
Shanghai International Trust Corp., Ltd.	180,000	6.32
National Integrated Circuit Industry Investment Fund Co., Ltd.	300,000	10.53
Shanghai International Group	262,500	9.21
Shanghai Pudong High-tech Investment Co., Ltd.	200,000	7.02
Shanghai Guosheng Group Co., Ltd.	262,500	9.21
Shanghai Jiading Venture Capital Co., Ltd.	50,000	1.75
PICC Qixin (Jiaxing) Integrated Circuit Industry Investment Co., Ltd.	120,000	4.21
Total	2,850,000	100.00

Name	Shanghai Pudong High-tech Investment Co., Ltd.
Domicile	4/F, No.416 Zhoushi Road, Pudong New District, Shanghai
Unified Social Credit Code	91310115320776596T
Legal Representative	YUN ZHU
Capital Contributions	RMB1,832.81 million Yuan
Type of Enterprise	Limited Company
Business Scope	Equity investment; industrial investment; investment management; investment consultancy; enterprise management consultancy; enterprise M&A consultancy (brokerage services not included in the above consultancy services). [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From October 24, 2014 to no fixed term

Name of Shareholder	Capital Contributions (RMB 10,000 Yuan)	Percentage of Shareholding (%)
Shanghai Pudong Technology Innovation Group Co., Ltd.	183.281	100
Total	183.281	100

Name	Shangrong Innovation (Ningbo) Equity Investment Center (L.P.)
Domicile	A0006, Zone C, Room 401, Building 1, No.88 Meishanqixing Road, Beilun District, Ningbo City, Zhejiang Province
Unified Social Credit Code	91330206MA2AHTFM7E
Executive Partner	Beijing Shang Finance Corporation
Registered Capital	RMB 1 billion Yuan
Type of Enterprise	Limited Partnership
Business Scope	Equity investment and related consultancy services. (being prohibited from engaging in financial businesses such as deposit taking, financing guarantee, financial management for clients, raising capital (financing) from the public without the approval of financial regulators) [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From March 29, 2018 to March 28, 2028

Name of Partner	Partner	Capital Contributions (RMB 10,000 Yuan)	Contribution Proportion (%)
Ningbo HeYuan Holding Co., Ltd.	Limited Partner	91,000	91.00
Ningbo HeYuan Holding Co., Ltd.	Limited Partner	7,000	7.00
RUIHUA ZHENG	Limited Partner	1,000	1.00
Beijing Shang Finance Corporation	General Partner	1,000	1.00
Total		100,000	100.00

Name	Beijing Shang Finance Corporation
Domicile	A0002, Zone C, Room 401, Building 1, No.88 Meishanqixing Road, Beilun District, Ningbo City, Zhejiang Province
Date of Establishment	July 17, 2015
Unified Social Credit Code	9133020634047013XJ
Legal Representative	HONGJIAN XIAO
Registered Capital	RMB100 million Yuan
Business Scope	Asset management; investment management; investment consultancy, industrial investment; equity investment (being prohibited from engaging in financial businesses such as deposit taking, financing guarantee, financial management for clients, raising capital (financing) from the public without the approval of financial regulators) [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]

Name	Shanghai Yongkong Business Information Consulting Partnership (L.P.)
Domicile	Room 402, No.2, Lane 180, Zhangheng Road, China (Shanghai) Pilot Free Trade Zone
Unified Social Credit Code	91310115MA1K4EMM7R
Executive Partner	Shanghai Jiuyou Chuangu Investment Management Co., Ltd.
Registered Capital	RMB23.2323 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Commercial information consultancy; enterprise management consultancy; marketing planning; enterprise image planning; exhibition services; etiquette services; graphic design; computer technology; technology development, technology consultancy, technology services, technology transfer and information technology consultancy services within the field of internet technology. [For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained]
Business Term	From September 25, 2019 to September 24, 2049

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Capital Proportion (%)
Shanghai Shangguo Investment Asset Management Co., Ltd.	Limited Partner	1,400	60.26
Shanghai Jiushen Equity Investment Fund Partnership Enterprise (L.P.)	Limited Partner	800	34.43
FAN LIU	Limited Partner	100	4.30
Shanghai Jiuyou Chuangu Investment Management Co., Ltd.	General Partner	23.23	1.00
Total		2,323.23	100.00

Name	Shanghai Jiuyou Chuangu Investment Management Co., Ltd.
Domicile	Room 08, 5/F, No.2 Office Building, Lane 180, Zhangheng Road, China (Shanghai) Pilot Free Trade Zone
Date of Establishment	January 16, 2013
Unified Social Credit Code	91310115060900342P
Legal Representative	XIAOLONG LIU
Registered Capital	RMB10 million Yuan
Business Scope	Industrial investment; investment management; investment consultancy; business consultancy, enterprise management consultancy (brokerage services are not included in the above consultancy services); asset management (For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained)

Name	Hefei Runguang Equity Investment Partnership (L.P.)
Domicile	Room 560, Fund Tower, Building E1, Innovation Industrial Park Phase II, No.2800 Innovation Avenue, High-tech Zone, Hefei City
Unified Social Credit Code	91340100MA2TER55XC
Executive Partner	Huaxin Yuanchuang (Qingdao) Capital Management Co., Ltd.
Registered Capital	RMB100 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Using self-owned funds to make equity investment; enterprise management consultancy services. (being prohibited from engaging in financial businesses such as deposit taking, financing guarantee, financial management for clients without the approval of financial regulators) (For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained)
Business Term	From January 23, 2019 to January 22, 2026

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Contribution Proportion (%)
Shenzhen Xiaoyezitan Investment Partnership (L.P.)	Limited Partner	5,772	59.94
Hefei Huadeng Integrated Circuit Industry Investment Fund Co., Ltd.	Limited Partner	3,848	39.96
Huaxin Yuanchuang (Qingdao) Capital Management Co., Ltd.	General Partner	9.53	0.10
Total		10,000	100.00

Name	Huaxin Yuanchuang (Qingdao) Capital Management Co., Ltd.
Domicile	Room 2004, No.658, Jinggangshan Road, Huangdao District, Qingdao City, Shandong Province
Date of Establishment	September 20, 2016
Unified Social Credit Code	91370211MA3CH4UD45
Legal Representative	Hing Wong
Registered Capital	RMB 100 million Yuan
Business Scope	Entrusted to manage the investment business of investment enterprises; providing investment consultancy and investment management consultancy services; enterprise management consultancy. (The above services do not involve fund business; being prohibited from engaging in financial services such as deposit taking, financing guarantee, financial management for clients without the approval of financial regulators) (The above business scope does not include any project restricted, prohibited and ousted by state laws and regulations, and projects subject to approval according to law shall be approved by the relevant departments before carrying out business activities) (Projects subject to approval according to law shall be approved by the relevant departments before carrying out business activities)

Name	Shanghai Zhangjiang Science and Technology Venture Capital Co., Ltd.
Domicile	Room 209, Building 1 Complex, No.3000 Longdong Avenue, China (Shanghai) Pilot Free Trade Zone
Unified Social Credit Code	913100007679066259
Legal Representative	HONGLIANG YU
Registered Capital	RMB1 billion Yuan
Type of Enterprise	Limited Company
Business Scope	Venture capital investment; providing agency services for other venture capital investment enterprises and other institutions or individuals as to their venture capital investment, venture capital investment consultancy businesses; providing venture capital management service business for venture capital enterprises; participating in the set up of venture capital investment enterprises and venture capital management consultancy institutions. (For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained)
Business Term	From October 9, 2004 to October 8, 2054

Name of Shareholder	Capital Contributions (RMB 10,000 Yuan)	Percentage of Shareholding (%)
Zhangjiang Group	100,000	100
Total	100,000	100

Name	Shanghai Shanyi Enterprise Management Center (L.P.)
Domicile	Room 601-31, No.198 Wudong Road, Yangpu District, Shanghai
Unified Social Credit Code	91310110MA1G92DE5Y
Executive Partner	WEIWEI XU
Registered Capital	RMB15.17 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Enterprise management and consultancy; commercial information consultancy; financial consultancy. (For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained)
Business Term	From September 19, 2019 to September 18, 2029

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Contribution Proportion (%)
WEIWEI XU	General Partner	1,316.756	86.80
JUN JIANG	Limited Partner	100.122	6.60
XU LU	Limited Partner	100.122	6.60
Total	-	1,517.000	100.00

Name	Shanghai Shangrong JuYuan Equity Investment Center (L.P.)
Domicile	Room 1206, 12/F, No.407-1 Yishan Road, Xuhui District, Shanghai
Unified Social Credit Code	91310000MA1FL3X64K
Executive Partner	Beijing Shang Finance Corporation
Registered Capital	RMB 460 million Yuan
Type of Enterprise	Limited Partnership
Business Scope	Equity investment; industrial investment; investment management; asset management. (For projects subject to any approval in accordance with laws, business activities may be carried out only after such approval of relevant authorities has been obtained)
Business Term	From May 8, 2017 to May 7, 2027

Name of Partner	Category of Partner	Capital Contributions (RMB 10,000 Yuan)	Contribution Proportion (%)
Gongqingcheng Shangrong Investment Management Partnership (L.P.)	Limited Partner	45,100	98.04
Beijing Shang Finance Corporation	General Partner	450	0.98
Ningbo Ronghui Investment Center (L.P.)	Limited Partner	450	0.98
Total		46,000	100.00