ACM Research plans to acquire land rights for center in Shanghai
ACM Research announced that its operating subsidiary ACM Research, has entered into an agreement with the Shanghai Lingang Industry Zone Economic Development Co., Ltd. and the Administrative Committee of China Pilot Free Trade Zone Lingang Special Area, to initiate a bidding process to acquire land rights in the Shanghai, Lingang region. If the process is completed successfully, ACM Shanghai would construct a new R&D center and production facility on the land, located approximately 30 miles from ACM Shanghai's headquarters in Zhangjiang. ACM Shanghai aims to complete a definitive agreement for the project by the first half of 2020, subject to a formal bidding process. The preliminary agreement contemplates that if ACM Shanghai successfully completes the process, it will purchase rights to use the land for 50 years, begin construction of a new R&D center and factory in the second half of 2020, and start initial production in late 2022.