ACM Research (Shanghai), Inc. (SHSE:688082) signed Share Transfer Agreement to acquire 20% stake in Ninebell Co., Ltd. from Choi Moon-soo, Kang Young-sook and Choi Ho-yeon for $16.7 million on February 6, 2023. Board of directors has approved a transaction in which ACM Shanghai will acquire approximately 20% of the outstanding shares of Ninebell. The Ninebell Share Purchase will require the approval of the ACM Shanghai shareholders, other than the Company, which will not be permitted to vote its shares under applicable law due to its existing ownership interest in Ninebell.

BDO China SHU LUN PAN acted as accountant to ACM Research (Shanghai), Inc. in the deal. For the year ended, September 30, 2023, Ninebell Co., Ltd total asset is $44.6127 million and net asset is $21.1135 million. As of February 23, 2023, shareholders of ACM Research (Shanghai), Inc. approved the transaction.