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(State or Other
Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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Item 8.01 |
Other Events.
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Item 9.01 |
Financial Statements and Exhibits.
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Exhibit
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Description
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Record of August 2022 Investor Relations Activity filed by ACM Research (Shanghai), Inc. with the Shanghai Stock Exchange on September 2, 2022
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104
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Cover Page Interactive Data File (embedded within the XBRL document)
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ACM RESEARCH, INC.
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By:
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/s/ Mark McKechnie
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Mark McKechnie
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Chief Financial Officer and Treasurer
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Dated: September 6, 2022
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Stock Code: 688082
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Short Name: ACMSH
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Categories of investor
relation activities
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☐ Specific object survey
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☐ Analyst meeting |
☐ Media interview | ☑ Performance briefing | |
☐ Press conference |
☑ Roadshow | |
☐ Site visit |
☑ Others (investor presentation) | |
Date
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August 2022
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Place
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Conference call
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Receptionists of the listed company
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Chairman: HUI WANG
General Manager: JIAN WANG
Person in Charge of Financial Matters: LISA YI LU FENG
Board Secretary: MINGZHU LUO
Finance Director: LAN WANG
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Summary of investor
relation activities
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Leaders of ACM Research (Shanghai), Inc. (the “Company”) described the semi-annual performance of the Company, and answered questions of concern by investors.
● Q&A:
1. How about the reliance on parts overseas? Will the reliance affect delivery?
A: Standard parts are mainly imported, and domestic parts are mostly workpieces. The Company is also cultivating domestic suppliers, especially those on wet
process parts. Meanwhile, the Company is considering introducing some overseas suppliers to China for domestic production. As a leading wet process equipment supplier in China, the Company assumes the responsibility of parts localization.
However, the localization will still take some time and also any significant changes to suppliers will need to be qualified by the Company’s customers. In general, reliability needs to be proved by time.
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2. Why does the Company have a negative non-recurring profit and loss?
A: The negative non-recurring profit and loss is due to the Company’s ownership of SMIC shares which are marked to market.
3. Why is there a larger number of orders for wet bench cleaners?
A: The Company’s larger number of orders for wet bench cleaners was attributed to, to some extent, the current global supply chain
tightness. There are only 3 global suppliers, namely DNS, TEL and the Company, that can produce a full range of 12-inch wet bench cleaners. DNS and TEL generally focus their production capacities on supplying overseas customers, which
provides a good opportunity to the Company. The Company has also obtained a large number of orders from second-tier companies with rapid growth.
4. What are the proportions of the Company’s front-end orders and back-end orders?
A: The front-end equipment orders account for approximately 85%, while the back-end packaging, large wafer manufacturing and after-sales
orders account for approximately 15%. The order structure will change in response to the demand of customers. Since the customers’ demand for equipment will not show concurrently, the orders may fluctuate to some extent. Nevertheless, the
logic and strategic objectives of production expansion remain unchanged.
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5. How many orders from overseas customers?
A: Semiconductor equipment is a global industry. We expect that the differentiated products developed and produced by the Company can be
sold to customers worldwide. ACM Research, Inc.’s sales and marketing team is actively marketing the Company’s products to additional markets beyond mainland China.
6. Please briefly describe the localization of parts?
A: It is hard to quantify this issue, but generally speaking, more and more domestic parts are used. Except for some products which are
subject to compulsory standards, the Company is actively applying domestic products. Previously, some customers were concerned about replacing suppliers of core parts that have been verified at the client side. However, against a background
of the tight global supply chain, more and more customers can understand the replacement of suppliers and support the use of domestic parts, which also help promote the diversification and localization of parts.
7. Will the delivery of parts have an impact on the Company’s performance recognition?
A: The Company adopts a diversified strategy and selects different suppliers in the procurement of parts. Meanwhile, to facilitate taking
domestic parts as an alternative, the Company will actively use parts from domestic suppliers as long as they can meet the Company’s need. At present, some parts from domestic suppliers are ready for use.
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8. How did the Company develop furnace tubes while having recorded a good performance in cleaning equipment?
A: On the one hand, the Chairman is experienced in developing furnace tubes. On the other hand, the furnace tubes are jointly developed by
the Company and its wholly-owned subsidiary ACM Korea, with better effect than doing it individually.
9. In the first half of the year, the Company’s shipment volume increased significantly. Can the Company successfully
accomplish the original shipment plan in the second half of the year under such an increase? What is the expected production capacity of the Company in the second half of the year?
A: In the first quarter, the Company was hindered to a certain extent by the pandemic as to the delivery of equipment. Nevertheless, the
equipment whose delivery was affected in the first quarter was duly delivered in the second quarter with the gradual work resumption and the easing of pandemic tension. At this stage, the production capacity has been fully restored to
normal and even improved. In the second half of the year, the Company plans to focus on production by further improving supply chain management, improving production efficiency of workshops and introducing new production systems to
facilitate its shipment thereby meeting its order requirements.
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|
10. What is the Company’s difference in the R&D mode, R&D team construction, and technical talent reserve, etc.
compared with the Company’s previous ones and those of other companies?
A: The Company has broad R&D activities with constantly innovating technology. Since entering Shanghai in 2006, the R&D team has
been pursuing differentiation and integrating new elements into the development process. After more than ten years of team training, the team members have become very familiar with the ideas and schemes of differentiation research. Besides,
most of the semiconductor equipment shows certain commonality for being designed to have the characteristics of uniformity and repeatability. The Company will also continue its focus on product differentiation and technical characteristics,
and maintain the pursuit of original innovation, in the hope of leapfrogging large factories overseas in the future, which also embodies its R&D ideas.
11. What is the Company’s definition of the coverage of its equipment? What kind of platform model will be formed and
what fields will be involved?
A: The Company will not address all segments of the semiconductor capital equipment market. It is a major transition from wet process to dry
process. The Company will continue its efforts in these two fields first, without focus on the rest including measuring instruments at this stage. Centering on the supply of equipment, the Company will, in the next two or three years, be
committed to improving the market coverage of existing equipment, increasing the corresponding market share, and promoting the differentiated equipment to the world, so as to grow its existing products with every endeavor.
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12. How about the Company’s shipment overseas and future prospect on this regard? What are the types of overseas
customers?
A: This year, two tools have been delivered to an American customer. In the future, the equipment used by the major American customer may
attract the attention of customers in other regions, such as Singapore and Europe. However, it will take time for overseas sales to improve. The overseas market accounts for more than 70% of the market in the semiconductor industry,
representing the potential for significant growth for the Company. The Company intends to balance its domestic and international sales over the long-term. Adhering to the ultimate goal of becoming a global platform-based semiconductor
equipment enterprise, the Company aims at contributing the differentiated equipment developed by it to the world, which is supported by the special structure of its listing on the exchanges of both U.S. and China. The Company’s multiple
product offerings that have been scaled with major customers in mainland China is applicable to a range of major potential overseas customers.
13. The gross profit margin of the Company in the second quarter and the first half of the year exceeded the expected
level. What are the gross profit margin of each business line of the Company and their differences?
A: The gross profit margin of each business varies from each other, with the overall gross profit margin mainly depending on the product
portfolio. There is a positive correlation between the complexity of product technology and the gross profit margin that the higher the technical level and complexity is, the higher the gross profit margin is. Products with simple
technology and intense market competition record a low gross profit margin. At this stage, the Company will take 40% - 45% as the benchmark for gross profit margin. After some products enter the international market in the future and the
advantages of product differentiation are shown, the gross profit margin has the potential to exceed 45%.
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14. How about the Company’s shipment volume in the first half of the year under the influence of the COVID-19 pandemic?
What is the expected production capacity of the Company in the second half of the year?
A: In the first quarter, the Company was hindered to a certain extent by the pandemic as to the delivery of equipment. Nevertheless, the
equipment whose delivery was affected in the first quarter was duly delivered in the second quarter with the gradual work resumption and the easing of pandemic tension. At this stage, the production capacity has been fully restored to
normal and even improved. In the second half of the year, the Company will focus on production in the third and fourth quarters by stepping up supply chain management, improving production efficiency of workshops and introducing new
production systems to facilitate its shipment thereby meeting its order requirements.
15. Can you introduce the Company’s situation in respect of customer acquisition?
A: The Company has had a good performance in customer acquisition. In addition to such major customers as Yangtze Memory, Huahong Group,
Hynix, SMIC, CXMT, JCET, TFME, SJsemi, Nepes, JRH, Wafer Works, IMECAS, ICRD, NCAP, Silan, XinEn Semiconductor, Nexchip, CASMeit and JSSI who have repeated their orders, the Company has acquired several new customers at home and abroad
through its effort. The R&D achievements of the Company on its products have been recognized by mainstream customers in the industry, with a satisfactory client-side validation, enhancing the competitiveness of the Company’s products.
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16. The barrier of wet bench equipment is lower than that of single wafer equipment, and there are also domestic
companies engaged in the manufacturing of wet bench equipment. Will the Company be under great competition pressure in such context?
A: Wet bench equipment is subject to a certain technical threshold, to which reliability is very critical because it will be used for
cleaning 25 to 50 pieces at a time. The Company is the only company that can provide a full range of 12-inch wet bench cleaning equipment in China.
At present, high-end 12-inch equipment still requires great process difficulties from part design to manufacturing, which is not something
that can be easily developed. More difficulties will follow in case of stricter particle requirements. Currently, the Company has covered all processes for wet bench equipment, and is also taking market share from overseas competitors.
17. How many processes can the Company cover with its technical capacity currently?
A: Currently, from the perspective of process deployment, the Company’s technology can cover 80% of the processes. This year, supercritical
CO2 drying and cleaning equipment as well as edge cleaning equipment will be launched, after the launch of which, more than 90% of the cleaning processes will be covered.
18. In the first half of this year, some of the Company’s R&D expenses were capitalized. Will capitalization become
the norm in the future?
A: The decrease in the Company’s R&D expense rate this year is mainly attributable to the R&D expense capitalization strategy
implemented since this year for which the Company has also taken reasonable measures. Currently, the capitalization is relatively sound, only accounting for 17%. Meanwhile, we will continue to invest in R&D, expecting to maintain the
expensing at a level of about 14% - 15%, with the total investment accounting for about 17% - 18% of the R&D expenses.
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19. What is the impact of the pandemic in Jiangsu Semiconductor Packaging and Testing Plant in the first quarter on the
overall acceptance and shipment of packaging and testing equipment this year? What is the Company’s expectation of shipment next year?
A: It has had little impact on us thus far overall. The Company’s packaging machine and associated services are in a normal state. The
shipment next year will depend on the consumer market development, given the 12-inch production line in China is under construction. After the construction is completed for production, most packaging will be conducted in mainland China. We
remain optimistic for the future packaging market in China.
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Artisan Partners Limited Partnership - Artisan Partners Funds, Inc - Artisan Global Equity Fund-QFII
|
Bellevue Equity
|
BRILLIANCE - BRILLIANT PARTNERS FUND LP
|
Causeway
|
China Southern Asset Management Co., Ltd
|
CICC
|
Coalescence
|
Destination Partners Limited
|
Essence Securities Asset Management Company Limited
|
Fountain Cap
|
Green Court Capital
|
Haitong International
|
HARVEST FUND MANAGEMENT CO LTD
|
HEL VED CAPITAL MANAGEMENT LIMITED
|
INVENTIO
|
JF Asset Management Limited
|
longrising
|
LYGH Capital
|
Marco Polo Pure Asset Management Ltd
|
Mighty Divine
|
Millennium Capital Management (Hong Kong) Limited
|
MINDHAND FUND SPC ACTING FOR AND IN RESPECT OF MINDHAND EQUITY FUND SP (MARGIN)
|
Mountain capital
|
Orient Asset Management (Hong Kong) Limited
|
Parantoux
|
PICC Property and Casualty Co Ltd
|
Picea Investment Management
|
Pinpoint
|
Point72
|
QUAERO CAPITAL LLP
|
RBC INVESTMENT SERVICES (ASIA) LTD
|
Rheos Capital
|
Shandao
|
Shuang An
|
TAIKANG INSURANCE GROUP INC
|
TB partners
|
TEMASEK FULLERTON ALPHA PTE LTD
|
Tiger Pacific
|
Willing Capital Management
|
Winfor Capital
|
YUNQI PATH CAPITAL MASTER FUND
|
|
Aijian Securities Business Department
|
Essence Fund
|
Essence Securities Co., Ltd.
|
Baoying Fund Management Co., Ltd.
|
Power Pacific
|
Fengpei Capital LLC
|
Beijing Suncapital Co., Ltd.
|
Beijing Jingxing Asset Management Co., Ltd.
|
Beijing Nuochang Investment Management Co., Ltd.
|
Beijing Shennong Capital Management Co., Ltd.
|
Beijing Yutian Capital Management Co., Ltd.-Yutian Harvest No. 5 Private Equity Investment Fund
|
Green Court Capital
|
Bosera Fund Management Co., Ltd.
|
Boyuan Fund
|
Caitong Fund Management Co., Ltd.
|
Zen Dragon Asset Management Co., Ltd.
|
Chiyue Investment
|
Chuangjin Hexin Fund
|
Purekind Fund Management Co., Ltd.
|
Dacheng Fund
|
Dajia Assets
|
Dapu Asset
|
Springs Capital (Beijing) Limited
|
Tebon Fund Management Co., Ltd.
|
DingCheng Life Insurance Company Limited
|
Northeast Securities
|
Oriental Alpha Fund Management Co., Ltd.
|
Orient Fund Management Co., Ltd.
|
Orient Securities
|
Soochow Asset Management Co., Ltd.
|
Founder Fubon
|
Founder Securities
|
FuJian Rongxin Huida Asset Management Co., Ltd.
|
Fuanda
|
Fullerton Investment
|
Fullgoal Fund
|
Franklin Templeton SinoAm Investment Trust
|
FORTUNE & ROYAL ASSET
|
Perseverance Asset Management
|
SUNRISE ASSET
|
ICBC Credit Suisse
|
Granford (Beijing) Capital Management Co., Ltd.-Granford Fengyue Securities Investment Fund
|
|
Everbright Pramerica Fund Management Co., Ltd.
|
Everbright Securities
|
GF FUNG MANAGEMENT
|
GF SECURITIES
|
CGB Wealth Management Co., Ltd.
|
Guangzhou Hangchang Investment Management Co., Ltd.
|
Guojun Asset Management
|
Sinolink Securities
|
CPIC FUND
|
China Life AMP Asset Management Co., Ltd.
|
Guotai Asset Management Co., Ltd.
|
Guotai Jun’an
|
UBS SDIC
|
Guosen Securities
|
HFT Investment Management Co., Ltd.
|
Hainan Omnilux Private Equity Fund Management Center (Limited Partnership)
|
Hainan Tuopu Private Equity Fund Management Co., Ltd. - Tuopu Haiyue Growth Private Equity Securities Investment Master Fund
|
Haitong International
|
Haitong Securities Asset Management Co., Ltd.
|
Financial Management Subsidiary of Hangzhou Bank
|
Aerospace Science & Technology Finance Co., Ltd.
|
Haojun Investment Management Co., Ltd.
|
TRIVEST ADVISORS
|
Union Asset Management Co., Ltd.
|
Hengshi Capital Management (Shanghai) Co., Ltd.
|
Hengtai Private
|
HOTEON Capital Limited
|
FocusBridge
|
HENGSHENG ASSET MANAGEMENT(Shanghai) Co., Ltd.
|
HONY HORIZON Fund Co., Ltd.
|
Sequoia Capital
|
Hwabao Trust Co., Ltd.
|
Fortune Sg Fund Management Co., Ltd.
|
Huafu Fund Management Co., Ltd.
|
South China Yongchang Securities Investment Trust
|
Huarong Securities Co., Ltd.
|
China Merchants Fund
|
Huatai-Pinebridge
|
Huatai Securities
|
Huatai Securities (Shanghai) Asset Management Co., Ltd.
|
China Wealth Management
|
China Asset Management Co., Ltd.
|
China Everwin
|
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China Future Capital Group Co., Ltd.
|
HSBC Jintrust Fund Management Company Limited
|
HSBC Securities
|
Amundi BOC Wealth Management
|
Huisheng Fund Management Co., Ltd.
|
Harvest Fund
|
CCB Principal Asset Management Co., Ltd.
|
Jiangxi Bide Mingqi Asset Management Co., Ltd.
|
Bank of Communications Schroder
|
Bank of Communications Schroder Fund
|
Genius Investment
|
Jinxin Fund Management Co., Ltd.
|
Evolution Asset
|
Invesco Great Wall
|
Everbloom Investment
|
JT Asset Management Co., Ltd.
|
JIU GE Investment
|
Kaiyuan Securities Co., Ltd.
|
Kunming Huachen Investment Co., Ltd.
|
Kunming Yunneng Capital Management Co., Ltd.
|
Minsheng Royal Fund
|
Minsheng Securities
|
River Fund
|
Morgan Stanley Huaxin
|
Southern Huijin
|
Southern Asset Management Co., Ltd.
|
ABC-CA Fund Management
|
Lion Fund
|
Lord Abbert China Asset Management Co., Ltd.
|
Penghua Fund
|
PENGYANG AMC
|
Ping An Fortune
|
Ping An Securities Co., Ltd.
|
BOTONG INVESTMENT
|
XA SPDB Investment Managers Co., Ltd.
|
Qianhai Dengcheng
|
Foresea Life Insurance
|
Chaser Asset Management
|
PICC Pension
|
MagniFount (Zhuhai) Asset Management Co., Ltd.
|
Shanghai Richen Asset Management Co., Ltd.
|
Rongtong Fund Management Co., Ltd.
|
UBS Securities
|
Samsung Investment
|
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Sanya Hongsheng Private Fund Management Co., Ltd.
|
Xiamen Zhihao Asset Management Co., Ltd.
|
Xiamen Shuanghongyuan Investment Co., Ltd.
|
Shanxi SECURITIES Co., Ltd. (Shanghai)
|
Banyan Partners
|
Shanghai Bohong Capital Management Co., Ltd.
|
Shanghai Daweide Investment Co., Ltd.
|
Shanghai Dingtian Investment Co., Ltd.
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Shanghai International Trust Co., Ltd.
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Shanghai Colight Asset Management Co., Ltd.
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Shanghai Hexi Capital Management Co., Ltd.
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Shanghai Heou Investment Management Co., Ltd.
|
Shanghai HeXi Youfang Investing Co., Ltd.
|
Shanghai Hongshang Asset Management
|
Shanghai Eureka Investment Partner Co., Ltd.
|
Shanghai Kandao Asset Management Co., Ltd.
|
Shanghai Blueink Investment Management Co., Ltd.
|
Regan Asset Management Limited
|
Shanghai Liuhe Investment Co., Ltd.
|
Shanghai Mingyu Asset Management Co., Ltd.
|
Shanghai Minghe Investment Management Co., Ltd.
|
Shanghai S-land
|
Hainan Ping An Private Fund Management Co., Ltd.
|
Pawoof Asset Management
|
Shanghai Qinchen Private Equity Fund Management Partnership (Limited Partnership)
|
Shanghai Qingfund Asset Management Center
|
Shanghai Tinnyinvestment Co., Ltd.
|
Shanghai Xitai Investment Management Co., Ltd.
|
Shanghai Xiangchu Capital Management Co., Ltd.
|
WIN SHARE ASSET Management Company Limited
|
Shanghai Yongxing Securities Asset Management Co., Ltd.
|
Shanghai Yude Capital Management Center (Limited Partnership)
|
Shanghai Primewaters Asset Management Co., Ltd.
|
Shagnhai Zhongyu Investment Co., Ltd.
|
BOSC Asset Management Co., Ltd.
|
Shenwan Hongyuan Securities
|
Shenwan Hongyuan Securities
|
SZITIC
|
Shenzhen Dahao Holding Co., Ltd.
|
Shenzhen Depu Investment Co., Ltd.
|
Shenzhen Duliang Capital Investment Management Co., Ltd.
|
Shenzhen Foxon Investment Management Co., Ltd.
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Shenzhen Qisheng Fund Management Co., Ltd.
|
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Shenzhen Qianhai Chengshi Fund Management Co., Ltd.
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Shenzhen Qianhai Guhe Asset Management Co., Ltd.
|
Shenzhen Haiya Financial HOLDINGS Co., Ltd.
|
Shenzhen Qianhai Junguan Asset Management Co., Ltd.
|
Shenzhen Shangdao Investment Fund Co., Ltd.
|
Shenzhen HighGear Investment Partners
|
Shenzhen Shangcheng Asset Management Co., Ltd.
|
Shenzhen Songhe Growth Fund Management Co., Ltd.
|
Shenzhen Weiming Hengyuan Investment Management Co., Ltd.
|
Shenzhen Kwt Co., Ltd.
|
Shenzhen Enjoy Equity Investment Fund Management Co., Ltd.
|
Shenzhen Yuanwangjiao Partnership - Yuanwangjiao Rongyuan Phase 6
|
Shenzhen Zoomtrend Investment Management Co., Ltd.
|
Mega Trust
|
Taimeng Investment
|
CPIC
|
Taiping Asset
|
Taikang Asset
|
Tailin Private Equity Fund Management (Hainan) Co., Ltd.
|
Tiancheng Holdings (Beijing) Co., Ltd.
|
Tianhong Fund
|
Tianjin STATE-OWNED CAPITAL Investment and Management Co., Ltd.
|
China Nature Asset Management Co., Ltd.
|
Tongben Investment
|
Sunsource Investment
|
Perfect World Games Co., Ltd.
|
Vanho Securities Co., Ltd. Private Department
|
Wanjia Asset Management Co., Ltd.
|
Wellington Capital
|
Minmetals Trust
|
Xi'an Waterfall Asset Management Co., Ltd.
|
Western Leadbank Fund Management Company Limited
|
Tibet Dongcai Fund Management Co., Ltd.
|
Tibet Hezhong Yisheng Investment Management Co., Ltd.
|
Tibet Cathay Fortune Investment Co., Ltd.
|
Southwest Securities
|
SHIVA FUND
|
Xiniu Investment Management (Beijing) Co., Ltd.
|
U Capital
|
New China Fund
|
Xinhua Asset Management Co., Ltd.
|
Xincheng Life
|
Cinda Fund Management
|
Industrial Fund
|
|
Industrial Bank Co., Ltd.
|
INDUSTRIAL SECURITIES ASSET MANAGEMENT
|
Aegon-industrial Fund Management
|
Industrial Securities Asset Management Co., Ltd.
|
Xuanyuan investment
|
E Fund
|
Yimi Fund
|
Galaxy Asset
|
Yinhua Fund
|
Yingda Insurance Asset Management
|
Infore Capital
|
Maxwealth Fund
|
Finsights Fund Managemant Co., Ltd.
|
DMJ Capital Limited
|
Yuance Investment
|
Sino-Ocean Capital
|
Yuexi Fund
|
Zeyuan Asset Management Co., Ltd.
|
Great Wall Wealth Insurance Asset Management Co., Ltd.
|
Changjiang Machinery
|
CHANGJIANG ASSET MANAGEMENT
|
Changsheng Fund Management Co., Ltd.
|
Changxin Fund
|
China Merchants Fund Management Co., Ltd.
|
Zoomtrend Investment
|
Zhejiang Houxin Asset Management Co., Ltd.
|
Zhejiang Jiuzhang Asset Management Co., Ltd.
|
Zheshang Fund Management Co., Ltd.
|
Zheshang Securities Co., Ltd.
|
Loyal Valley Capital
|
Zhengyuan Investment
|
Zhong Chuan Finance Co., Ltd.
|
Picc Asset Management Company Limited
|
China Life Asset Management Company Limited
|
CPIC
|
China Galaxy Securities Co., Ltd.
|
CHINA RE
|
Zhonghai Fund Management Co., Ltd.
|
Bank of Beijing Scotiabank
|
CICC
|
CICC Fund Management Co., Ltd.
|
CICC Asset Management
|
COFCO Trust Co.
|
Lombarda China Fund Management Co., Ltd.
|
|
Zhongrong International Trust Co., Ltd.
|
Zhongtai Securities Co., Ltd.
|
CITIC Prudential
|
CITIC Private Equity Funds Management Co., Ltd.
|
China Fund Management Co., Ltd.
|
China Securities Co., Ltd.
|
CITIC Trust PE Co., Ltd.
|
CITIC Trust
|
China CITIC BANK
|
Citic Asset Management
|
BOC Investment
|
China Post Fund Management Co., Ltd.
|
China CITIC BANK Corporation Limited
|
China Post Life Insurance Co., Ltd.
|
China Post Securities Co., Ltd.
|
Chongyang Investment
|
TREND
|
Zige Investment
|
Zijin Mining Group Capital Investment Co., Ltd.
|
Palm Bay Investment
|
|