(Yicai Global) Dec. 31 -- The Chinese unit of California's ACM Research, which is planning to issue shares in Shanghai, will build a chip cleaning machine factory in the eastern city's Lin-gang area, predicting a nearly 50 percent sales boost by 2026.

ACMR Shanghai launched the research ad development project in Lin-gang, part of the Shanghai Free Trade Zone, expecting CNY2.4 billion (USD343.5 million) more in sales in six years, Shanghai Observer reported.

This year, ACMR Shanghai expects its sales to climb by 40 percent from a year ago to CNY700 million (USD100 million). In June, the company said that it intends to issue shares on Shanghai's new tech board Star Market within three years.

"This will become a chip device demonstration project in Lin-gang area," said Wang Wei, chairman of the firm's Shanghai joint venture, formed in 2006. The project will start construction next year, begin trial production in 2023, and reach an annual output of 130 products by 2026.

The US parent's shares [NASDAQ: ACMR] fell by 1.4 percent to USD18.14 yesterday. That is still 67 percent more than what it started the year with. Founded in 1998, the company went public in November 2017.

Editor: Emmi Laine