LONG-TERM BORROWINGS |
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| Long-Term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM BORROWINGS | LONG-TERM BORROWINGS At June 30, 2026 and December 31, 2025, long-term borrowings consisted of loan facilities from the following financial institutions:
China Merchants Bank In January 2026, ACM Shanghai entered into a long-term loan facility, of $17,616 from China Merchants Bank. Principal repayments shall be made in six installments beginning July 2026, with final maturity in January 2029. The loan bears interest at an annual rate of 2.38%. Bank of China In May 2026, ACM Shanghai entered into a long-term loan facility of $33,987 from Bank of China for the purchase of new office located in Shanghai’s Pudong New Area (note 6). The loan will be paid in 120 monthly installments. The loan bears interest at an annual rate of 2.65%. In 2025, ACM Shanghai secured a long-term loan with the Bank of China for ACM Shanghai’s project expenditures. The facility requires ACM Shanghai’s year-end outstanding interest-bearing debt not to exceed five times of its annual EBITDA, and to comply with other non-financial covenants, or Bank of China has the right to suspend the facility, or request ACM Shanghai to accelerate repayment or provide credit enhancement. Industrial and Commercial Bank of China In March 2026, ACM Shanghai entered into a long-term loan facility of $24,583. Principal repayments shall be made in six installments beginning September 2026, with final maturity in March 2029. The loan bears interest at an annual rate of 2.29%. Additional long-term borrowings information As of June 30, 2026 and December 31, 2025, the total carrying amount of long-term loans was $233,691 and $214,012, compared with an estimated fair value of $212,688 and $202,706, respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level 2 fair value measurement). Scheduled principal payments for the outstanding long-term loans, including the current portion, as of June 30, 2026 are as follows:
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