Kerrisdale and Steamboat Send Letter to ACM Research Inc.

NEW YORK, April 22, 2026 /PRNewswire/ -- Kerrisdale Capital Management, LLC and Steamboat Capital Partners, LLC today sent a letter to the CEO and Board of Directors of ACM Research, Inc. 

The full text of the letter follows:

April 22, 2026

David H. Wang

Chief Executive Officer

ACM Research, Inc.

42307 Osgood Road, Suite I

Fremont, CA  94539

cc: Board of Directors

Dear David,

Kerrisdale Capital Management, LLC, Steamboat Capital Partners LLC and our respective affiliates collectively own or advise entities owning approximately 600,000 shares of ACM Research, Inc. 

We are excited to hear that management is taking preliminary steps to pursue a Hong Kong share listing, per your Form 8-K filed with the Securities and Exchange Commission on April 17, 2026. We have long been of the view that a Hong Kong share listing is a preferred method to ultimately reduce the large discount between the market valuation of ACMR, the equity of ACM Research Inc. which trades in the United States, and the market valuation of 688082, or "ACMS", the equity of ACM Research (Shanghai), Inc., which trades on the Shanghai Stock Exchange in China.

We think that the issuance of publicly tradable shares of ACM Research (Shanghai), Inc. on the Hong Kong Stock Exchange is a step in the right direction to address the share discount of ACMR, among other benefits.

Tradable shares on an Asian exchange accessible to global investors can provide a variety of potential opportunities to pursue financial transactions and corporate actions that can not only reduce the discount that ACMR trades at, but potentially eliminate it.

Additionally, the company could also, or could instead, pursue a public offering and listing in Hong Kong of shares of ACM Research, Inc. A dual listing of ACMR shares on the Hong Kong Stock Exchange, where the newly listed Hong Kong shares are fully fungible to NASDAQ-listed ACMR shares, would directly address the current discount of ACMR shares and allow U.S. shareholders to convert their U.S. shares to Hong Kong shares if they believe that Hong Kong-listed shares of ACMR would trade at a higher valuation.

We are writing this letter to communicate that we would be interested in being an anchor investor in such a public offering of Hong Kong-listed shares of ACM Research, Inc. We would each commit to a minimum of $20 million, and potentially collectively up to $100 million, of capital for an offering of ACMR Hong Kong-listed shares at today's valuation. A public offering in Hong Kong of ACMR shares that are fungible to the American shares of ACM Research, Inc., at the current valuation of ACMR, would be a very attractive opportunity to us, because we believe that, over the long term, the company's potential H-shares would appreciate to a level representative of the typical discount between H-shares and their related A-shares. The typical H-share/A-share discount is far lower than the current discount of U.S.-listed ACMR shares to the China-listed A-shares. We are also believers in ACM Research's long-term fundamental growth story and would be happy to increase our equity exposure in your business. As such, we would be comfortable with a customary lock-up provision in such newly issued shares. We would also potentially be interested in being an anchor investor at a higher valuation should ACMR's share price appreciate from current levels prior to such an offering.

Even if you do not pursue an offering and listing of ACM Research, Inc. shares in Hong Kong, but instead continue with the recently disclosed public offering of ACM Research (Shanghai), Inc. shares in Hong Kong, we commend you on this decision and believe it also provides avenues to pursue corporate actions in the long term that can directly address the discount at which shares of ACM Research, Inc. currently trade at.

Let's go to Hong Kong.

Thank you.

Sincerely,

Sahm Adrangi

Chief Investment Officer

Kerrisdale Capital Management, LLC

Parsa Kiai

Managing Partner

Steamboat Capital Partners LLC

Media contact:

Sahm Adrangi

[email protected]

Parsa Kiai

[email protected]

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SOURCE Kerrisdale Capital Management, LLC and Steamboat Capital Partners LLC