Kerrisdale and Steamboat Send Letter to ACM Research Inc.

Rhea-AI Summary

ACM Research (NASDAQ:ACMR) received a shareholder letter from Kerrisdale and Steamboat offering to anchor a Hong Kong public offering to help close the valuation gap with China-listed A-shares. Each firm would commit a minimum of $20 million, and together could invest up to $100 million.

The investors support either issuance of tradable Hong Kong H-shares of ACM Research (Shanghai) or a dual Hong Kong listing of ACM Research, Inc. They believe fungible Hong Kong shares could materially reduce the current discount of ACMR to its China-listed equity.

Positive

• $20M minimum anchor commitment from each investor
• Potential $100M aggregate anchor investment for a Hong Kong offering
• Dual Hong Kong listing proposed to address ACMR/A-share valuation discount
• Support for issuance of Hong Kong-tradable ACM Research (Shanghai) shares

Negative

• Proposal requires company acceptance; no binding commitment from ACMR management yet

News Market Reaction – ACMR

+6.48%

5 alerts

+6.48% Session close to close

$3.58B Market Cap

0.2x Rel. Volume

In the Apr 22 session, ACMR gained 6.48%, reflecting a notable positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +6.5% in the session following this news. A strong positive reaction aligns with act...

Analysis

The stock moved +6.5% in the session following this news. A strong positive reaction aligns with activists’ explicit support for a Hong Kong listing path and willingness to anchor an offering with up to $100 million. This came as ACMR was already trading above its $40.48 200-day MA at $51.21. However, recent history shows several positive operational updates preceded sharp pullbacks, so investors have previously sold into strength around news events.

Key Figures

Investor ownership: approximately 600,000 shares Anchor commitment minimum: $20 million Total potential commitment: $100 million

3 metrics

Investor ownership approximately 600,000 shares Kerrisdale and Steamboat collective ACMR position

Anchor commitment minimum $20 million Each fund’s minimum commitment for Hong Kong ACMR offering

Total potential commitment $100 million Combined potential anchor investment in Hong Kong-listed ACMR shares

Historical Context

5 past events · Latest: Apr 15 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 15	Earnings timing update	Neutral	-3.8%	Announced dates for Q1 2026 preliminary revenue range and full results.
Apr 02	Product portfolio launch	Positive	+2.8%	Introduced ACM Planetary Family structure for eight process-based tool lines.
Feb 26	System delivery update	Positive	-16.7%	Delivered multiple 300mm single-wafer cleaning systems to a Singapore foundry.
Feb 26	New equipment orders	Positive	-16.7%	Received multiple advanced packaging equipment orders from leading global customers.
Feb 26	Earnings results	Positive	-16.7%	Reported 2025 results with revenue growth, net cash, and strong 2026 revenue guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows several fundamentally positive or neutral updates followed by negative price reactions, suggesting a pattern of selling into news.

Recent Company History

Over the last six months, ACMR reported 2025 revenue of $901.3M with strong 2026 guidance, announced major equipment deliveries and new orders, and introduced its ACM Planetary Family product portfolio. It also scheduled Q1 2026 revenue and earnings dates. Despite these milestones, three of four events were followed by double‑digit or notable declines, indicating a tendency for the stock to sell off around operational and earnings developments. Today’s Hong Kong listing–focused letter contrasts with that operational cadence by emphasizing capital markets positioning.

Key Terms

form 8-k, h shares, dual listing, anchor investor, +1 more

5 terms

form 8-k regulatory

"per your Form 8-K filed with the Securities and Exchange Commission on April 17, 2026"

A Form 8-K is a report that companies file with the government to share important news quickly, such as changes in leadership, major business deals, or financial updates. It matters because it helps investors stay informed about significant events that could affect the company's value or stock price.

h shares financial

"plans to issue overseas listed H shares and apply for listing"

H shares are the ordinary shares of companies incorporated in mainland China that are listed and traded on the Hong Kong stock market. They matter to investors because they provide a way to buy into Chinese companies under Hong Kong’s market rules and currency, which can affect liquidity, pricing and access for international investors—think of them as the version of a domestic stock that’s packaged for global buyers.

dual listing financial

"A dual listing of ACMR shares on the Hong Kong Stock Exchange"

A dual listing is when a company makes the same shares available on two different stock exchanges, often in different countries, so investors can buy and sell the same ownership stake in more than one market—like a shop opening branches in two cities that sell the same product. It matters to investors because it can widen the pool of buyers, make shares easier to trade, expose the stock to different currencies and rules, and create price differences or arbitrage opportunities that affect returns and risk.

View in glossary

anchor investor financial

"we would be interested in being an anchor investor in such a public offering"

A large investor, usually an institutional or experienced buyer, who agrees to purchase a substantial portion of a new stock offering before it opens to the general public. Their commitment acts like a trusted anchor or cornerstone — reducing uncertainty, helping set the offering price, and encouraging other investors to participate, so their involvement can make a new share sale more likely to succeed and stabilize early trading.

lock-up provision financial

"we would be comfortable with a customary lock-up provision in such newly issued shares"

A lock-up provision is a contractual restriction that prevents company insiders and early investors from selling their shares for a set period after a stock offering or other equity event. It matters to investors because it temporarily limits the number of shares on the market—like keeping a supply of goods in a warehouse—helping stabilize the stock price initially, while the end of the lock-up can add selling pressure and increase price volatility.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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
sadrangi@kerrisdalecap.com

Parsa Kiai
pkiai@steamboatcp.com

 

View original content:https://www.prnewswire.com/news-releases/kerrisdale-and-steamboat-send-letter-to-acm-research-inc-302750265.html

SOURCE Kerrisdale Capital Management, LLC and Steamboat Capital Partners LLC

FAQ

What did Kerrisdale and Steamboat offer regarding ACM Research (ACMR) on April 22, 2026?

They offered to anchor a Hong Kong public offering with minimum $20 million each and up to $100 million total. According to Kerrisdale and Steamboat, they would invest at current ACMR valuation to support a Hong Kong listing or dual listing.

How could a Hong Kong listing affect ACM Research (ACMR) share valuation?

A Hong Kong listing could narrow the discount between ACMR and China-listed A-shares by enabling fungible H-shares. According to the investors, tradable Asian-exchange shares accessible to global investors can reduce the current ACMR valuation gap.

Would the proposed Hong Kong offering involve ACM Research (Shanghai) or ACM Research, Inc. shares?

The letter supports either issuance of ACM Research (Shanghai) H-shares or a dual Hong Kong listing of ACM Research, Inc. According to Kerrisdale and Steamboat, both routes could address the ACMR/A-share discount.

How much capital did the investors commit to ACM Research (ACMR) for a Hong Kong offering?

Each investor committed a minimum of $20 million, with potential collective support up to $100 million. According to the letter, they may anchor an offering at today's ACMR valuation and could accept customary lock-up provisions.

Does the anchor offer from Kerrisdale and Steamboat guarantee an ACMR Hong Kong listing?

No, the offer is conditional on company action and acceptance; it does not guarantee a listing. According to the investors, the proposal expresses interest but requires ACM Research management to pursue and accept an offering or dual listing.

Could U.S. shareholders convert NASDAQ ACMR shares to Hong Kong shares under the proposal?

Yes, a dual listing with fully fungible Hong Kong shares would allow conversion of NASDAQ ACMR shares to Hong Kong-listed shares. According to the investors, fungibility would directly address the current ACMR valuation discount.