Kerrisdale Capital and Steamboat Capital's Proposal for ACM Research's Hong Kong Listing
On April 22, 2026, Kerrisdale Capital Management, LLC, alongside Steamboat Capital Partners, LLC, formally approached ACM Research, Inc. with a proposal that could significantly impact the company's market presence and valuation. The two firms collectively manage approximately 600,000 shares of ACM Research, indicating a substantial stake in the firm’s fortunes.
The letter addressed to ACM Research's CEO, David H. Wang, highlights the companies' excitement over the management’s intent to pursue a share listing in Hong Kong. As outlined in a recently filed Form 8-K, this potential move has been viewed positively by stakeholders who believe it could reduce the current market valuation gap between ACM Research’s U.S. shares and those traded in China.
Kerrisdale and Steamboat’s vision for ACM Research focuses on how a Hong Kong listing can bring appropriate valuation adjustments. They noted that having shares publicly tradable in Hong Kong could attract global investors and open up various financial avenues — ultimately striving to eliminate the existing discount that ACM Research shares face in the U.S. markets compared to their counterparts in China.
One major advantage of a Hong Kong listing would be allowing U.S. shareholders to convert their existing shares into Hong Kong-listed versions, which could potentially command higher valuations. The firms expressed their commitment to participate as anchor investors in this public offering, suggesting they would commit a minimum of $20 million, with a possibility of increasing that total to $100 million if needed. This considerable investment underscores their belief in ACM Research’s long-term growth potential.
The companies stressed the importance of integrating a dual listing strategy to ensure that these shares bring a representative value compared to the shares listed on the Shanghai stock exchange. They also suggested that even if ACM Research opts for a public offering of ACM Research (Shanghai), the decision would still be commendable and could address long-term corporate action avenues.
Kerrisdale’s Chief Investment Officer, Sahm Adrangi, and Steamboat's Managing Partner, Parsa Kiai, expressed in their letter that they are eager to see the substantial benefits that a share offering would bring. In addition to potentially leveling the valuation playing field, they believe it could solidify ACM Research's strategic position in the global semiconductor market. Both firms are enthusiastic about moving forward with this endeavor, encapsulated by their concluding statement: ‘Let's go to Hong Kong.’
The push for a Hong Kong listing not only indicates the investors’ belief in the company’s future but also reflects a broader trend among companies seeking to maximize their valuation and reach in increasingly globalized financial markets. If ACM Research acts on this proposal, it could potentially mark a transformative point in their growth trajectory. All eyes are undoubtedly on ACM Research and its board of directors as they deliberate on this significant opportunity.
The letter addressed to ACM Research's CEO, David H. Wang, highlights the companies' excitement over the management’s intent to pursue a share listing in Hong Kong. As outlined in a recently filed Form 8-K, this potential move has been viewed positively by stakeholders who believe it could reduce the current market valuation gap between ACM Research’s U.S. shares and those traded in China.
Kerrisdale and Steamboat’s vision for ACM Research focuses on how a Hong Kong listing can bring appropriate valuation adjustments. They noted that having shares publicly tradable in Hong Kong could attract global investors and open up various financial avenues — ultimately striving to eliminate the existing discount that ACM Research shares face in the U.S. markets compared to their counterparts in China.
One major advantage of a Hong Kong listing would be allowing U.S. shareholders to convert their existing shares into Hong Kong-listed versions, which could potentially command higher valuations. The firms expressed their commitment to participate as anchor investors in this public offering, suggesting they would commit a minimum of $20 million, with a possibility of increasing that total to $100 million if needed. This considerable investment underscores their belief in ACM Research’s long-term growth potential.
The companies stressed the importance of integrating a dual listing strategy to ensure that these shares bring a representative value compared to the shares listed on the Shanghai stock exchange. They also suggested that even if ACM Research opts for a public offering of ACM Research (Shanghai), the decision would still be commendable and could address long-term corporate action avenues.
Kerrisdale’s Chief Investment Officer, Sahm Adrangi, and Steamboat's Managing Partner, Parsa Kiai, expressed in their letter that they are eager to see the substantial benefits that a share offering would bring. In addition to potentially leveling the valuation playing field, they believe it could solidify ACM Research's strategic position in the global semiconductor market. Both firms are enthusiastic about moving forward with this endeavor, encapsulated by their concluding statement: ‘Let's go to Hong Kong.’
The push for a Hong Kong listing not only indicates the investors’ belief in the company’s future but also reflects a broader trend among companies seeking to maximize their valuation and reach in increasingly globalized financial markets. If ACM Research acts on this proposal, it could potentially mark a transformative point in their growth trajectory. All eyes are undoubtedly on ACM Research and its board of directors as they deliberate on this significant opportunity.
Topics Financial Services & Investing）
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