ACM Research receives public letter from Kerrisdale and Steamboat

Kerrisdale Capital Management and Steamboat Capital Partners sent a letter to the CEO and Board of Directors of ACM Research (ACMR). The letter began “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 SEC on April 17, 2026.” Letter continued, “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 $20M, and potentially collectively up to $100M, 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.”