ACM Research

Reinvestment is focused on R&D, broader product categories (ECP, furnace, track, PECVD) and capacity expansion in Lingang and Oregon, which can strengthen competitive position and diversify revenue.

ACM Shanghai sold approximately 4.8 million shares in Q1 2026, raising around 110 million dollars gross, and a proposed H-share listing in Hong Kong aims to expand access to capital. We view these moves as pragmatic but they also increase structure complexity and highlight reliance on Chinese capital markets.

No dividend; buybacks are not a major lever today. Stock-based compensation is meaningful but trending lower year over year in Q1 2026.