ACM Research, Inc.

ACM Research is incorporated in the United States and runs corporate functions from Fremont, California, but its manufacturing center has been in Shanghai since 2006 and substantially all operations are located in mainland China through ACM Shanghai. Substantially all sales in 2025–2023 were to customers outside the United States, reflecting the concentration of semiconductor manufacturing capacity in Asia. The company maintains direct sales teams in mainland China, the United States, Southeast Asia, and Europe, supported by field application engineers co-located with customers for qualification and ramp phases. This footprint creates meaningful exposure to cross-border trade rules, local regulatory requirements, and the practical challenges of enforcing U.S. legal judgments against assets and personnel located in mainland China.

ACM Research faces customer concentration risk because a small number of large chipmakers account for a substantial portion of revenue, and the total addressable customer set is limited. Its operating footprint is heavily weighted to mainland China (manufacturing and substantial assets), creating exposure to geopolitical friction, trade and import compliance, tax and repatriation constraints, and challenges enforcing U.S. judgments against overseas assets and personnel. Semiconductor capital equipment demand is cyclical; misjudging the timing of upturns/downturns can lead to lost share (if capacity is insufficient) or margin pressure and inventory write-downs (if demand weakens). The company also highlights cybersecurity and intellectual property protection risks, as tool differentiation depends on proprietary technologies (e.g., SAPS, TEBO, Tahoe, ECP, furnace) and customer trust in secure operations.