-- ACM Research (ACMR) received a proposal from Kerrisdale Capital Management and Steamboat Capital Partners to support a potential Hong Kong listing with anchor investments of at least $20 million each and up to $100 million combined.
In a letter Wednesday to ACM's CEO and board, the investors said a Hong Kong listing could help narrow the valuation gap between ACMR, which trades in the US, and ACMS, the Shanghai-listed shares of ACM Research (Shanghai).
Kerrisdale and Steamboat, which collectively own or advise entities holding about 600,000 ACM shares, said a dual listing with fully fungible Hong Kong shares would allow US holders to convert their shares if they believe Hong Kong-listed equity would trade at a higher valuation.
The investors said they would accept customary lock-ups and could participate even at a higher valuation if ACMR's share price rises before an offering. They also expressed support for ACM's separate plan to pursue a Hong Kong listing of its Shanghai subsidiary.
ACM didn't immediately respond to a request for comment from.
Price: $52.73, Change: $+1.52, Percent Change: +2.97%