In the third quarter, Hong Kong-based Triata Capital increased its holdings in ACM Research by 413,000 shares, bringing its total position to 2.0 million shares valued at approximately $78.39 million as of September 30, according to an SEC filing dated November 12. This addition elevated ACM Research to 9.15% of Triata’s 13F-reported U.S. equity assets under management of $856.81 million, making it the fund’s fourth-largest holding. Triata’s top three positions—PDD, VNET and GDS—remain significantly larger, but this mid-rally bet underscores the fund’s conviction in the semiconductor equipment cycle’s next phase.

ACM Research reported third-quarter revenue of $269 million, up 32% year over year, driven by strong demand for single-wafer cleaning, electrochemical plating and advanced packaging tools. Gross margin narrowed to 42% from over 50% a year earlier, reflecting product mix shifts and investment in capacity expansion rather than softening demand. Operating income was nearly $29 million, and the company ended the quarter with more than $1.1 billion in cash and deposits, bolstered by a $623 million fundraise by its Shanghai subsidiary on the STAR Market.

ACM Research will release its preliminary fiscal 2025 revenue range and initial revenue outlook for 2026 before U.S. markets open on January 22, 2026. In advance of that report, the company plans a virtual presentation at the 28th Annual Needham Growth Conference on January 15, where management will host one-on-one meetings with investors. This guidance will be the first indication of management’s expectations for continued growth in wafer and panel processing solutions in the upcoming year.