In the third quarter, Hong Kong–based Triata Capital added 413,000 shares of ACM Research, bringing its total position to approximately 2 million shares valued at $78.39 million as of September 30. This buy represented a $37.20 million increase in the fund’s exposure to the wafer-cleaning specialist, according to a November 12 SEC filing. Triata reported $856.81 million in total U.S. equity holdings across 15 reportable positions at quarter-end.

Following the third-quarter trade, ACM Research accounted for 9.15% of Triata’s 13F assets under management, making it the fund’s fourth-largest stake. Triata’s top holdings included major China-linked internet and infrastructure names, but the decision to elevate ACM reflects a broader strategic bet on domestic semiconductor equipment buildout rather than consumer electronics cycles.

In Q3, ACM Research delivered revenue of $269 million, up 32% year-over-year, driven by strong demand for single-wafer cleaning, electro-chemical plating and advanced packaging tools. Gross margin contracted to 42% from above 50% a year earlier—primarily due to product mix shifts and capacity expansion costs—but operating income remained robust at nearly $29 million. The company exited the period with over $1.1 billion in cash and deposits after its Shanghai subsidiary raised roughly $623 million on the STAR Market.

On December 29, ACM Research announced it will release its preliminary full-year 2025 revenue range and initial 2026 revenue outlook before U.S. markets open on January 22, 2026. The company also plans to present virtually at the 28th Annual Needham Growth Conference on January 15, offering one-on-one meetings with investors, underscoring management’s intent to provide early visibility into its growth trajectory for the coming year.