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ACM Research, Inc.
David Wang's ACM Research supplies wet-cleaning tools to China's largest chipmakers from dual bases in Fremont and Shanghai.
ACM Research, Inc.
David Wang, a former engineer with experience in precision cleaning at Quester Technology, established ACM Research in Fremont, California, in 1998. The company originally targeted the broader US semiconductor capital-equipment market with its Space Alternated Phase Shift technology for particle removal. Commercial traction proved elusive in the US, but the firm found an anchor customer in China's Semiconductor Manufacturing International Corporation in the late 2000s, anchoring its pivot into a specialized supplier for the Chinese foundry and memory market. ACM deploys capital into developing and manufacturing wafer-cleaning and electroplating tools used in front-end chip fabrication. The equipment portfolio includes single-wafer and semi-batch cleaning systems, along with Ultra C-pr electroplating tools for advanced copper interconnect and through-silicon-via applications. Key customers named in public filings include SK Hynix, Yangtze Memory Technologies, and Hua Hong Semiconductor. The firm's revenue is heavily concentrated — over 90 percent derived from mainland China (per SEC filings, 2024) — and the company operates a major manufacturing and R&D subsidiary in Shanghai. Headquartered in Fremont with a principal operational base in Shanghai, ACM Research reported total revenue of approximately $558 million in fiscal year 2023 (per the firm, February 2024). The company completed an initial public offering on Nasdaq in 2017 and a STAR Market listing in Shanghai in 2021. October 2023: ACM Research withdrew from the group of companies designated as controlled by its founder David Wang, restructuring its governance following US Commerce Department additions to the Entity List (per SEC filing, October 2023). This change formalized a separation between the CEO's direct control and the company's formal ownership structure. ACM's structural posture differs from most US-listed equipment firms because its manufacturing and customer relationships are overwhelmingly anchored in China, while its regulatory domicile and a portion of its R&D remain in California. This dual-entity architecture — a Delaware corporation with operational gravity in Shanghai — creates an unusual jurisdictional and sanctions-compliance profile that few public semiconductor peers share.
General information
Firm type
Asset Manager
Year founded
1998
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Fremont
Corporate office
Fremont, CA, United States
Additional offices
Shanghai, China
Principals
David Wang
Chief Executive Officer
Sector focus
Frequently asked questions
Who is ACM Research's core customer base and how concentrated is the revenue?
ACM Research's tools are primarily sold to semiconductor manufacturers in mainland China. Public filings show over 90 percent of revenue originates from Chinese customers, with SK Hynix, YMTC, and Hua Hong Semiconductor among the named accounts (per SEC filings, 2024). This geographic concentration is a defining feature of the firm's risk profile and growth story.
How does ACM's dual-listing structure affect its governance?
ACM trades on Nasdaq under the ticker ACMR and completed a secondary listing on Shanghai's STAR Market in 2021. The dual-listing subjects the company to parallel regulatory oversight from the SEC and China's CSRC. In a notable 2023 governance change, the company restructured oversight so founder David Wang was no longer formally designated a controlling person, a direct response to US Entity List dynamics (per SEC filing, October 2023).
What is ACM's core technology differentiator?
The company's founding technology is Space Alternated Phase Shift megasonic cleaning, which removes particles from wafer surfaces without causing damage to delicate device structures. ACM extended this into the Ultra C Tahoe line, a semi-batch cleaning tool that claims significant sulfuric acid savings versus competing single-wafer systems. These tools target wet-etch and cleaning steps at advanced logic and 3D NAND nodes.
Is ACM Research structured as a family office or an operating company?
ACM Research is a publicly traded semiconductor capital-equipment manufacturer and is not a family office. Founder and CEO David Wang retains significant equity but the entity is an operating business with industrial R&D, manufacturing facilities, and over 1,200 employees. The Altss profile covers the firm given the 'family office' type match in earlier classification data, but the current structure is that of a Nasdaq-listed operating company.
How does ACM Research relate to US export controls on semiconductor technology?
ACM occupies a sensitive position. The company is incorporated in Delaware and listed on Nasdaq, but its primary manufacturing, R&D subsidiary, and revenue base reside in China. US Commerce Department export restrictions, particularly the October 2022 and subsequent Entity List additions, directly affect the equipment ACM can ship to certain Chinese customers. The firm's governance restructuring in 2023 was explicitly linked to these regulatory developments.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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