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  "documentTitle": "ACM Research, Inc. (ACMR)",
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      "text": "ACMR Trades at a Massive Discount to U.S. and Chinese Peers",
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      "text": "We think overly bearish sentiment overshadowed what was a remarkable 2024 for ACMR. Yet ACMR shares were down -23% for the year compared to a +19% gain for the PHLX Semiconductor Index (SOX).",
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      "text": "A comparison of ACMR's valuation to sets of comparable companies demonstrates the stark discount at which ACM Research's shares on NASDAQ trade.",
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      "text": "Investing in any company with Chinese operations involves elevated risk. However, we give ACMR kudos for better than average disclosure practices.",
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      "kind": "paragraph",
      "text": "J Capital Research, a credible short activist with a track record of targeting Chinese companies, published a short report on ACMR in 2020 largely focused on accounting and related party issues. We disagree with the report's conclusions.",
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      "text": "IX. Valuation: Multi-bagger Upside",
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