ACM RESEARCH CLASS A INC (ACMR)
Sector: Information Technology
2026 Annual Meeting Analysis
ACM RESEARCH CLASS A INC · Meeting: June 10, 2026
Directors FOR
4
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Four Directors
ACMR's 3-year stock return of +400.7% outpaces the company-disclosed peer group median by +249.1 percentage points, far exceeding the 65-point threshold required to trigger a no vote for a company with strong positive returns, and Wang shows no overboarding, attendance, or independence concerns as an executive director.
Stock performance comfortably clears the peer-group benchmark (ACMR outperforms peer median by +249.1pp vs. a 65pp threshold), Dun has no overboarding issues, attended at least 75% of all meetings, and brings relevant semiconductor industry experience from Intel and Champion Microelectronic.
Stock performance clears all TSR thresholds, Liu serves as audit committee chair with CPA credentials satisfying financial expertise requirements, attended all meetings, and holds no outside board seats that raise overboarding concerns.
Pappis joined the board in March 2025, meaning his tenure is less than 24 months and he is fully exempt from the TSR trigger; he brings relevant semiconductor equipment experience from a 30-year career at Applied Materials.
All four director nominees receive a FOR vote. ACMR's 3-year price return of +400.7% outperforms the company-disclosed compensation peer group median by approximately +249 percentage points, well above the 65-point threshold needed to trigger a no vote for a company with strong positive returns. No director is overboarded, all attended at least 75% of meetings, no problematic independence issues exist, and the board discloses a skills matrix. Charles Pappis joined in March 2025 and is exempt from the TSR trigger as a director with less than 24 months of tenure.
Say on Pay
✓ FORCEO
David H. Wang
Total Comp
$632,769
Prior Support
85%%
CEO David Wang's total reported pay for 2025 was $632,769 — a very modest amount for a founder-CEO of a $3.4 billion technology company — consisting of a base salary of $267,801, a cash bonus of $359,920, and minimal benefits, with no new stock option grants made in 2025. While the annual cash bonus program lacks formal performance thresholds or target levels (the committee exercises full discretion), the dollar amounts involved are well within reasonable benchmarks for a technology company of this size, and the overall pay level does not raise concerns under the aggregate or individual pay thresholds. The prior Say on Pay vote received 85% support in 2024, the company has a clawback policy in place, and the compensation structure — which relies heavily on previously granted long-term stock options rather than new grants — keeps total cash pay modest and aligned with shareholders who have seen a 400% stock return over three years.
Auditor Ratification
✓ FORAuditor
Ernst & Young Hua Ming LLP
Tenure
N/A
Audit Fees
$1,680,000
Non-Audit Fees
$109,973
Non-audit fees (tax services of $109,973) represent approximately 6.5% of audit fees ($1,680,000), well below the 50% threshold that would raise independence concerns. Auditor tenure is not disclosed in the proxy so the tenure trigger cannot fire per policy. Ernst & Young is a Big 4 firm appropriate for a $3.4 billion market cap company with global operations, and no material restatements are disclosed.
Overall Assessment
The 2026 ACM Research annual meeting contains two proposals: election of four directors and ratification of Ernst & Young Hua Ming LLP as auditor. All proposals receive a FOR vote — the director slate is clean with no TSR, attendance, overboarding, or independence concerns, ACMR's exceptional stock performance far outpaces its peer group, and the auditor's non-audit fee ratio is very low at approximately 6.5%. There is no Say on Pay vote on this year's ballot because shareholders elected a triennial schedule at the 2024 annual meeting (83% voted for three-year frequency), meaning the next advisory compensation vote is scheduled for the 2027 annual meeting.
Compensation Peer Group
14 companies disclosed in 2026 proxy filing