TRADING SECURITIES

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

TRADING SECURITIESPursuant to a Partnership Agreement dated June 9, 2020 (the “Partnership Agreement”) and a Supplementary Agreement thereto dated June 15, 2020 (the “Supplementary Agreement”), ACM Shanghai acquired shares of SMIC in July 2020. As SMIC was listed on the STAR Market, ACM Shanghai’s investment is accounted for as trading securities and is stated at

fair market value, which is classified as Level 1 of the hierarchy established under ASC 820, Fair Value Measurement, with valuations based on quoted prices for identical securities in active markets at June 30, 2023 and December 31, 2022.

Pursuant to an Agreement entered into on September 19, 2022 (the ‘‘Agreement’’), ACM Shanghai became a limited partner of the Nuode Asset Fund Pujiang No. 783 Single Asset Management Plan (‘‘Nuode Asset Fund’’) a Chinese limited partnership formed by Nuode Asset Management Co., Ltd, a financial services firm based in Shanghai, China Nuode Asset Fund was formed to establish a special fund with the purpose to participate in certain technology related investments in China. Subsequent to the future purchase, any investment will be held by Nuode Asset Fund and restricted for a minimum period of six months. The limited partners of the Nuode Asset Fund contributed a total RMB 160 million ($22,160) to the fund, of which ACM Shanghai contributed RMB 30 million ($4,196), or 18.75% of the contribution on September 27, 2022.

In December 2022, the Nuode Asset Fund purchased shares in the secondary stock offering of a publicly traded PRC-stock listing. The number of shares owned by Nuode Asset Fund was apportioned to all of the limited partners in proportion to their respective capital contributions (18.75% in the case of ACM Shanghai).

At June 30, 2023 and December 31, 2022, the components of trading securities were as follows:


	June 30, 2023		December 31, 2022
Trading securities listed in Shanghai Stock Exchange
Cost	$	4,124	$	14,779
Market value	6,375		20,209


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Unrealized loss on trading securities	$	(2,455)	$	(423)	$	(3,109)	$	(4,281)

For the three and six months ended June 30, 2023, the Company received $6,637 and $17,709 in proceeds from the sale of trading securities, including a realized gain of $3,919 and $7,913, respectively.