Tongmei Withdraws IPO Application from STAR Market; Shifts Focus to Hong Kong Exchange

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This withdrawal triggers a redemption right for the private equity funds that invested in Tongmei, allowing them to redeem their investments at the original amount without interest. AXT, Inc. and Tongmei are in discussions with these funds to determine the next steps. The Company is shifting its focus towards a listing on the Hong Kong Stock Exchange, where it plans to emphasize its indium phosphide (InP) business to address the growing demand for InP substrates in high-speed optical data transmission and artificial intelligence data center applications.

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About Axt, Inc.

Axt, Inc. is a leading producer of high-performance compound semiconductor substrates. These substrates, such as gallium arsenide (GaAs), enable the efficient functioning of a diverse range of electronic and optoelectronic devices. Axt, Inc. plays a crucial role in enhancing the performance of high-frequency, high-power, and optically sensitive applications. The primary use of these substrates is found in industries like telecommunications, light-emitting diodes (LEDs), and solar cells. With its production facilities located primarily in China, Axt, Inc. serves a global market, catering to technology companies that require high-quality semiconductor materials. Through its extensive research and development initiatives, the company continually innovates to meet the growing demand for substrate materials that support advanced technology products. As a significant provider in the semiconductor supply chain, Axt, Inc. contributes to the advancement of next-generation technologies, supporting sectors that are critical to modern electronics and renewable energy solutions.