AXT, Inc. Announces Up to RMB 3.67 Billion (Approximately US$545 Million) in Private Equity Financing for Subsidiary Tongmei

AXT, Inc. said its majority-owned subsidiary, Beijing Tongmei Xtal Technology, signed definitive agreements for a private equity financing of up to RMB 3.67 billion (approximately US$545 million). The funds are intended to expand manufacturing capacity for indium phosphide semiconductor substrates and support Tongmei’s business growth, capital expenditures, and working capital needs. The article did not report an impact on AXT’s stock price.