AXTI · AXT, Inc.

On June 26, 2026, Beijing Tongmei Xtal Technology Co., Ltd., a majority-controlled subsidiary of AXT, notified the Shanghai Stock Exchange of its withdrawal of the STAR Market IPO application, which was accepted on July 8, 2026. This move triggers redemption rights for the 11 Chinese private equity funds that invested an aggregate of RMB 324,404,508 (approximately US$49 million) in connection with the original listing application. Each fund has the option to require the Company or Tongmei to redeem its investment at the original amount without interest, and the Company also has the option to redeem. The redemption price is fixed in RMB, so the USD amount will vary with exchange rates. AXT states it has sufficient funds to meet any redemption requests. The Company and Tongmei plan to redirect efforts toward a Hong Kong Stock Exchange listing, emphasizing the growth opportunity in indium phosphide substrates for high-speed optical data transmission and AI data centers. This strategic pivot reflects changing market demands and may provide access to a broader investor base in Hong Kong.