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AXT, Inc. Crosses Major Milestone on Tongmei IPO

Globe Newswire - Tue Jul 12, 2022

FREMONT, Calif., July 12, 2022 (GLOBE NEWSWIRE) -- AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today announced that its subsidiary in China, Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), was approved by the Shanghai Stock Exchange (“SSE”) for the listing of Tongmei’s shares in an initial public offering (the “IPO”) on the SSE’s Sci-Tech innovAtion boaRd (the “STAR Market”). The STAR Market IPO remains subject to review and approval by the China Securities Regulatory Commission (“CSRC”) and other authorities. The SSE will now forward Tongmei’s application to the CSRC for its review and approval.

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