AXT is trading 5.8% up today at $63.58 after its majority-owned subsidiary, Beijing Tongmei Xtal Technology, announced it would withdraw its long-planned Shanghai STAR Market IPO in favor of a listing on the Hong Kong Stock Exchange.
- The strategic shift includes the termination of the Shanghai application and addresses associated redemption rights for approximately RMB 324.4 million in prior private equity funding.
- Tongmei continues to focus on its market-leading position in indium phosphide wafers, which are critical components for AI applications and high-speed optical data centers.