🟢 AXT is trading 6.3% up today as subsidiary shifts IPO listing to Hong Kong

AXT is trading at $63.90 (up 6.3%) after its subsidiary, Beijing Tongmei Xtal Technology, announced it is withdrawing its planned IPO from Shanghai’s STAR Market to pursue a listing on the Hong Kong Stock Exchange instead.

• The strategic shift triggers a potential redemption of approximately $49 million from Chinese private equity investors.
• AXT has reassured the market by stating it maintains sufficient liquidity to manage the redemptions and the structural transition.