Mergers & Acquisitions ·
On July 8, 2026, the Shanghai Stock Exchange accepted the withdrawal of an IPO application for Beijing Tongmei Xtal…
AXTIAxt Inc
On July 8, 2026, the Shanghai Stock Exchange accepted the withdrawal of an IPO application for Beijing Tongmei Xtal Technology Co., Ltd., a majority-controlled subsidiary of AXT, Inc. The company intends to pivot its listing efforts toward the Hong Kong Stock Exchange, shifting its business focus toward indium phosphide (InP) substrates for AI data centers and high-speed optical data transmission. The withdrawal triggers redemption rights for eleven private equity funds that previously invested RMB 324,404,508 (approximately $49 million). These funds may request redemption of their original investment amount without interest. AXT states it has sufficient funds to cover full redemptions if required. AXT operates in the semiconductor industry, specializing in the manufacture of compound semiconductor wafer substrates.