AXT, Inc. Announces Up to RMB 3.67 Billion (Approximately US$545 Million) in Private Equity Financing for Subsidiary Tongmei

AXT's majority-owned subsidiary Tongmei signed definitive agreements for a private equity investment of RMB 1.91 billion to RMB 3.67 billion (about $285M-$545M). Proceeds fund expansion of indium phosphide substrate capacity, where management says demand is outpacing supply, plus raw-material operations in China. The lead investor, an Asia asset manager, is committed to helping Tongmei pursue an overseas listing.

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