AXT Subsidiary Tongmei Signs Agreements for Up to $550 Million in Private Equity Financing

10:25 AM EDT, 10/28/2026 (MT Newswires) -- AXT's (AXTI) majority-owned subsidiary Beijing Tongmei Xtal Technology has entered into definitive agreements with certain institutional investors for private equity financing of a minimum of about 1.91 billion Chinese renminbi ($286.8 million) to a maximum of 3.67 billion renminbi. The financing will be used to fund the further expansion of Tongmei's manufacturing capacity for indium phosphide semiconductor substrates, the expansion of its principal business operations, capital expenditures, and general working capital, according to a Wednesday statement. The closing of the financing is expected in December, AXT said. Price: 61.05, Change: +2.82, Percent Change: +4.83