AXT subsidiary Tongmei withdraws STAR Market IPO, triggers ~$49M redemption right for PE investors

AXT INC

On June 26, 2026, Tongmei withdrew its STAR Market IPO application; Shanghai Stock Exchange accepted on July 8, 2026.
Tongmei raised RMB 324,404,508 (~$49M) from 11 private equity funds; withdrawal triggers redemption right at original investment amount.
Company or Tongmei has right (but not obligation) to redeem each fund's investment; price fixed in RMB, no interest or return.
AXT and Tongmei will pivot to a Hong Kong Stock Exchange listing, emphasizing indium phosphide (InP) business for AI data centers.
Company states it has sufficient funds to redeem all investments in full if required.

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