AXT subsidiary Tongmei files updated IPO application; pre-announces H1 2022 revenue and profit range

AXT INC

Shanghai Stock Exchange accepted Tongmei's revised STAR Market IPO application for review on July 5, 2022.
Tongmei's Q1 2022 revenue RMB 252.6M (RMB 193.2M Q1 2021); net profit RMB 20.4M (RMB 13.9M Q1 2021) under Chinese GAAP.
Tongmei preliminarily expects H1 2022 revenue RMB 456.2M–557.6M (H1 2021: RMB 393.6M) and net profit RMB 44.3M–54.2M (H1 2021: RMB 40.2M).
AXT is not updating its Q2 2022 guidance provided April 28, 2022; Tongmei results under Chinese GAAP differ materially from AXT consolidated US GAAP.

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