AXT Subsidiary Tongmei Signs Deal for Up to RMB 3.67 Billion in Private Equity Financing

• AXT's subsidiary Tongmei signed agreements to raise up to RMB 3.67 billion (approximately US$ 545 million) through ordinary shares.
• The private equity financing has a minimum investment of RMB 1.91 billion (approximately US$ 285 million).
• Proceeds will fund indium phosphide substrate capacity expansion, broader operations and working capital, including capacity increases at Chinese raw material companies.
• Closing is expected in December 2026, subject to customary conditions, including required government filings.
• At the maximum investment, the parent expects to retain control with a 73.4% stake in Tongmei, continuing financial consolidation.

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