Source: View source · Reuters / Benzinga / TipRanks (via SEC filing) · web

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AXT's China-based substrate subsidiary Tongmei is withdrawing its Shanghai STAR Market IPO application and instead pursuing a Hong Kong Stock Exchange listing focused specifically on the indium phosphide business, per Reuters citing an SEC filing (also reported by Benzinga and TipRanks, all dated 2026-07-29). AXT shares have been sharply down for weeks with no confirmed cause identified; this is the first fresh, dateable corporate action on the exact China subsidiary whose export-permit exposure has been the leading explanation floated for that slide, even though a listing-venue change is not itself a stated explanation for the move — read it as new information on the open question, not a resolved verdict.