---
title: "AXT’s Tongmei shifts IPO focus to Hong Kong"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/292080357.md"
description: "AXT's subsidiary Tongmei withdrew its IPO application from the Shanghai Stock Exchange and shifted focus to the Hong Kong Stock Exchange. This move highlights a strategy centered on indium phosphide wafer substrates for AI data centers. The withdrawal triggers redemption rights for approximately RMB 324.4 million raised by private equity funds, with AXT stating it has sufficient liquidity to meet these obligations while negotiating terms."
datetime: "2026-07-08T13:47:57.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/292080357.md)
  - [en](https://longbridge.com/en/news/292080357.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/292080357.md)
---

# AXT’s Tongmei shifts IPO focus to Hong Kong

An announcement from AXT ( (AXTI) ) is now available.

On June 26, 2026, Tongmei withdrew its long-pending application for an IPO on the Shanghai Stock Exchange’s STAR Market, a move acknowledged by the bourse on July 8, 2026, and shifted its listing focus to the Hong Kong Stock Exchange. The planned Hong Kong listing will highlight Tongmei’s updated strategy centered on indium phosphide wafer substrates for high-speed optical data transmission and artificial intelligence data centers, broadening access to institutional and retail investors.

The withdrawal triggers redemption rights tied to approximately RMB 324.4 million raised from eleven Chinese private equity funds, allowing either the funds or Tongmei and AXT to seek repayment at the original RMB amounts. Tongmei and AXT are negotiating with investors on whether to maintain or redeem these stakes in whole or in part, and the company states it has sufficient liquidity to meet full redemption requirements, mitigating financial risk as it pursues the new listing.

The most recent analyst rating on (AXTI) stock is a Buy  
with a $125.00 price target.  
To see the full list of analyst forecasts on AXT stock,  
see the AXTI Stock Forecast page.

**Spark’s Take on AXTI Stock**

According to Spark, TipRanks’ AI Analyst, AXTI is a Neutral.

AXTI scores as a higher-risk turnaround: the largest drag is weak financial performance driven by ongoing losses and negative operating/free cash flow. Offsetting this, the earnings call and recent supply agreements point to strong indium phosphide demand, a large backlog, and guided near-term profitability. Technicals remain unfavorable with the stock below key moving averages, and valuation is not supportive due to negative earnings.

To see Spark’s full report on AXTI stock,  
click here.

**More about AXT**

AXT, Inc., through its majority-controlled subsidiary Beijing Tongmei Xtal Technology Co., Ltd., operates in the semiconductor materials industry, producing wafer substrates such as indium phosphide and gallium arsenide. Tongmei’s products target high-speed optical data transmission, artificial intelligence data centers and micro-LED applications, positioning the company in advanced optoelectronics and data infrastructure supply chains.

**Average Trading Volume:** 10,718,188

**Technical Sentiment Signal:** Buy

**Current Market Cap:** $4.16B

For an in-depth examination of AXTI stock, go to TipRanks’ Overview page.

### Related Stocks

- [AXTI.US](https://longbridge.com/en/quote/AXTI.US.md)
- [AXTU.US](https://longbridge.com/en/quote/AXTU.US.md)
- [AXTX.US](https://longbridge.com/en/quote/AXTX.US.md)

## Related News & Research

- [AXT Expands Board, Adds Independent Director for Growth](https://longbridge.com/en/news/293524704.md)
- [AXT director Duh Jia-bin files initial beneficial ownership statement](https://longbridge.com/en/news/293962180.md)
- [AXT appoints Jia-Bin Duh to board, expands directors to six](https://longbridge.com/en/news/293514679.md)
- [$1000 Invested In AXT 5 Years Ago Would Be Worth This Much Today](https://longbridge.com/en/news/293074325.md)
- [AXT Insider Shake-Up: Major Directors Quietly Cash Out Big Stakes](https://longbridge.com/en/news/290131854.md)