13 August 2021
AXT’s founder & CEO Morris Young returns to chairman role prior to Tongmei IPO
AXT Inc of Fremont, CA, USA – which makes gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) substrates and raw materials – says that founder & CEO Dr Morris Young has been appointed chairman of its board of directors. Jesse Chen, who has served as chairman since 2009, will continue to serve as lead independent director and as a member of the board.
The Nominating and Corporate Governance Committee and the board of directors decided to make this appointment in preparation for the proposed initial public offering (IPO) by Beijing Tongmei Xtal Technology Co Ltd on the Shanghai Stock Exchange’s Sci-Tech innovAtion board (STAR Market). The appointment comes at the request and advice of Tongmei’s advisors on the IPO.
Young has been chairman of Tongmei since its founding in 1998 and will continue in this role. Previously Young served as AXT’s chairman from February 1998 to May 2004.
AXT’s Q2 revenue of $33.7m up 52% year-on-year
AXT’s second-tranche private equity investment in China largely complete
AXT to merge raw material companies BoYu and JinMei into Tongmei