AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor wafer substrates comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company’s wafer substrates are used when a typical silicon wafer substrate cannot meet the performance requirements of a semiconductor or optoelectronic device. AXT’s worldwide headquarters are in Fremont, California and includes sales, administration and customer service functions. AXT’s subsidiary in China (“Tongmei”) has similar functions as well as manufacturing facilities to produce wafer substrates. In addition, as part of the supply chain strategy, AXT, Tongmei and Tongmei subsidiaries collectively have partial ownership in ten companies in China producing raw materials.