{"id":767616,"date":"2023-07-03T20:44:06","date_gmt":"2023-07-04T00:44:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/axt-inc-addresses-chinas-announcement-of-new-export-control-regulations\/"},"modified":"2023-07-03T20:44:06","modified_gmt":"2023-07-04T00:44:06","slug":"axt-inc-addresses-chinas-announcement-of-new-export-control-regulations","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/axt-inc-addresses-chinas-announcement-of-new-export-control-regulations\/","title":{"rendered":"AXT, Inc. Addresses China\u2019s Announcement of New Export Control Regulations"},"content":{"rendered":"<h2>\nAnnounces Second Quarter Earnings Release on Aug. 3, 2023<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">FREMONT, Calif., July  03, 2023  (GLOBE NEWSWIRE) &#8212; AXT, Inc. (Nasdaq: AXTI), a worldwide materials science company, today addressed the potential impact of the announcement of China\u2019s new export control regulations on gallium- and germanium-related materials, which take effect on August 1, 2023.<\/p>\n<p align=\"justify\">Tongmei, AXT\u2019s subsidiary in China, expects to proceed to immediately seek permits from the applicable Chinese authorities to export gallium and germanium substrate products. Indium phosphide substrates are not included in the new export control regulations, and, therefore, exports of indium phosphide will not require export approvals as part of these regulations.<\/p>\n<p align=\"justify\">In the first quarter of 2023, gallium arsenide and germanium substrates exported outside of China contributed approximately $4.3 million in revenue, primarily for consumer, automotive, display, and industrial applications.<\/p>\n<p align=\"justify\">\u201cWe are actively pursuing the necessary permits and are working to minimize any potential disruption to our customers,\u201d said Morris Young, chief executive officer.<\/p>\n<p align=\"justify\">The company also announced that it will report earnings for the second quarter of 2023 on Aug. 3, 2023 aftermarket. Details of the call will be forthcoming.<\/p>\n<p align=\"start\">\n        <strong>About AXT, Inc. <\/strong><br \/>\n        <br \/> AXT is a worldwide materials science company. Tongmei, its primary subsidiary in China, develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company\u2019s substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. AXT\u2019s worldwide headquarters are in\u00a0Fremont, California\u00a0where the company maintains sales, administration and customer service functions. AXT\u2019s Asia\u00a0headquarters and development team are located in\u00a0Beijing, China\u00a0and the company has manufacturing facilities in\u00a0three separate locations in\u00a0China. In addition, as part of its supply chain strategy, the company has partial ownership in ten companies in\u00a0China\u00a0producing raw materials for its manufacturing process. For more information, see AXT\u2019s website at\u00a0<a href=\"http:\/\/www.axt.com\/\" rel=\"nofollow noopener\" target=\"_blank\"><u>http:\/\/www.axt.com<\/u><\/a>.<\/p>\n<p align=\"justify\">\n        <strong>Safe Harbor<\/strong><br \/>\n        <br \/> The foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding obtaining from the applicable authorities the necessary permits to export gallium arsenide and germanium substrate products. Additional examples of forward-looking statements include statements regarding our efforts to minimize any disruption to our customers. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company\u2019s operations and business environment, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to the administrative challenges in applying for and obtaining the necessary permits. Additional uncertainties and factors include, but are not limited to, other factors as set forth in the company\u2019s Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the\u00a0Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company\u2019s control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.<\/p>\n<p align=\"start\">Contacts: <br \/> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Gary L. Fischer\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Chief Financial Officer <br \/> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(510) 438-4700<\/p>\n<p align=\"start\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Leslie Green\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Green Communications Consulting, LLC <br \/> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(650) 312-9060<\/p>\n<p \/>\n      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg2ODYwNSM1Njc2MDgyIzIwODA2MTQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/ODgxOTg4NGQtY2E5Ny00NzQ4LWIxN2UtMzRmY2YwNzBiZGViLTEwOTIxODU=\/tiny\/AXT-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Announces Second Quarter Earnings Release on Aug. 3, 2023 FREMONT, Calif., July 03, 2023 (GLOBE NEWSWIRE) &#8212; AXT, Inc. (Nasdaq: AXTI), a worldwide materials science company, today addressed the potential impact of the announcement of China\u2019s new export control regulations on gallium- and germanium-related materials, which take effect on August 1, 2023. Tongmei, AXT\u2019s subsidiary in China, expects to proceed to immediately seek permits from the applicable Chinese authorities to export gallium and germanium substrate products. Indium phosphide substrates are not included in the new export control regulations, and, therefore, exports of indium phosphide will not require export approvals as part of these regulations. In the first quarter of 2023, gallium arsenide and germanium substrates exported outside of China contributed &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/axt-inc-addresses-chinas-announcement-of-new-export-control-regulations\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AXT, Inc. Addresses China\u2019s Announcement of New Export Control Regulations&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-767616","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AXT, Inc. 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(Nasdaq: AXTI), a worldwide materials science company, today addressed the potential impact of the announcement of China\u2019s new export control regulations on gallium- and germanium-related materials, which take effect on August 1, 2023. Tongmei, AXT\u2019s subsidiary in China, expects to proceed to immediately seek permits from the applicable Chinese authorities to export gallium and germanium substrate products. Indium phosphide substrates are not included in the new export control regulations, and, therefore, exports of indium phosphide will not require export approvals as part of these regulations. In the first quarter of 2023, gallium arsenide and germanium substrates exported outside of China contributed &hellip; Continue reading &quot;AXT, Inc. 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