Chip parts maker AXT rises on plans to seek export permits after China curbs

AXT

05/07/2023 12:00

** Shares of U.S. semiconductor wafer maker AXT Inc  AXTI.O 
rise 13.4% to $3.98 premarket
    ** Co said late on Monday it would seek permits to keep
exporting gallium and germanium substrate products from China,
after Beijing abruptly imposed export controls on the metals key
to chipmaking
    ** California-headquartered AXT, which has manufacturing
facilities in China, said its Chinese subsidiary Tongmei would
immediately proceed to apply for the permits
    ** The controls mark the latest salvo in an escalating war
over access to high-tech microchips between Beijing and the
United States and come as Washington mulls new restrictions on
the shipment of high-tech microchips to China
    ** AXTI shares have more than tripled this year

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))