News Snapshot:
When the U.S. blacklisted six Chinese entities last month in response to a suspected spy balloon’s traversing the country, a little-known tech firm in Northern California had reason to pay particularly close attention. AXT Inc. has extensive ties to China that go beyond its manufacturing facilities there. The company owns an 85% stake in a Chinese subsidiary that produces materials for semiconductors and has counted as one of its biggest customers a giant state-owned defense firm linked to Beijing’s surveillance balloon program, according to AXT’s filing to the Securities and Exchange Commission in August. A division of the defense firm,...
