E20 Capital Ltd Acquires 5.5% Passive Stake in AXT Inc. (AXTI)

E20 Capital Ltd, a Hong Kong-based investment firm, has filed a Schedule 13G indicating a new substantial position in AXT Inc. (AXTI). As of the event date on November 21, 2025, the filer reported beneficial ownership of 2,586,756 shares of common stock, representing a 5.5% stake in the company. This filing marks an increase from a previous 0.0% position, establishing E20 Capital Ltd as a significant shareholder. The shares are held with sole voting and dispositive power. The filing was made under Rule 13d-1(c), which is typically used by passive investors who do not intend to influence or change the control of the issuer. AXT Inc., headquartered in Fremont, California, specializes in compound semiconductor substrates. The reporting person, Shi Dawei, signed the document in his capacity as Director on May 18, 2026. This move highlights growing institutional interest in AXTI from international capital sources.