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Investments in Privately-Held Companies (Tables)
 9 Months Ended
Sep. 30, 2019
Investments in Privately-Held Companies  
Summary of investments

As of September 30, 2019, the investments are summarized below (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Balance as of

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

Accounting

 

Ownership

 

Company

    

2019

    

2018

    

Method

    

Percentage

 

Nanjing JinMei Gallium Co., Ltd.

 

$

592

 

$

592

 

Consolidated

 

**100

%

Beijing JiYa Semiconductor Material Co., Ltd.

 

 

N/A

 

 

3,331

 

Consolidated

 

*46

%

Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd.

 

 

1,346

 

 

1,346

 

Consolidated

 

63

%

 

 

$

1,938

 

$

5,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Donghai County Dongfang High Purity Electronic Materials Co., Ltd.

 

$

1,317

 

$

1,416

 

Equity

 

46

%

Beijing JiYa Semiconductor Material Co., Ltd.

 

 

1,803

 

 

N/A

 

Equity

 

*39

%

Xilingol Tongli Germanium Co., Ltd.

 

 

 —

 

 

1,700

 

Equity

 

25

%

Xiaoyi XingAn Gallium Co., Ltd.

 

 

2,277

 

 

N/A

 

Equity

 

25

%

Emeishan Jia Mei High Purity Metals Co., Ltd.

 

 

697

 

 

842

 

Equity

 

25

%

 

 

$

6,094

 

$

3,958

 

 

 

 

 

 

Summary of gain on deconsolidation

 

 

 

 

 

 

Amount

 

    

(in thousands)

Fair value of the consideration received

 

$

366

Fair value of the retained investment in Beijing JiYa Semiconductor Material Co., Ltd.

 

 

2,040

Carrying value of noncontrolling interest, net of accumulated other comprehensive income attributable to subsidiary

 

 

617

Derecognition of Beijing JiYa Semiconductor Material Co., Ltd.'s net asset

 

 

(2,848)

Gain recognized on deconsolidation of Beijing JiYa Semiconductor Material Co., Ltd.

 

$

175

 

 

 

 

 

 

 

 

 

 

Amount

 

 

(in thousands)

Fair value of the retained investment in Beijing JiYa Semiconductor Material Co., Ltd.

 

$

2,040

Carrying value of retained noncontrolling investment

 

 

(1,559)

Gain on retained noncontrolling investment due to remeasurement

 

$

481

 

Summarized equity method income information

AXT’s minority investment entities are not consolidated and are accounted for under the equity method. Excluding one fully impaired entity, the equity entities had the following summarized income information (in thousands) for the three and nine months ended September 30, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

Net revenue

 

$

3,713

 

$

8,017

 

$

14,713

 

$

24,366

 

Gross profit

 

$

309

 

$

2,141

 

$

1,423

 

$

5,477

 

Operating income (loss)

 

$

(436)

 

$

631

 

$

(1,857)

 

$

767

 

Net income (loss)

 

$

(502)

 

$

315

 

$

(2,518)

 

$

(422)