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Investments in Privately-Held Raw Material Companies (Tables)
 12 Months Ended
Dec. 31, 2019
Investments in Privately-Held Raw Material Companies  
Summary of investments

The investments are summarized below (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Balance as of

 

 

 

 

 

 

 

December 31, 

 

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.

 

$

1,326

 

$

1,416

 

Equity

 

46

%

Beijing JiYa Semiconductor Material Co., Ltd.

 

 

1,621

 

 

N/A

 

Equity

 

*39

%

Xilingol Tongli Germanium Co., Ltd.

 

 

 —

 

 

1,700

 

Equity

 

25

%

Xiaoyi XingAn Gallium Co., Ltd.

 

 

2,367

 

 

N/A

 

Equity

 

25

%

Emeishan Jia Mei High Purity Metals Co., Ltd.

 

 

647

 

 

842

 

Equity

 

25

%

 

 

$

5,961

 

$

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 years ended December 31, 2019, 2018 and 2017, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our share for the

 

 

 

 

Year Ended

 

Year Ended

 

 

 

 

December 31, 

 

December 31, 

 

 

    

2019

    

2018

 

2017

    

2019

    

2018

    

2017

 

Net revenue

 

$

18,991

 

$

33,212

 

$

24,053

 

$

5,458

 

$

8,549

 

$

6,152

 

Gross profit

 

 

2,013

 

 

6,457

 

 

1,739

 

 

558

 

 

1,675

 

 

482

 

Operating loss

 

 

(2,266)

 

 

(3,152)

 

 

(3,676)

 

 

(700)

 

 

(778)

 

 

(938)

 

Net loss

 

$

(3,000)

 

$

(4,750)

 

$

(4,798)

 

$

(1,876)

 

$

(1,080)

 

$

(1,694)

 

 

Summarized balance sheet information

Excluding one fully impaired entity, these minority investment entities that are not consolidated, but rather are accounted for under the equity method, had the following summarized balance sheet information (in thousands) as of December 31, 2019 and 2018, respectively:

 

 

 

 

 

 

 

 

 

 

As of December 31, 

 

 

    

2019

 

2018

 

Current assets

 

$

22,144

    

$

31,525

 

Noncurrent assets

 

 

11,990

 

 

26,889

 

Current liabilities

 

 

13,726

 

 

24,670

 

Noncurrent liabilities

 

 

 —

 

 

112