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Investments in Privately-Held Raw Material Companies (Tables)
 3 Months Ended
Mar. 31, 2020
Investments in Privately-Held Raw Material Companies  
Summary of investments

As of March 31, 2020, the investments are summarized below (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Balance as of

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

Accounting

 

Ownership

 

Company

    

2020

    

2019

    

Method

    

Percentage

 

Nanjing JinMei Gallium Co., Ltd.

 

$

592

 

$

592

 

Consolidated

 

**100

%

Beijing JiYa Semiconductor Material Co., Ltd.

 

 

N/A

 

 

N/A

 

Consolidated

 

*46

%

Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd.

 

 

1,346

 

 

1,346

 

Consolidated

 

63

%

 

 

$

1,938

 

$

1,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

1,327

 

$

1,326

 

Equity

 

46

%

Beijing JiYa Semiconductor Material Co., Ltd.

 

 

1,446

 

 

1,621

 

Equity

 

*39

%

Xilingol Tongli Germanium Co., Ltd.

 

 

 —

 

 

 —

 

Equity

 

25

%

Xiaoyi XingAn Gallium Co., Ltd.

 

 

2,401

 

 

2,367

 

Equity

 

25

%

Emeishan Jia Mei High Purity Metals Co., Ltd.

 

 

595

 

 

647

 

Equity

 

25

%

 

 

$

5,769

 

$

5,961

 

 

 

 

 

 

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 months ended March 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31, 

 

 

 

    

2020

    

2019

    

 

Net revenue

 

$

3,953

 

$

6,441

 

 

Gross profit (loss)

 

$

2,020

 

$

(51)

 

 

Operating income (loss)

 

$

197

 

$

(2,039)

 

 

Net income (loss)

 

$

 2

 

$

(2,446)