X0202 SCHEDULE 13G 0002127793 XXXXXXXX LIVE Common Stock, $0.001 par value 11/21/2025 0001051627 AXT INC 00246W103 4281 TECHNOLOGY DR. FREMONT CA 94538 Rule 13d-1(c) E20 Capital Ltd K3 2586756.00 0.00 2586756.00 0.00 2586756.00 5.5 CO AXT INC 4281 TECHNOLOGY DR., FREMONT, CALIFORNIA, 94538. E20 Capital Limited Room 1001, Level 10, Prosperity Tower, 39 Queen's Road Central, Central, Hong Kong Hong Kong Y 2,586,756 5.5% 2,586,756 0 2,586,756 0 Y N Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. E20 Capital Ltd Shi Dawei 05/18/2026