<SEC-DOCUMENT>0001558370-22-005472.txt : 20220615
<SEC-HEADER>0001558370-22-005472.hdr.sgml : 20220615
<ACCEPTANCE-DATETIME>20220414161744
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001558370-22-005472
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXT INC
		CENTRAL INDEX KEY:			0001051627
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				943031310
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4281 TECHNOLOGY DR.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
		BUSINESS PHONE:		510.438.4734

	MAIL ADDRESS:	
		STREET 1:		4281 TECHNOLOGY DR.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN XTAL TECHNOLOGY
		DATE OF NAME CHANGE:	19971217
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 4/14/2022 07:37:49 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:5.75pt;padding-right:5.75pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:54.85%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:45.14%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:4pt 3.6pt 0pt 97.05pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>Palo Alto, California 94304-1050</p><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:4pt 3.6pt 0pt 97.05pt;"><font style="white-space:pre-wrap;">:  650.493.9300</font><br><font style="font-variant:small-caps;">f</font><font style="white-space:pre-wrap;">:  650.493.6811</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:86.4pt;"><td style="vertical-align:top;width:54.85%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><div style="height:86.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:6pt 0pt 0pt 0pt;"><img src="tmb-20220414xcorresp002.jpg" alt="A picture containing text, outdoor, sign&#10;&#10;Description automatically generated" style="display:inline-block;height:36pt;width:96pt;"></p><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:6pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:6pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:45.14%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><div style="height:86.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:6pt 3.6pt 0pt 79.2pt;">Wilson Sonsini Goodrich &amp; Rosati<br>Professional Corporation</p><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:4pt 3.6pt 0pt 79.2pt;">650 Page Mill Road<br>Palo Alto, California 94304-1050</p><p style="color:#003d4c;font-family:'Georgia';font-size:8pt;letter-spacing:-0.25pt;line-height:1.19;margin:4pt 3.6pt 0pt 79.2pt;"><font style="font-variant:small-caps;">o</font><font style="white-space:pre-wrap;">:  650.493.9300</font><br><font style="font-variant:small-caps;">f</font><font style="white-space:pre-wrap;">:  650.493.6811</font></p></div></div></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:12pt 0pt 0pt 0pt;"><a name="_Hlk80789426"></a>April 14, 2022</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:12pt 0pt 0pt 0pt;"><u style="font-style:italic;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Via EDGAR and Overnight Delivery</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:12pt 0pt 0pt 0pt;">U.S. Securities and Exchange Commission<br>Division of Corporation Finance<br>100 F Street, N.E.<br>Washington, D.C. 20549<br><font style="white-space:pre-wrap;">Attention:  </font><font style="display:inline-block;width:26.45pt;"></font>Sergio Chinos, Staff Attorney</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 72pt;">Asia Timmons-Pierce, Special Counsel</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:12pt;"><b style="font-size:10pt;font-weight:bold;">Re:</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:12pt;"><b style="font-size:10pt;font-weight:bold;">AXT, Inc. </b><b style="font-size:10pt;font-weight:bold;"><br></b><b style="font-weight:bold;">Amendment No. 4 to Registration Statement on Form S-3</b><b style="font-size:10pt;font-weight:bold;"><br></b><b style="font-size:10pt;font-weight:bold;">Filed February 4, 2022</b><b style="font-size:10pt;font-weight:bold;"><br></b><b style="font-size:10pt;font-weight:bold;">File No. 333-258196</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:12pt 0pt 0pt 0pt;">Ladies and Gentlemen:</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:12pt 0pt 0pt 0pt;">On behalf of our client, AXT, Inc. (the &#8220;<b style="font-weight:bold;">Company</b>&#8221;), we submit this letter in response to comments from the staff (the &#8220;<b style="font-weight:bold;">Staff</b>&#8221;) of the Securities and Exchange Commission contained in its letter dated March&#160;17, 2022, relating to the above-referenced Registration Statement on Form S-3 (&#8220;<b style="font-weight:bold;">Amendment No. 4</b>&#8221;). We are concurrently submitting via EDGAR this letter and a revised draft of Amendment No. 4 (&#8220;<b style="font-weight:bold;">Amendment No. 5</b>&#8221;). For the Staff&#8217;s reference, we are providing to the Staff by overnight delivery a copy of this letter as well as both a clean copy of Amendment No. 5 and a copy marked to show all changes from Amendment No. 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:12pt 0pt 12pt 0pt;">In this letter, we have recited the comments from the Staff in italicized, bold type and have followed each comment with the Company&#8217;s response. Except for page references appearing in the headings and Staff comments below (which are references to Amendment No. 4), all page references herein correspond to the pages of Amendment No. 5.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">General</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">1.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Many of our comments are seeking disclosure regarding AXT and its subsidiaries. In some instances you have only provided disclosure for AXT. Please clearly disclose how you will refer to the holding company, and subsidiaries when providing the disclosure throughout the prospectus so that it is clear to investors which entity the disclosure is referencing and which subsidiaries or entities are conducting the business operations. Refrain from using terms such as &#8220;we&#8221; or &#8220;our&#8221; when describing activities or functions of a subsidiary. Please revise your disclosure accordingly</b><font style="font-size:10pt;font-style:italic;font-weight:bold;">.</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt;"><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has revised the </font>prospectus cover page and page 5 of the prospectus. The Company previously disclosed that &#8220;AXT,&#8221; &#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; </p></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="white-space:pre-wrap;">austin    beijing    boston    brussels    hong kong    london    los angeles    new york    palo alto</font><br><font style="white-space:pre-wrap;">san diego    san francisco    seattle    shanghai    washington, dc    wilmington, de</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">1</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">and &#8220;us&#8221; refer to AXT, Inc. The Company has refrained from using terms such as &#8220;we&#8221; or &#8220;our&#8221; when describing activities or functions of a subsidiary and has revised its disclosure accordingly<font style="font-family:'Times New Roman','Times','serif';letter-spacing:-0.05pt;">.</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin-bottom:8pt;margin-top:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;letter-spacing:-0.05pt;">2.</b></p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin-bottom:8pt;margin-top:0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Please ensure that the information in your prospectus is updated. For example, please update your organization chart, on page 7, to reflect the structure as of the most reasonable practicable date</b><font style="font-family:'Times New Roman','Times','serif';font-style:italic;font-weight:bold;letter-spacing:-0.05pt;">.</font></p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="white-space:pre-wrap;background:#ffffff;">In response to the Staff&#8217;s comment, the Company has updated the information in its prospectus.  The Company updated the date of the organization chart on page 7 of the prospectus</font><font style="font-family:'Times New Roman','Times','serif';">.</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin-bottom:8pt;margin-top:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;letter-spacing:-0.05pt;">3.</b></p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin-bottom:8pt;margin-top:0pt;"><b style="font-weight:bold;">Please revise to update your disclosures regarding the Shanghai Stock Exchange and CSRC approval status</b><font style="font-family:'Times New Roman','Times','serif';font-style:italic;font-weight:bold;letter-spacing:-0.05pt;">.</font></p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has updated its disclosures regarding the Shanghai Stock Exchange and the China Securities Regulatory Commission (&#8220;</font><b style="font-weight:bold;background:#ffffff;">CSRC</b><font style="background:#ffffff;">&#8221;) approval status</font><font style="font-family:'Times New Roman','Times','serif';">.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';letter-spacing:-0.05pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin-bottom:8pt;margin-top:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">4.</b></p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin-bottom:8pt;margin-top:0pt;"><b style="font-weight:bold;">We note your repeated disclosure that you do not conduct your operations in China through the use of VIEs. Please equally highlight that all of your products are manufactured in the PRC by your PRC subsidiaries and PRC joint ventures</b><font style="font-family:'Times New Roman','Times','serif';font-style:italic;font-weight:bold;letter-spacing:-0.05pt;">.</font></p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has highlighted equally that all of its products are manufactured in the People&#8217;s Republic of China (the &#8220;</font><b style="font-weight:bold;background:#ffffff;">PRC</b><font style="background:#ffffff;">&#8221;) by its PRC subsidiaries and PRC joint ventures</font><font style="font-family:'Times New Roman','Times','serif';letter-spacing:-0.05pt;">.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 72pt 8pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Cover Page</b></p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><font style="display:inline-block;font-family:'Times New Roman','Times','serif';font-weight:bold;min-width:36pt;vertical-align:baseline;white-space:nowrap;">5.</font><b style="font-weight:bold;">We note your disclosure that you are subject to a number of operational and legal risks associated with your corporate structure, please expand your disclosure to make clear whether these risks can significantly limit or completely hinder your ability to offer or continue to offer securities to investors.</b></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">In response to the Staff&#8217;s comment, the Company has clarified on the cover page and page 7 of the prospectus that the Company is a Delaware corporation.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">6.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;letter-spacing:-0.1pt;">Please disclose whether </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk98956185"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;letter-spacing:-0.1pt;">your auditor is subject to the determinations announced by the PCAOB on December 16, 2021 </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;letter-spacing:-0.1pt;">and whether and how the Holding Foreign Companies Accountable Act and related regulations will affect your company. In addition, discuss the Accelerating HFCAA Senate bill and note that if enacted it would reduce the number of non-inspection years from three years to two, and thus, would reduce the time before </b></td></tr></table></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">2</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;"></td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;letter-spacing:-0.1pt;">your securities may be prohibited from trading or delisted. Further, update your cover page disclosure to reflect that the Commission adopted rules to implement the HFCAA.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has disclosed that BPM LLP (&#8220;BPM&#8221;), the Company&#8217;s </font>independent registered public accounting firm, is not subject to the determinations announced by the Public Company Accounting Oversight Board (the &#8220;<b style="font-weight:bold;">PCAOB</b>&#8221;) on December&#160;16, 2021<font style="background:#ffffff;">.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;background:#ffffff;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font>The Company advises the Staff that it has updated the risk factor entitled, &#8220;Although the audit report incorporated by reference in this prospectus is prepared by an independent registered public accounting firm that is currently inspected fully by the PCAOB, there is no guarantee that future audit reports will be prepared by an independent registered public accounting firm that is completely inspected by the PCAOB.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">7.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Please disclose whether cash generated from one subsidiary is used to fund another subsidiary&#39;s operations, whether any subsidiary has ever faced difficulties or limitations on its ability to transfer cash between subsidiaries, and whether you have cash management policies that dictate the amount of such funding.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">The Company advises the Staff that it has added additional disclosure on the cover page and page 7 of the prospectus.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">8.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Please revise to address how recent statements and regulatory actions by China&#8217;s government, such as those related to the use of variable interest entities and data security or anti-monopoly concerns, have or may impact the company&#8217;s ability to accept foreign investments.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">The Company advises the Staff that the Company is neither a PRC operating company nor does it conduct its operations in China through the use of variable interest entities. The Company has provided such disclosure on the cover page.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">9.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">We note your disclosures regarding dividends paid during the nine months ended September&#160;30, 2021 and 2020. State whether any transfers, dividends, or distributions have been made </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;">to date </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">between the holding company and its subsidiaries, or to investors, and quantify the amounts where applicable. Please update your summary and risk factor disclosure as well.</b></td></tr></table></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">3</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">The Company advises the Staff that it has updated its disclosure on the cover page and the summary to refer to the years ended December&#160;31, 2021 and 2020 and the three months ended March&#160;31, 2022.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Prospectus Summary, page 3</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">10.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Please explain how you determined that permissions and approvals were not necessary when you provide disclosure to that effect. If you relied on the advice of counsel, you </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;letter-spacing:0.05pt;">should identify counsel and file the consent of counsel as an exhibit. If you did not </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">consult counsel, you should explain why.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font>The Company advises the Staff that the Company is neither a PRC operating company nor does it conduct its operations in China through the use of variable interest entities. The Company believes that it does not require any permissions or approvals from the CSRC or other PRC government authorities to complete the offering of securities because it is a Delaware corporation with its principal corporate office in Fremont, California and the PRC laws and regulations that govern the listing of securities on a U.S. securities exchange apply to PRC companies. Accordingly, the Company did not consult with its PRC counsel.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">11.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disclose that trading in your securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or investigate completely your auditor, and that as a result an exchange may determine to delist your securities. Disclose whether your auditor is subject to the determinations announced by the PCAOB on December 16, 2021.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font>The Company advises the Staff that it has updated the risk factor entitled, &#8220;Although the audit report incorporated by reference in this prospectus is prepared by an independent registered public accounting firm that is currently inspected fully by the PCAOB, there is no guarantee that future audit reports will be prepared by an independent registered public accounting firm that is completely inspected by the PCAOB.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;background:#ffffff;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has disclosed that BPM</font> is not subject to the determinations announced by the PCAOB on December&#160;16, 2021<font style="background:#ffffff;">.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">4</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">12.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">We note your disclosure that your substrate product group generated 79%, 81% and 79% of your consolidated revenue and your raw materials and other product group generated 21%, 19% and 21% for 2020, 2019 and 2018, respectively. Please update your disclosure for 2021.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 3.6pt 8pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 3.6pt 8pt 0pt;">The Company advises the Staff that it has updated its disclosure for 2021.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">13.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">We note your summary risk factor disclosure noting that the Chinese government may intervene or influence your operations at any time. Please expand your disclosure to discuss specific limitations or restrictions imposed by the PRC on you based on the industry that you operate in. By way of example, and not limitation, discuss whether there are limitations on moving technology in and out of the PRC and how it will affect your operations. In addition, expand your risk factor section as necessary.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has updated th</font>e risk factor titled, &#8220;The PRC government may intervene in or influence our PRC operations at any time and the rules and regulations in China can change quickly with little advance notice. The PRC government may also exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our common stock.&#8221;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">14.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disclose each permission or approval that you or your subsidiaries are required to obtain from Chinese authorities to operate your business and to offer the securities being registered to foreign investors. State whether you or your subsidiaries are covered by permissions requirements from the China Securities Regulatory Commission (CSRC), Cyberspace Administration of China (CAC) or any other governmental agency that is required to approve the operations, and state affirmatively whether you have received all requisite permissions or approvals and whether any permissions or approvals have been denied. Please also describe the consequences to you and your investors if you or your subsidiaries: (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and you are required to obtain such permissions or approvals in the future. Please ensure that you address the foregoing for each of your subsidiaries, including, but not limited to, Tongmei.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">In response to the Staff&#8217;s comment, the Company has updated it disclosure in the summary.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Risks Associated with Our Corporate Structure, page 5</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">15.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">We note your disclosures regarding how cash is transferred within your organization or to investors. Please include risk factor disclosure regarding how cash is transferred within your organization addressing any limitations or restrictions on how cash is transferred within your organization or to investors. Please provide summary risk factor disclosure about the impediments of transferring cash out of China or Hong Kong and that there can be no assurance that the PRC government will not intervene or impose restrictions on your ability to transfer or distribute cash within your organization or to foreign investors, which could result in an inability or prohibition on making transfers or distributions outside of China or Hong Kong and adversely affect your business. Please update your risk factor section to include a more detailed discussion of these risks.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">The Company advises the Staff that it provided disclosure on the cover page regarding its transfer pricing arrangements. The Company also had included the risk factor titled, &#8220;Our international operations are exposed to potential adverse tax consequence in China,&#8221; which discusses the risks of transfer pricing.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">16.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Acknowledge any risks that any actions by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. Please also update your risk factor disclosure on page 9.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">In response to the Staff&#8217;s comment, the Company has updated the risk factor titled, &#8220;The PRC government may intervene in or influence our PRC operations at any time and the rules and regulations in China can change quickly with little advance notice. The PRC government may also exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our common stock.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">17.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Please address the risks associated with Tongmei&#8217;s CSRC approval and the impact on your operations. Please include a more detailed risk factor in your risk factor section.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">6</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">In response to the Staff&#8217;s comment, the Company has updated the risk factor titled, &#8220;The terms of the private equity raised in China as a first step toward an IPO on the STAR Market grant each investor a right of redemption if Tongmei fails to achieve its IPO.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Risk Factor, page 9</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">18.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">We note your response to prior comment 2, and reissue our comment in part. Please expand your risk factor disclosure to discuss risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">In response to the Staff&#8217;s comment, the Company has expanded its risk factor disclosure.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;letter-spacing:0.25pt;">19.</b></font><b style="font-weight:bold;letter-spacing:0.25pt;">Please add sub-headings here and to your summary section.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;">In response to the Staff&#8217;s comment, the Company has added <font style="letter-spacing:0.25pt;">sub-headings in the risk factor and to its summary section.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">The terms of the private equity raised in China as a first step toward an IPO, page 13</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">20.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">We note your disclosure that any redemptions could have a material adverse effect on your business, financial condition and results of operations. Please revise to quantify the potential redemption payment amounts.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has revised its disclosure to quantify the potential redemption payment amounts.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">7</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Although the audit report incorporated by reference in this prospectus, page 14</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:baseline;white-space:nowrap;width:36pt;padding:0pt;">21.</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;letter-spacing:-0.05pt;">Update your disclosure to reflect that the Commission adopted rules to implement the HFCAA and that, pursuant to the HFCAA, the PCAOB has issued its report notifying the Commission of its determination that it is unable to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong. Disclose whether your auditor is subject to the determinations announced by the PCAOB on December 16, 2021.</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;background:#ffffff;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="background:#ffffff;">In response to the Staff&#8217;s comment, the Company has disclosed that BPM is not subject to the determinations announced by the PCAOB on December 16, 2021 and updated the risk factor entitled, &#8220;Although the audit report incorporated by reference in this prospectus is prepared by an independent registered public accounting firm that is currently inspected fully by the PCAOB, there is no guarantee that future audit reports will be prepared by an independent registered public accounting firm that is completely inspected by the PCAOB.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:12pt 0pt 0pt 0pt;">*****</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 72pt 8pt 0pt;"><font style="font-weight:bold;margin-right:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:12pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">8</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:21.6pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><img src="tmb-20220414xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:17.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:47.85pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">April 14, 2022</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="font-family:'Times New Roman','Times','serif';">Please direct any questions regarding the Company&#8217;s responses or Amendment No. 5</font> <font style="font-family:'Times New Roman','Times','serif';">to me at (650) 849-3240</font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:12pt 0pt 0pt 216pt;">Sincerely,</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:12pt 0pt 0pt 216pt;">WILSON SONSINI GOODRICH &amp; ROSATI</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 0pt 216pt;">Professional Corporation</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:0pt;margin:12pt 0pt 0pt 252pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">/s/ Andrew D. Hoffman</u><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:107.02pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>Andrew D. Hoffman</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:12pt;">cc:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:12pt;">Dr. Morris S. Young, AXT, Inc.<br>Gary L. Fischer, AXT, Inc.</p></td></tr></table></div><div style="clear:both;display:table;margin-bottom:18pt;min-height:54pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="color:#003d4c;font-family:'Buenos Aires';font-size:7pt;line-height:1.61;text-align:center;text-transform:uppercase;margin:12pt -27.35pt 3pt -27.35pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font><font style="margin-left:0pt;margin-right:0pt;margin-top:3pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;">9</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
