AXT INC — Director's Dealing 2004

May 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AXT INC (AXTI)
CIK: 0001051627
Period of Report: 2004-05-17

Reporting Person: Cheung Wilson Wai-Shun (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-17	Incentive stock options	$2.24	A	90000	Acquired	2014-05-17	Common shares (90000)	Direct

Footnotes

F1: 25% to vest on May 17, 2005; the remaining options to vest monthly for the remaining 36 months.