Londian Wason Surges 18% in NYSE Debut as Chinese Battery Supply Chain IPO Tests Cross-Border Waters

Londian Wason New Energy Tech Inc., the world's largest supplier of lithium-ion battery copper foil by sales volume in 2025, completed its New York Stock Exchange debut Wednesday under the ticker "FOIL." The stock opened at $26.00 per American depositary share, an 18.18% increase from the offering price of $22.00, giving the company an implied market valuation of $2.01 billion.

The company raised $94.3 million in gross proceeds from its upsized offering of approximately 4.3 million ADS. Cantor Fitzgerald & Co., Huatai Securities (USA), Inc., CMB International Capital Limited, US Tiger Securities, Inc., Fortune Securities, BOCOM International, and VC Brokerage Limited acted as underwriters.

Cornestone investors included Harvest Global Capital Investments Limited and Hithium Global Pte. Ltd.

Copper foil is a critical component in lithium-ion batteries used in electric vehicles and energy storage systems, as well as in copper-clad laminate and PCB applications for electronics and AI infrastructure. The company produces ultra-thin battery copper foil and a full range of PCB foils, and serves top global manufacturers including LG Energy Solution, CATL, SK On, Samsung SDI, ATL, and Panasonic Industrial Materials.

NDTV Profit reported that among its clients is also BYD, and that the company's top five clients accounted for nearly 64% of total revenue in 2025, highlighting a concentration risk. The same source noted that according to IPOX Research Associate Lukas Muehlbauer, Londian Wason's market appeal "comes from them reportedly ranking first globally in the battery copper foil market, with a 7.6% market share."

**Financial Turnaround and Growth**

For the three months ended March 31, 2026, the company recorded total revenue of RMB 4.07 billion (US$582.4 million), a surge of approximately 113.71% year-over-year. It swung from a net loss in the prior-year period to a net profit of RMB 134.5 million (US$19.2 million), a notable turnaround in profitability.

Net proceeds from the IPO will be used primarily for global production expansion and upgrades, research and development of advanced technologies, efficient manufacturing, broader product portfolios, and general corporate purposes.

**Cross-Border Listing Context**

Londian Wason's debut is the largest Chinese company initial public offering in the United States in over a year, since tea brand Chagee listed in April 2025, according to Dealogic data cited by NDTV Profit. The listing comes amid heightened scrutiny of Chinese issuers by U.S. regulators. In 2025, regulators imposed limitations on foreign corporations' access to U.S. capital markets, contending that many Chinese companies benefited from laxer disclosure requirements.

The company's chairman and co-Chief Executive Officer, Mr. WANG Guanran, holds approximately 52% of the voting power of all issued and outstanding shares, NDTV Profit reported.

**Executives Comment on Milestone**

"With the successful IPO, we look forward to continuing to advance our strategy to scale-up our key product range with our ultra-thin and high tensile performance battery foil product ranges, as well as our VLP, RTF and HVLP copper foil solutions for high-end CCL and PCB customers," Wang said in a statement.

"Our listing on the NYSE is a key milestone for us," Wang added. "We are also extremely proud to have the ability to present ourselves to the market, a global industry leader that has its origins from China, working with strong South Korean and Japanese shareholders and clients, and launching ourselves to the global capital markets space."

Londian Wason is the only copper foil manufacturer globally that has chosen to go public in the U.S., according to the company's registration documents.