Londian Wason surges 18% in NYSE debut as largest Chinese U.S. IPO in over a year

Londian Wason New Energy Tech Inc., the world's largest supplier of lithium-ion battery copper foil by sales volume in 2025, opened at $26 per American depositary share on the New York Stock Exchange Wednesday, 18% above its initial public offering price of $22. The stock trades under the ticker "FOIL."

The company sold approximately 4.3 million ADS in the offering. NDTV Profit reported gross proceeds of $94.3 million. The IPO valued the company at $2.01 billion, according to NDTV Profit, and is the largest Chinese company's U.S. listing since tea brand Chagee in April of last year, based on Dealogic data cited by the outlet.

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. Harvest Global Capital Investments Limited and Hithium Global Pte. Ltd. served as cornerstone investors.

**Key material, diversified customer base**

Copper foil is a critical component in lithium-ion batteries, copper clad laminate, and printed circuit boards. Londian Wason produces ultra-thin battery foil and PCB foil ranging from HTE to HVLP specifications. Its end markets include consumer electronics, energy storage, electric vehicles, and 5G communications.

The company counts top global battery and electronics manufacturers among its clients, including LG Energy Solution, CATL, SK On, Samsung SDI, ATL, Panasonic Industrial Materials, and BYD. According to IPOX Research Associate Lukas Muehlbauer, as reported by NDTV Profit, Londian Wason's attractiveness "comes from them reportedly ranking first globally in the battery copper foil market, with a 7.6% market share."

However, revenue remains concentrated among a small number of customers. NDTV Profit reported that the company's top five clients accounted for almost 64% of its total revenue in 2025.

**Financial turnaround and use of proceeds**

For the three months ended March 31, 2026, Londian Wason recorded total revenue of RMB 4.07 billion (US$582.4 million), a 113.71% year-over-year increase. The company swung from a net loss in the corresponding 2025 period to a net profit of RMB 134.5 million (US$19.2 million) in the first quarter of 2026.

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

**Leadership and governance**

Chairman and Co-Chief Executive Officer Wang Guanran will exercise approximately 52% of the voting power of all issued and outstanding shares, according to the company's registration statement cited by NDTV Profit.

In a statement, Wang said: "As an industry leader, we have consistently driven the evolution of products and solutions in the copper foil industry. 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."

He added: "Our listing on the NYSE is a key milestone for us. 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."

**EV-linked momentum amid regulatory headwinds**

The listing comes as demand for copper foil rises alongside electric vehicle adoption and AI infrastructure buildout, both of which rely on advanced circuit boards and battery components. Londian Wason is the only copper foil manufacturer globally to have chosen a U.S. public listing.

NDTV Profit noted that the number of Chinese IPOs in the U.S. has declined in recent years due to heightened tensions between Washington and Beijing and increased regulatory scrutiny. In 2025, regulators demanded limitations on foreign corporations' access to U.S. capital markets, citing laxer disclosure rules, particularly for Chinese companies.