Londian Wason Surges 18% in NYSE Debut, Highlighting Investor Appetite for Battery Copper Foil

Londian Wason New Energy Tech Inc., the world’s largest supplier of lithium-ion battery copper foil by sales volume in 2025, completed its listing on the New York Stock Exchange on Wednesday under the ticker “FOIL.” The stock opened at $26.00 per American Depositary Share, an 18.18% gain from the $22.00 IPO price, giving the company a market capitalization of $2.01 billion.

The IPO raised $94.3 million in gross proceeds from the sale of approximately 4.3 million ADSs. Underwriters for the offering included Cantor Fitzgerald & Co., Huat ai Securities (USA), Inc., CMB International Capital Limited, US Tiger Securities, Inc., Fortune Securities, BOCOM International, and VC Brokerage Limited.

According to Dealogic data cited by NDTV Profit, the listing is the largest Chinese company’s initial public offering in the United States in over a year, since tea brand Chagee went public in April 2025. The milestone comes amid reduced Chinese IPO activity in U.S. markets due to heightened scrutiny between Washington and Beijing. Regulators in 2025 demanded limitations on foreign corporations’ access to U.S. capital markets, claiming that many Chinese companies benefited from looser disclosure rules, NDTV Profit reported.

Londian Wason manufactures electrolytic copper foil used extensively in lithium-ion batteries, copper clad laminate (CCL), and printed circuit board (PCB) applications. Its product range includes ultra-thin battery copper foil and PCB foil spanning HTE to HVLP specifications, as well as VLP, RTF, and HVLP solutions for high-end CCL and PCB customers. These materials are used in consumer electronics, energy storage systems, electric vehicles, and 5G communications, with demand further supported by growing AI infrastructure.

The company’s position as the top global supplier of battery copper foil underpins investor interest. IPOX Research Associate Lukas Muehlbauer said the attractiveness “comes from them reportedly ranking first globally in the battery copper foil market, with a 7.6% market share,” as reported by NDTV Profit.

Londian Wason counts major battery and electronics manufacturers among its customers, including LG Energy Solution, CATL, SK On, Samsung SDI, ATL, Panasonic Industrial Materials, and BYD. However, a small number of clients account for the majority of revenue: in 2025, the company’s top five clients contributed nearly 64% of total revenue, according to its registration statement.

Financially, the company recorded total revenue of RMB 4.07 billion (US$582.4 million) for the three months ended March 31, 2026, a year-over-year surge of approximately 113.71%, according to the company. It swung from a net loss in the corresponding period of last year to a net profit of RMB 134.5 million (US$19.2 million) during the reporting quarter.

Mr. Wang Guanran, Chairman and Co-Chief Executive Officer, 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.”

Wang 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.”

Harvest Global Capital Investments Limited and Hithium Global Pte. Ltd. served as cornerstone investors in the IPO. The net proceeds will be primarily used for global production expansion and upgrades, research and development of advanced technologies, efficient manufacturing processes, broader product portfolios and applications, and general corporate purposes.

According to the company’s registration statement, Wang Guanran will exercise approximately 52% of the voting power of all issued and existing shares of Londian Wason, as reported by NDTV Profit.

Londian Wason is the only copper foil manufacturer globally that has chosen to go public in the United States, the company stated.