Londian Wason Surges 18% in NYSE Debut, Signaling Renewed Appetite for Chinese Listings

Londian Wason New Energy Tech Inc., the world’s largest supplier of lithium-ion battery copper foil by sales volume in 2025, surged 18.18% on its debut Wednesday on the New York Stock Exchange. The stock opened at $26.00 per American Depositary Share, well above the IPO price of $22.00, giving the company a market valuation of $2.01 billion.

The company sold approximately 4.3 million ADS under the ticker "FOIL," generating gross proceeds of $94.3 million. Underwriters for the offering included Cantor Fitzgerald & Co., Huatai Securities (USA), Inc., CMB International Capital Limited, US Tiger Securities, Inc., Fortune Securities, BOCOM International, and VC Brokerage Limited.

The listing marks the largest Chinese company’s IPO in the United States since tea brand Chagee in April 2025, according to Dealogic data cited by NDTV Profit. The deal demonstrates renewed investor appetite for Chinese issuers despite years of heightened scrutiny between Washington and Beijing. Regulators demanded limitations on foreign corporations’ access to U.S. capital markets in 2025, claiming many Chinese companies profited from laxer disclosure rules, NDTV Profit reported.

Londian Wason is the only copper foil manufacturer globally that chose to go public in the U.S., according to the company’s announcement. Its products — including ultra-thin battery copper foil, electronic circuit foils, and flexible copper-clad laminates — are used extensively in lithium-ion batteries, consumer electronics, electric vehicles, energy storage systems, and 5G communications. Demand has been bolstered by growing AI infrastructure and rising electric vehicle adoption, NDTV Profit noted.

The company serves a diversified global customer base that includes LG Energy Solution, CATL, SK On, Samsung SDI, ATL, and Panasonic Industrial Materials. NDTV Profit added that clients also include BYD. However, customer concentration is notable: in 2025, the top five clients accounted for approximately 64% of total revenue.

**Financial turnaround and growth plans**

For the three months ended March 31, 2026, Londian Wason recorded total revenue of RMB 4.07 billion (US$582.4 million), a year-over-year surge of about 113.71%. The company swung from a net loss in the prior-year period to a net profit of RMB 134.5 million (US$19.2 million), marking 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 processes, broader product portfolios, and general corporate purposes.

**Cornerstone investors and voting control**

Harvest Global Capital Investments Limited and Hithium Global Pte. Ltd. acted as cornerstone investors in the offering.

Chairman and Co-Chief Executive Officer Wang Guanran will exercise approximately 52% of the voting power of all issued and outstanding shares following the listing, according to the company’s registration statement as 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."

**Market position**

IPOX Research Associate Lukas Muehlbauer was quoted by NDTV Profit saying that Londian Wason’s attractiveness "comes from them reportedly ranking first globally in the battery copper foil market, with a 7.6% market share."

The company is a full-stack manufacturer covering ultra-thin battery copper foil and PCB foil across specifications from HTE to HVLP. Its core product categories include lithium battery copper foil, sophisticated electronic circuit foils, and flexible copper-clad laminates.