- Chinese copper foil maker Londian Wason debuted on NYSE, valued at $2.01 billion
- The company raised $94.3 million by selling about 4.3 million American depositary shares
- Londian Wason is the largest Chinese IPO in the US since April 2023's Chagee listing
Chinese copper foil maker Londian Wason New Energy Tech made its trading debut on the New York Stock Exchange (NYSE) on Wednesday, and was valued at $2.01 billion.
The company successfully raised $94.3 million in gross proceeds from its upsized offering by selling about 4.3 million American depositary shares (ADS). The scrip opened at $26 apiece, popping 18% above the offer price of $22,
Due to growing hostilities between Washington and Beijing and heightened scrutiny of Chinese issuers, the number of Chinese initial public offerings (IPOs) in the US has decreased in recent years.
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Regulators demanded limitations on foreign corporations' access to US capital markets in 2025, claiming that many Chinese companies in particular profited from laxer disclosure regulations.
According to Dealogic data, the listing of Londian Wason is the largest Chinese company's initial public offering (IPO) in the United States since tea brand Chagee in April of last year.
The NYSE welcomes Londian Wason to celebrate its IPO! $FOILhttps://t.co/PxPnroEHtK
— NYSE ???? (@NYSE) August 12, 2026
Lithium battery copper foil, sophisticated electronic circuit foils, and flexible copper-clad laminates are among the Chinese company's products. These materials are extensively used in consumer electronics, energy storage systems, electric vehicles, and 5G communications.
The use of copper foil, a crucial part of high-performance circuit boards and lithium-ion batteries, has increased due to growing AI infrastructure and rising demand for electric vehicles.
The attractiveness for Londian Wason's company "comes from them reportedly ranking first globally in the battery copper foil market, with a 7.6% market share," according to IPOX Research Associate Lukas Muehlbauer.
However, a small number of clients account for the majority of Londian Wason's revenue; in 2025, the company's top five clients accounted for almost 64% of its entire revenue.
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Among its clients are BYD, Panasonic Industrial Materials, LG Energy Solution, and Samsung SDI.
According to the company's registration, chairman and co-CEO Guanran Wang will exercise around 52% of the voting power of all issued and existing shares of Londian Wason.
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