Chinese copper foil maker Londian Wason New Energy Tech said on Monday it is targeting a valuation of up to $1.7 billion in its US initial public offering (IPO), potentially making it the largest Chinese listing in New York this year.
Londian Wason was the world's largest supplier of lithium-ion battery copper foil by sales volume in 2025, with a 7.6% global market share, according to a Frost & Sullivan report cited by Reuters.
The listing will be closely watched as a test of US investor appetite for Chinese IPOs at a time when Beijing is encouraging major companies to list closer to home.
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Chinese IPOs in New York have slowed sharply amid rising geopolitical tensions between Washington and Beijing, as well as tighter regulatory scrutiny of offshore listings by Chinese authorities.
The Shenzhen-based company plans to offer about 3.6 million American Depositary Shares (ADSs) priced between $20 and $22 each, aiming to raise up to $78.6 million.
The offering could raise as much as $90.4 million if the underwriters exercise the over-allotment option in full.
Londian Wason received approval from the China Securities Regulatory Commission (CSRC) for its proposed New York IPO in December, making it one of the few Chinese companies to secure regulatory clearance for a US listing over the past year.
Led by co-CEOs Guanran Wang and Guangling Zhou, the company manufactures electrolytic copper foil used in lithium-ion batteries and counts South Korea's SK Group and Mirae Asset among its major shareholders.
According to the IPO prospectus, Harvest Global Capital Investments, Hithium Global and other investors have expressed interest in purchasing $50 million, $7 million and $30 million worth of ADSs, respectively.
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For the three months ended March 31, Londian Wason reported a net profit of 134.5 million yuan ($19.2 million) on revenue of 4.07 billion yuan, compared with a net loss of 68.4 million yuan on revenue of 1.91 billion yuan a year earlier.
The offering's underwriters include Cantor, Huatai Securities, CMB International, US Tiger Securities, Fortune Securities and VC Brokerage.
Londian Wason's shares are expected to trade on the New York Stock Exchange under the ticker symbol 'FOIL'.
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