Aug 12 (Reuters) – Copper foil maker Londian Wason New Energy Tech was valued at $2.01 billion in its New York Stock Exchange debut on Wednesday, marking the largest IPO of a Chinese company in the U.S. in more than a year.
The Shenzhen-based company’s shares opened at $26 apiece, above their offer price of $22, after it raised $94.3 million in Tuesday’s upsized offering.
Chinese IPOs in the United States have dwindled in recent years amid escalating tensions between Washington and Beijing and increased scrutiny of China-based issuers. In 2025, regulators called for restrictions on foreign companies’ access to U.S. capital markets, arguing that many Chinese firms in particular benefited from less stringent disclosure requirements.
Londian Wason’s listing is the biggest U.S. IPO of a Chinese firm since tea chain Chagee in April last year, according to Dealogic data.
The Chinese company’s products include lithium battery copper foil, advanced electronic circuit foils and flexible copper-clad laminates, materials that are widely applied in electric vehicles, 5G communications, consumer electronics and energy storage systems.
Rising demand for electric vehicles and expanding AI infrastructure have boosted the consumption of copper foil, a key component used in lithium-ion batteries and high-performance circuit boards.
IPOX Research Associate Lukas Muehlbauer said the appeal for Londian Wason’s business “comes from them reportedly ranking first globally in the battery copper foil market, with a 7.6% market share.”
However, much of Londian Wason’s revenue comes from a small group of clients, with its five largest customers accounting for about 64% of total revenue in 2025.
The company counts LG Energy Solution, Samsung SDI, Panasonic Industrial Materials and BYD among its customers.
Chairman and co-CEO Guanran Wang will exercise about 52% of the voting power of Londian Wason’s total issued and outstanding shares, according to its filing.
(Reporting by Pragyan Kalita, Prakhar Srivastava and additional reporting by Arasu Kannagi Basil in Bengaluru; Editing by Jonathan Ananda)
