Chinese Copper Foil Maker Londian Wason Targets $1.7 Billion Valuation in US IPO

Londian Wason New Energy Tech, a Chinese manufacturer of electrolytic copper foil, is targeting a valuation of up to $1.7 billion in its upcoming U.S. initial public offering, according to a company statement on Monday. The listing represents a significant test of U.S. investor demand for Chinese companies at a time when such offerings have become increasingly rare.

Offering Details

The Shenzhen-based firm plans to raise up to $78.6 million by offering approximately 3.6 million American Depositary Shares (ADSs). The company has set an indicative price range of $20 to $22 per share.

Londian Wason intends to list on the New York Stock Exchange under the ticker symbol “FOIL.” The group of underwriters for the offering includes Cantor, Huatai Securities, CMB International, US Tiger Securities, Fortune Securities, and VC Brokerage.

Financial Performance

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The company reported a significant financial turnaround in its recent filings. For the three months ended March 31, Londian Wason posted a net profit of 134.5 million Chinese yuan ($19.2 million) on revenue of 4.07 billion yuan.

This marks a sharp reversal from the same period a year earlier, when the company recorded a net loss of 68.4 million yuan on revenue of 1.91 billion yuan. The firm's major investors include South Korea’s SK Group and Mirae Asset.

Market Context

This IPO is being closely watched as Chinese listings in the U.S. have slowed dramatically over the past year due to escalating geopolitical tensions and stricter scrutiny from Beijing on offshore IPOs. Londian Wason's plan is one of the few to receive clearance from the China Securities Regulatory Commission, which approved the New York listing in December.