Londian Wason IPO Preview: Copper Foil Supplier to CATL and LG Heads for NYSE
Image Credit: Green Stocks Research, incorporating artwork from Londian Wason’s Form F-1/A
Conventional lithium-ion battery cells use a layer of copper foil thinner than a human hair as the anode current collector. A major supplier of that foil, one that says its customers include CATL, BYD and LG Energy Solution, is now seeking a New York Stock Exchange listing.
Londian Wason New Energy Tech Inc (FOIL) held a 7.6% share of the global lithium-ion battery (LiB) copper foil market by 2025 sales volume, the largest of any producer, according to an issuer-commissioned Frost & Sullivan report cited in its amended F-1 registration statement1. The Shenzhen-based company is offering roughly 3.6 million American depositary shares (ADSs) at US$20.00 to US$22.00, a deal that would raise US$71.4 million to US$78.6 million gross and imply a post-offering equity value of US$1.55 billion to US$1.70 billion.
The offering is small relative to the company: it books more than US$1.5 billion in annual revenue, and the base offering represents about 4.6% of the post-IPO share count, before any over-allotment exercise. The listing would give U.S. investors direct exposure to a copper-foil manufacturer rather than to a miner or battery producer.
Key Points
- Londian Wason sold 111,985 metric tons of lithium-ion battery copper foil in 2025, the largest global volume according to Frost & Sullivan. It operated six copper foil plants and one separate FCCL plant in China.
- Revenue grew 24.9% to RMB 10.94 billion (US$1.56 billion) in 2025, and the company swung from a RMB 293 million net loss to a RMB 20.3 million (US$2.9 million) net profit.
- Customers include LG Energy Solution, Panasonic Industrial Materials, SK On, Samsung SDI, CATL and BYD; the top five customers accounted for 63.6% of 2025 revenue.
- Chairman and co-chief executive officer Guanran Wang will retain 51.7% voting control after the offering, assuming no over-allotment exercise; Harvest Global and Hithium Global have indicated non-binding interest in up to US$57 million of ADSs.
- The IPO offers 3,571,429 ADSs at US$20.00 to US$22.00 with a planned NYSE listing under expected ticker FOIL, implying an equity value of US$1.55 billion to US$1.70 billion.
Company overview
Londian Wason traces its roots to one of its predecessor operating companies, Lingbao Wason Copper-Foil Co., Ltd., incorporated in China in October 2001. The group restructured under a Cayman Islands holding company in September 2022 to facilitate financing and an offshore listing, with operations run through subsidiaries in China and headquarters in Shenzhen.
The company researches, develops and manufactures electrolytic copper foil, the ultra-thin conductive layer that serves as the anode current collector in lithium-ion cells and as the signal conductor in printed circuit boards (PCBs). It operates seven manufacturing facilities in China, six for electrolytic copper foil and one for flexible copper clad laminates (FCCLs). Its designed electrolytic copper foil capacity of approximately 180,500 metric tons per year as of December 2025 was the industry’s largest, according to the same report.
The company bases much of its competitive claim on thinner foil. According to that research, the company was the first in the world to mass-produce 6-micron copper foil and the first capable of mass-producing 4-micron high-tensile foil, thinner grades that raise battery energy density and command higher processing fees. It held 634 registered patents in China at the end of 2025, with 168 applications pending, and employs a research team of 428 people.
Products and customers
Battery-grade foil dominates the mix. LiB copper foil generated 90.4% of 2025 revenue, PCB-grade foil contributed 7.9%, and other revenue, including FCCLs, waste copper foil and anode plates, made up the remaining 1.7%. End markets include electric vehicles, energy storage systems (ESSs), communication equipment and consumer electronics; according to Frost & Sullivan, EVs accounted for 57.0% of global LiB copper foil demand by volume in 2025.
The filing names LG Energy Solution, Panasonic Industrial Materials, SK On, Samsung SDI, ATL, CATL, BYD and Sunwoda as customers. Londian Wason has supplied LG Energy Solution since 2015 and won LG’s Level S Supplier Award in 2024, the highest tier granted to its global suppliers. Panasonic Industrial Materials has bought its PCB-grade foil for 12 years.
| Revenue Segment | 2025 Revenue (RMB) | 2025 Revenue (US$) | % of Revenue |
|---|---|---|---|
| LiB copper foil | RMB 9,890.5 million | US$1,414.3 million | 90.4% |
| PCB-grade copper foil | RMB 865.5 million | US$123.8 million | 7.9% |
| Other (FCCLs, waste copper foil, anode plates) | RMB 186.1 million | US$26.6 million | 1.7% |
Frost & Sullivan estimates that global LiB copper-foil volume rose from 383,000 metric tons in 2021 to 1.47 million in 2025, and forecasts 3.90 million by 2030. The report also forecasts annual growth of more than 13% through 2030 for high-end PCB-grade foil used in AI and high-performance-computing applications.
Financial performance
Revenue rose 24.9% to RMB 10.94 billion (US$1.56 billion) in 2025, while gross margin remained low at 6.6%. Growth was driven by a 24.4% increase in LiB foil volumes and a 7.4% rise in average selling prices as processing fees recovered and the mix shifted toward ultra-thin foil.
The company returned to profit in 2025, reporting consolidated net income of RMB 20.3 million (US$2.9 million) after a RMB 293 million loss in 2024. Interest expense of RMB 373.7 million (US$53.4 million) exceeded operating income.
The balance sheet remains heavily leveraged. At year-end, Londian Wason had RMB 5.54 billion (US$792.9 million) of short-term borrowings and RMB 3.97 billion (US$567.6 million) of long-term borrowings, compared with RMB 179.8 million (US$25.7 million) of unrestricted cash and cash equivalents and RMB 2.63 billion (US$376.2 million) of restricted cash.
| Metric (RMB thousands) | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Revenue | 10,942,102 | 8,762,280 | +24.9% |
| Gross profit | 726,957 | 379,427 | +91.6% |
| Gross margin | 6.6% | 4.3% | +2.3 pts |
| Operating income | 350,494 | 27,109 | +1,193% |
| Net income (loss) attributable to shareholders | 19,338 | (294,461) | Swing to profit |
Unaudited first-quarter 2026 LiB copper-foil revenue rose 124.6% year over year to RMB 3.77 billion. The company nevertheless used RMB 81.3 million of operating cash during 2025 as receivables and inventory increased.
IPO details
The company is offering 3,571,429 ADSs, each representing five ordinary shares, with a 30-day over-allotment option for 535,714 additional ADSs. At the US$21.00 midpoint, net proceeds of approximately US$69.1 million are earmarked roughly 45% for global production expansion and upgrades, 40% for research and development, and 15% for general corporate purposes. All shares are newly issued; no existing holders are selling.
| Detail | Value |
|---|---|
| Expected Ticker | FOIL |
| Proposed Exchange | NYSE (listing application intended) |
| ADSs Offered | 3,571,429 (each ADS = 5 ordinary shares) |
| Price Range | US$20.00 – US$22.00 |
| Gross Proceeds | US$71.4 – US$78.6 million (US$75.0 million at midpoint; ~US$69.1 million net) |
| Implied Equity Value | US$1.55 – US$1.70 billion (base offering, post-IPO shares) |
| Use of Proceeds | ~45% production expansion and upgrades, ~40% R&D, ~15% general corporate purposes |
| Underwriters | Cantor, Huatai Securities, CMB International, US Tiger Securities, Fortune Securities, VC Brokerage |
| Depositary | The Bank of New York Mellon |
| Lock-up | 180 days, subject to exceptions (company, directors, officers, existing shareholders) |
Note the float: the base offering represents about 4.6% of the 387.2 million post-IPO ordinary shares, assuming no over-allotment exercise. Small floats can amplify early price swings in both directions.
Ownership and funding
Chairman and co-chief executive officer Guanran Wang beneficially owns 54.2% of the voting power before the offering and will hold 51.7% afterward, assuming no exercise of the underwriters’ over-allotment option, keeping Londian Wason firmly a controlled company. The prospectus flags the standard consequence: controlling shareholders may take corporate actions that other holders oppose.
Harvest Global Capital Investments has indicated interest in purchasing up to US$50.0 million of ADSs, Hithium Global up to US$7.0 million, and other investors up to US$30.0 million. These indications are expressly non-binding: each investor may buy more, fewer or no ADSs, and neither the company nor the underwriters are obliged to allocate any to them.
Key risks
Customer concentration. The five largest customers accounted for 63.6% of 2025 revenue, and 64.1% of trade receivables were due from them at year-end. A substantial reduction in orders from a major customer would materially affect revenue. Supply is concentrated too: copper was 95.3% of 2025 raw material purchases, and the five largest copper suppliers represented 74.8% of purchases by value.
Liquidity, thin margins and heavy leverage. A 6.6% gross margin provides limited protection against weaker pricing or higher costs, while roughly US$1.36 billion of combined borrowings generated interest costs that exceeded 2025 operating income. At year-end 2025, current liabilities exceeded current assets by RMB 897.1 million (US$128.3 million), unrestricted cash was RMB 179.8 million, and unused credit facilities totaled just RMB 83.9 million. The filing discloses that this net working capital deficiency raised substantial doubt about the company’s ability to continue as a going concern, which management states has been alleviated through expense controls, additional financing and shareholder support. The company has historically rolled over the substantial majority of its short-term loans, but future rollovers are not assured.
Holding-company structure and no dividends. ADS investors buy an interest in a Cayman Islands holding company, not direct equity in the Chinese operating subsidiaries. PRC rules on dividends, foreign exchange and cross-border transfers can restrict moving cash out of the operating companies, and the company does not expect to pay dividends in the foreseeable future.
Copper price volatility. Copper price swings complicate procurement planning. Pricing mechanisms pass much of this through to customers, but sharp moves can still compress spreads and pressure results.
Competition and execution. The copper foil market is intensely competitive, and technological change could render products uncompetitive or obsolete if research and development efforts or new-product adoption fall short. The planned use of proceeds also depends on executing a capital-intensive international expansion, including obtaining permits and bringing new capacity into operation.
China regulation and geopolitics. The company completed its required CSRC filing and received its Notice of Filing on December 12, 2025, although additional approvals or filings could become necessary. The filing also warns that tariffs, trade restrictions, geopolitical tensions and further PRC intervention in overseas listings could affect sales or the value of the ADSs.
U.S. listing and reporting. The PCAOB vacated its previous China inspection determinations in 2022, and Londian Wason does not currently expect to be identified under the HFCAA. Future inspection access remains uncertain, however, and a loss of access could ultimately lead to delisting. As a foreign private issuer, Londian Wason will file less extensive and less timely SEC reports than a U.S. domestic issuer and may use Cayman governance practices that differ from NYSE standards.
Dilution and control. New investors face immediate dilution of US$13.00 per ADS at the midpoint price and base offering, and outside holders will own a small minority of a company where one individual retains majority voting control.