Londian Wason New Energy Tech seeks $1.7 bn valuation in US IPO

Londian Wason New Energy Tech, a Shenzhen‑based copper foil manufacturer, announced plans for a U.S. initial public offering that could value the company at up to $1.7 billion. The firm aims to raise up to $78.6 million by selling about 3.6 million American Depositary Shares priced between $20 and $22 each, and will list on the New York Stock Exchange under the ticker “FOIL”.

The offering, approved by China’s securities regulator in December, is backed by South Korea’s SK Group and Mirae Asset. Co‑CEOs Guanran Wang and Guangling Zhou highlighted a recent net profit of 134.5 million yuan on revenue of 4.07 billion yuan, a turnaround from a loss a year earlier. Underwriters include Cantor, Huatai Securities, CMB International, US Tiger Securities, Fortune Securities and VC Brokerage. The IPO is seen as a test of investor appetite for Chinese listings in New York amid heightened U.S.–China tensions.