Battery copper foil manufacturer Londian Wason completed the largest US initial public offering by a Chinese company in over a year, raising tens of millions of dollars on the New York Stock Exchange despite heightened bilateral regulatory scrutiny.
According to a corporate statement released Wednesday, the public offering comprised 4.3 million shares priced at $22 each, securing approximately $94.3 million in capital. The total raised could increase over the next 30 days if underwriters exercise an option to purchase up to 643,000 additional shares.
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Trading opened strong on the New York Stock Exchange, with Londian Wason shares surging 18.2 percent above their offer price before closing the session with an 11.4 percent gain. Market research from Frost & Sullivan identifies the company as the world’s leading supplier of copper foil for lithium-ion batteries, holding a 7.6 percent global market share with a client base that includes major manufacturers such as LG, Panasonic, Samsung, CATL, and BYD.
The listing stands out against a backdrop of declining Chinese public offerings in the United States, driven by stricter auditing requirements from US regulators and increased oversight from Chinese authorities. Capital raised by Chinese companies listing on US exchanges dropped significantly in recent years as many firms shifted listing preferences to Hong Kong amid geopolitical tensions.
