Londian Wason New Energy Tech Inc. filed a 424B4 prospectus for its initial public offering of 4,285,714 American Depositary Shares at $22.00 per ADS. The ADSs have been approved for listing on the NYSE under the ticker "FOIL," with each ADS representing five ordinary shares. The company expects gross proceeds of approximately $94.3 million, or about $108.4 million if underwriters exercise their over-allotment option in full.

Business Description

Londian Wason is a leading manufacturer of electrolytic copper foil used in lithium-ion batteries and printed circuit boards. Its products serve electric vehicles, energy storage systems, consumer electronics, and high-performance PCB applications, including HVLP and RTF copper foil.

The company operates seven manufacturing facilities in China with a designed annual capacity of approximately 180,500 metric tons and supplies many of the world’s top battery and electronics makers. Londian Wason emphasizes advanced R&D—backed by a 428-person team and a large patent portfolio—to deliver ultra-thin, high-tensile foils (down to 4µm) and to support customers’ next-generation requirements. Revenue is primarily generated from LiB copper foil, with PCB-grade foil and other products as secondary contributors.

Market Overview

• Total addressable market: Global LiB copper foil volume was ~1.47 million metric tons in 2025 and is expected to reach ~3.90 million metric tons by 2030.
• Market growth: Global Li-ion battery market volume is projected to grow from ~2,278.9 GWh in 2025 to ~5,912.8 GWh in 2030 (21.0% CAGR).
• Market position: Londian Wason was the world’s largest LiB copper foil supplier by volume in 2025 with a 7.6% market share.
• Key competitors: DEFU, Jiayuan Technology, SK Nexilis, Lotte Energy Material, Solus Advanced Material, Mitsui-Kinzoku, Nippon Mining Holdings, NOUYA Chang Chun, TongGuan.
• Industry trends: Rising EV penetration, rapid ESS buildout, demand for ultra-thin/high-strength foil and HVLP/RTF products, supply chain localization, and supportive policies.

Operational Metrics

• Customers: Serves LG Energy Solution, Panasonic Industrial Materials, SK On, Samsung SDI, ATL, CATL, BYD, Sunwoda; 358 customers in 2025 (448 in 2024).
• Locations: Seven manufacturing facilities in China (six electrolytic copper foil sites, one FCCL site).
• Geographic presence: Sells domestically in China and internationally; expanding footprint to North America and Southeast Asia.
• Partnerships: Long-term relationships with leading EV battery and PCB makers; multiple supplier awards (e.g., LG Energy Solution Level S Supplier in 2024).
• Other key metrics: Designed capacity ~180,500 metric tons/year; 2025 production volume 122,153 metric tons; utilization ~87%; 428 R&D staff; 634 registered patents and 168 pending; ~2,692 employees; ~728 core manufacturing personnel.

Financials Highlights

• Revenue (current): RMB 10,942,102 (US$1,564.7 million) in 2025
• Revenue growth: Up 24.9% year over year (2025 vs. 2024)
• Gross profit: RMB 726,957 (US$103.95 million) (6.6% margin)
• Operating income: RMB 350,494 (US$50.12 million)
• Net income: RMB 20,315 (US$2.91 million)

Management

• Guanran Wang, Chairman and Co-CEO - Investment and capital markets background; oversees strategy and growth.
• Guangling Zhou, Director and Co-CEO - Operations and corporate leadership experience in industrial and manufacturing sectors.
• Shengxian Wang, Chief Scientist - Electrochemistry expert with extensive publications and patents; leads advanced materials R&D.
• Hao Shen, Chief Financial Officer - Former senior finance executive; public company and capital markets experience.
• Xi Zhou, Director and Financial Controller - Finance and internal audit leadership; experienced in reporting and controls.

IPO Structure

• Issuer: LONDIAN WASON NEW ENERGY TECH INC.
• Filing date: August 14, 2026
• Proposed ticker: FOIL
• Exchange: NYSE
• Price range: $22.00 per ADS
• Offering size: US$94,285,708 (US$108,428,562 with full over-allotment)
• Shares offered: 4,285,714 ADSs (each ADS represents five ordinary shares); underwriters’ option for 642,857 ADSs
• Lead underwriters: Cantor Fitzgerald & Co., Huatai Securities (USA), CMB International, US Tiger Securities (with Fortune Securities, BOCOM International, and VC Brokerage participating)
• Use of proceeds: ~45% for global production expansion and upgrades; ~40% for R&D and IT; ~15% for general corporate purposes

Original SEC Filing: Londian Wason New Energy Tech Inc. - 424B4 - Aug. 14, 2026