The world's largest supplier of lithium battery copper foil by 2025 sales volume is set to trade on the NYSE as early as August 12. Londian Wason New Energy Tech (FOIL) is offering 3.6 million ADSs at $20–$22 each, seeking up to $78.6 million — or up to $90.4 million if the over-allotment option is exercised — per terms set August 3, 2026, in the company's prospectus filing. The company is targeting a valuation of up to $1.7 billion; at the $21 midpoint, the implied market cap is $1.6 billion, per the prospectus filing.

Each ADS represents five ordinary shares at a par value of $0.00001. Underwriters are Cantor Fitzgerald, Huatai Securities, CMB International Capital, US Tiger Securities, Fortune (HK) Securities, and VC Brokerage.

The demand picture already has shape. Harvest Global Capital Investments has indicated interest in $50 million worth of ADSs; Hithium Global has indicated $7 million; and certain other investors $30 million, per Renaissance Capital's IPO Center coverage.

The company is a Cayman Islands holding structure with operations conducted through Chinese subsidiaries — one of very few U.S. listing applications cleared by China's Securities Regulatory Commission over the past year, with Beijing's approval coming in December. That regulatory bottleneck makes this a notable data point: per Reuters/Investing.com reporting, this could be the biggest New York listing of a Chinese company in more than a year, at a moment when Chinese listings in New York have dried up amid geopolitical tensions.

The underlying business is not a pre-revenue story. Londian Wason booked $1.6 billion in revenue for the 12 months ended December 31, 2025, per the filing. For Q1 2026 (three months ended March 31), the company reported net profit of 134.5 million Chinese yuan ($19.2 million) on revenue of 4.07 billion yuan — compared to a net loss of 68.4 million yuan on revenue of 1.91 billion yuan in Q1 2025.

The product suite covers high-performance lithium battery copper foil in 3.5–12 μm thicknesses, advanced electronic circuit foils (RTF and HVLP grades), and flexible copper-clad laminates. Production bases span multiple sites across China, with one additional base under construction in Malaysia. The company holds 7.6% of global lithium battery copper foil sales volume — the largest single share in 2025, per the prospectus.

Customers include CATL, BYD, LG Energy Solution, Samsung SDI, and Panasonic. South Korea's SK Group holds a 29.5% stake through Golden Pearl EV Solutions; Mirae Asset is also a backer. The company was founded in 2001 and is co-led by CEOs Guanran Wang and Guangling Zhou.

The macro backdrop for the listing week is constructive. The S&P 500 rose 3.6%, the Dow 3.0%, and the Nasdaq 5.2% for the week ended August 8, 2026, per CNBC, with chip stocks particularly strong — the iShares Semiconductor ETF (SOXX) ended the week up more than 7%, and chipmakers posted their best four-day rally since 2020.

The longer-term demand argument sits in the prospectus numbers: global lithium-ion battery demand is projected to grow from 2,278.9 GWh in 2025 to 5,912.8 GWh in 2030, a 21.0% CAGR, per figures cited in the filing.

What's next: pricing is expected during the week of August 10, with listing on NYSE targeted for August 12–13 under ticker FOIL.