Londian Wason filed an F-1 to list American Depositary Shares on the NYSE. The initial price range and deal size were not disclosed. Proceeds are earmarked for global production expansion and upgrades, R&D, and general corporate purposes.

Business Description

Londian Wason is a Cayman Islands holding company whose business is conducted primarily through subsidiaries in China that research, develop, and manufacture electrolytic copper foil. Its products include copper foil for lithium‑ion batteries (LiB) used in electric vehicles and energy storage systems, as well as PCB‑grade copper foil used in high‑performance electronics. According to Frost & Sullivan, the company was the world’s largest supplier of LiB copper foil by sales volume in 2025, with a 7.6% share.

The company serves leading global customers including LG Energy Solution, Panasonic Industrial Materials, SK On, Samsung SDI, ATL, CATL, and BYD. It operates six manufacturing sites in China with approximately 180,500 metric tons per year of designed electrolytic copper foil capacity and emphasizes R&D, holding 634 patents in China as of December 31, 2025. Londian Wason focuses on ultra‑thin, high‑strength foils (as low as 4µm), HVLP/RTF products for next‑generation communication and AI applications, and process innovations to improve quality, efficiency, and margins.

Market Overview

  • Total addressable market: Global LiB copper foil market was approximately RMB135.0 billion in 2025 and is expected to reach RMB375.4 billion by 2030.
  • Market growth: Global lithium-ion battery demand 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 supplier of LiB copper foil by sales volume in 2025 with a 7.6% share.
  • Key competitors: DEFU, Jiayuan Technology, SK Nexilis, Lotte Energy Material, Solus Advanced Materials, Mitsui-Kinzoku, Nippon Mining Holdings, NOUYA Chang Chun, TongGuan.
  • Industry trends: Rising EV and energy storage adoption, shift to ultra‑thin high‑strength copper foil (≤6µm), and growth in high‑performance PCB materials (HVLP, RTF) for AI and high‑speed computing.

Operational Metrics

  • Customers: 448 customers in 2024 and 358 in 2025; long‑standing relationships with top LiB and PCB leaders including LG Energy Solution, Panasonic Industrial Materials, SK On, Samsung SDI, ATL, CATL, and BYD.
  • Locations: Six manufacturing sites in China equipped with state‑of‑the‑art production and testing systems.
  • Geographic presence: Serves domestic Chinese market and international customers in Korea, Japan and other global markets; ADSs to be listed in the U.S.
  • Partnerships: Deep co‑development and qualification programs with tier‑one battery and PCB makers; extensive customer certifications.
  • Other key metrics: Designed capacity ~180,500 tpa; 2025 production volume ~122,153 tons; 2025 LiB copper foil sales volume ~111,985 tons; R&D team of 428; 634 granted patents and 168 applications as of Dec 31, 2025.

Financials Highlights

  • Revenue (current): RMB 10,942.1 million (US$1,564.7 million) in 2025
  • Revenue growth: 24.9% year over year (2025 vs. 2024)
  • Gross profit: RMB 726.957 million (US$103.954 million) (6.6% margin)
  • Operating income: RMB 350.494 million (US$50.120 million)
  • Net income: RMB 20.315 million (US$2.905 million)

Management

  • Guanran Wang, Chairman and Co‑Chief Executive Officer - Investor and executive with experience in global markets; leads corporate strategy and capital planning.
  • Guangling Zhou, Director and Co‑Chief Executive Officer - Former executive at industrial and manufacturing companies; oversees operations and execution.
  • Hao Shen, Director and Chief Financial Officer - Former senior finance executive at consumer and technology firms; leads finance, reporting, and capital markets.
  • Shengxian Wang, Chief Scientist - Electrochemistry expert with industry and academic credentials; drives materials R&D and product innovation.

IPO Structure

  • Issuer: LONDIAN WASON NEW ENERGY TECH INC.
  • Filing date: July 02, 2026
  • Exchange: NYSE
  • Lead underwriters: Cantor Fitzgerald & Co., Huatai Securities (USA), CMB International, US Tiger Securities, Fortune Securities
  • Use of proceeds: Investment in global production expansion and upgrade, R&D on advanced technologies and efficient manufacturing processes, and general corporate purposes.

Original SEC Filing:

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