By Doc Louallen
Londian Wason New Energy Tech said it plans an initial public offering of American depositary shares.
Investors will be buying shares of a Cayman Islands holding company that conducts its business through subsidiaries in China. The company said this structure and its China operations involve unique legal and operational risks, and that it is treated as an emerging growth company and a foreign private issuer under U.S. securities laws.
The company didn't say how many ADSs it would offer or their expected price range. It said the underwriters can buy more ADSs within 30 days to cover any over-allotments. Londian Wason plans to apply to list the ADSs on the NYSE.
The company said it intends to use the proceeds, along with existing cash, for investment in global production expansion and upgrade, research and development, efficient manufacturing processes and a broader product portfolio and applications.
For 2025, Londian Wason reported net income of 20.3 million renminbi ($2.9 million) on revenue of RMB 10.94 billion, compared with a net loss in 2024. Revenue rose year over year.
Write to Doc Louallen at Doc.Louallen@wsj.com