Londian Wason valued at $2 billion, biggest Chinese debut in New York in over a year

The debut comes amid rising demand for electric vehicles and expanding AI infrastructure, which have boosted the consumption of copper foil, a key component used in lithium-ion batteries and high-performance circuit boards.

Londian Wason makes lithium battery copper foil, advanced electronic circuit foils and flexible copper-clad laminates, materials widely used in electric vehicles, 5G communications, consumer electronics and energy storage systems.

In the long term, investors will watch whether the company can maintain growth while reducing its reliance on a small number of large customers, Muehlbauer added.

Five of Londian Wason's largest customers accounted for about 64% of total revenue in 2025.

Chinese IPOs in the United States have dwindled in recent years amid escalating tensions between Washington and Beijing and increased scrutiny of China-based issuers.

"Offerings with very low floats like this one tend to be more volatile and can benefit from a scarcity premium, so I would not view the first-day performance alone as proof that the U.S. market has fully reopened for larger Chinese IPOs," IPOX Research Associate Lukas Muehlbauer said.

He also said that the low float creates a potential overhang, as future share offerings could increase supply, particularly if the company needs to raise additional capital.

Londian Wason's listing is the biggest U.S. IPO of a Chinese firm since tea chain Chagee CHA.O in April last year, according to Dealogic data.