Copper foil maker Londian Wason New Energy Tech (FOIL.N) was valued at $2.01 billion in its New York Stock Exchange debut on Wednesday, marking the largest IPO of a Chinese company in the U.S. in more than a year.
The Shenzhen-based company's shares opened at $26 apiece, above their offer price of $22, after it raised $94.3 million in Tuesday's upsized offering.
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.
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.
