Chinese copper foil maker Londian Wason New Energy Tech made a strong debut on the New York Stock Exchange on Wednesday, reaching a valuation of around $2.01 billion. It is the largest U.S. IPO by a Chinese company in more than a year.
The Shenzhen-based company’s shares opened at $26, well above its IPO price of $22, after the company raised approximately $94.3 million through an upsized offering.
Chinese companies have largely scaled back U.S. listings in recent years amid growing tensions between Washington and Beijing and increased scrutiny of China-based issuers.
Analysts, however, cautioned that Londian Wason’s strong first-day performance may not signal a broader reopening of U.S. markets for Chinese IPOs. The company has a relatively low public float, which can create a scarcity premium and increase volatility.
Experts also warned that future share offerings could increase the supply of shares and put pressure on the stock price, particularly if the company needs to raise additional capital.
According to Dealogic data, Londian Wason’s listing is the largest U.S. IPO by a Chinese company since tea chain Chagee’s debut in April last year.
