Chinese firm launches major NY IPO

Lydian Wason, a Chinese company specializing in the manufacture of copper foils used in batteries, has announced a plan for an initial public offering (IPO) in New York valued at up to $1.7 billion. This is the largest offering by a Chinese company in over a year. The listing aims to raise up to $78.6 million by selling approximately 3.6 million American depositary shares (ADS) at a price range of $20 to $22 per share. The goal is to gauge investor interest in Chinese bonds in the U.S. market amidst tensions between China and the United States, as well as to direct Beijing’s companies towards domestic listings. The company is relying on the growing global demand for batteries, has received approval from China’s securities regulatory commission, and is supported by major investors such as South Korea’s SK Group and Mirai Asset, led by a team of senior executives. The company is expected to be listed on the New York Stock Exchange under the ticker symbol "FOIL".

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