US IPO: Longdian Huaxin (FOIL) Subscription Analysis

Before subscribing to US stock IPOs, let's first familiarize ourselves with the rules for participating in US IPO subscriptions:

1. Similar to Hong Kong IPO subscriptions, US IPO subscriptions do not require holding market value; you can participate as long as there are funds in your account. However, unlike Hong Kong IPOs, US IPO subscriptions cannot be financed and must be paid in cash. FOIL is listing on Nasdaq, so a normal account needs USD to subscribe. Since participating brokerages offer a unified purchasing power feature, friends who only have HKD in their accounts don't need to deliberately exchange currency; you can use the account's unified purchasing power to subscribe, saving on exchange rate friction.

2. The allocation mechanism for US IPOs usually adopts a universal benefit system and a subscription amount weighted principle, meaning it tries to ensure everyone has a chance to get shares, while also following the principle that more subscriptions lead to more allocated shares. Additionally, the shares obtained by subscribers are affected by the quota received by the underwriters. That is, the stronger the underwriter's ability to secure goods, the more shares the subscriber gets. It often happens that subscribing for 100 shares on Platform A yields 5 shares, on Platform B yields 10 shares, and on Platform C might yield 20 shares.

3. For popular US IPO stocks, the subscription period is usually 3-5 days, but sometimes closes in just 1-2 days. For less popular stocks, deadlines are often extended repeatedly. US IPOs generally close the day before listing, with slight variations between platforms; specific times depend on the brokerage. In case of particularly hot new stocks, underwriters may close the subscription channel early. US IPO subscriptions generally have no fees, and the capital occupation time is short. Shares list the day after subscription ends. During the subscription period, funds are frozen, and unallocated portions are returned to the account after the allocation results are announced. The selling strategy for US IPOs is usually the same as for Hong Kong IPOs: sell during trading hours on the first day of listing.

These are roughly the rules. Next, based on the latest prospectus released by Londian Wason New Energy Tech (Longdian Huaxin), we will conduct a basic analysis and provide a subscription plan.

I. Prospectus Information

The number of shares issued this time is 3.5714 million, increasing to 4.1071 million after the green shoe option. The fundraising scale is $71.43 million to $78.57 million. The total market cap after issuance is $1.477 billion - $1.625 billion. The deadline is August 11 at 15:00, and listing is on August 12.

II. Financial Information

According to the financial statements in the prospectus, revenue for 2024-2025 was RMB 8.762 billion and RMB 10.942 million respectively; net loss in 2024 was -RMB 294 million, and net profit in 2025 was RMB 19.338 million.

Financial data performance is very good. Revenue growth for 2024-2025 was 24.88%. Core product LiB copper foil revenue in 2025 was RMB 9.891 billion, an increase of33.64% year-on-year from RMB 7.401 billion in '24. Second product PCB-grade copper foil revenue in 2025 was RMB 865 million, a decline of-23.25% from RMB 1.127 billion last year.

III. Company Introduction:

Londian Wason New Energy Tech is a large group enterprise deeply engaged in the fields of new energy and electronic new materials. Its core products cover 3-12μm high-performance lithium-ion battery copper foil, RTF/HVLP high-end electronic circuit copper foil, and flexible copper clad laminate (FCCL), widely empowering cutting-edge technology fields such as new energy vehicles, green energy storage, AI computing power, and 5G communications. As the absolute leader in the electrolytic copper foil field, the company ranked first in national copper foil shipment volume for three consecutive years from 2022 to 2024;

According to Frost & Sullivan reports, calculated by sales volume in 2025, the company became the world's largest lithium-ion battery copper foil supplier with a 7.6% market share, and possesses approximately 180,000 tons of the world's largest designed annual capacity for electrolytic copper foil. After over 20 years of leapfrog development, the company has built a "1+2+7" global industrial matrix (1 procurement and sales supply chain platform, 2 copper foil technology research institutes, 7 production factories). Production bases radiate nationwide, and it is actively building a factory in Malaysia. With deep technical barriers, extremely thin mass production capabilities (such as being the first globally to mass-produce 4μm high-strength lithium-ion battery copper foil), and a "luxury lineup" of deeply bound global top customers like CATL, BYD, and LG Energy Solution, Londian Wason is accelerating towards becoming a leader in the global new energy material manufacturing field with its No. 1 scale and technological advantages.

IV. Comprehensive Review:

As the world's largest lithium-ion battery copper foil supplier, Londian Wason ranked first globally with a 7.6% market share in 2025, possessing approximately 180,000 tons of the world's largest designed annual capacity. Unlike traditional copper foil enterprises, Londian Wason has successfully achieved a dual-track layout of "Lithium Battery + AI." While stabilizing the basic plate of 3.5μm ultra-thin lithium battery copper foil, the company independently developed HVLP4 type ultra-low profile copper foil (roughness <0.4μm), successfully breaking foreign monopolies and entering the supply chains of AI servers and high-end data centers.

I have made the following list of comparable companies for copper foil suppliers:

As shown in the figure, there are currently four main listed companies in the A-share market. Benefiting from the AI concept, Tongguan Copper Foil, as the leader in PCB copper foil, has risen nearly 5 times from the beginning of the year to now. Its current total market cap is 96.01 billion, with a PS ratio of 14.35 times and PE of 1532.48 times; Defu Technology has a total market cap of 57.3 billion, PS 4.61 times, PE 507.08 times; Jiayuan Technology has a total market cap of 19.01 billion, PS 1.97 times, PE 333.36 times; Nuode Shares has a total market cap of 18.15 billion, PS 2.48 times, and is currently operating at a loss.

Londian Wason has an issuance market cap of 10.985 billion, 2025 revenue of 10.942 billion, PS 1 time, PE 568.05 times. This time, the company chose to go public via Nasdaq and issued with a conservative valuation, fully incorporating the geopolitical discount of Chinese concept stocks and the attributes of heavy-asset manufacturing, providing investors with a higher margin of safety.

In terms of capital, SK Group holds 29.5% of Londian Wason's shares through its wholly-owned subsidiary Golden Pearl EV Solutions Limited, making it one of the largest external institutional shareholders before the company's IPO. The company's customers include well-known enterprises such as LG Energy Solution, Samsung SDI, Panasonic Industrial Materials, ATL, CATL, and BYD.

After this Nasdaq listing, Londian Wason is the only copper foil supplier in the US stock market, with no direct comparable companies at present, belonging to a highly scarce target; moreover, the company involves PCB copper foil AI hardware concepts. The US AI hardware sector has recently seen a recovery in market trends, so Londian Wason has good imaginative space and possesses extremely high subscription value.

V. Subscription Plan:

The deadline is August 11 at 15:00. Preparing to subscribe to several basic packages.

Disclaimer:Investment involves risks, participation requires caution. The targets mentioned in this article are merely personal operation records and do not constitute investment advice. If losses occur due to such investments, I am not responsible! If this article helps you, please help like, share, and recommend it to friends around you who may need it. Thank you very much!