1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
FOIL
Event Date
2026-08-12
Sector
Materials
Subsector
Metals & Mining
Offer Range
$22.00
Shares Offered
4.29M
Shares Outstanding Pre-IPO
369.36M
390.79M
$1.7B
1.1%
Implied Upside vs Midpoint
Description
Our Mission We are devoted to empowering global technological innovation and energy transformation through our dedication to manufacturing high-end copper-based materials. Our Vision We aspire to become a world leading innovative company specializing in high-end copper-based materials. We are a leading global innovation-driven researcher, developer, and manufacturer of electrolytic copper foil. According to the Frost & Sullivan Report, we were the world’s largest supplier of copper foil for lithium-ion batteries, or LiB copper foil, in terms of sales volume in 2025, with a global market share of 7.6%. Electrolytic copper foil, also known as elecfoil, is a key intermediate component used in manufacturing both LiB and electronic circuit boards. When utilized in LiB cells, copper foil, as a current collector, is essential for improving energy density as well as guaranteeing battery safety and durability, while also helping emit heat on the anode. Copper foil used in PCB and other electronic circuits, also known as PCB-grade copper foil, serves an important function as a conductor for transmitting communications signals. We primarily offer LiB copper foil and PCB-grade copper foil, and to a lesser extent, FCCLs. In 2025, we supplied approximately 111,985 metric tons of LiB copper foil, representing the largest global annual sales volume according to the Frost & Sullivan Report. We have built a comprehensive product portfolio in the global copper foil industry, consisting of copper foil products with different specifications that meet our customers’ various and evolving needs. Our copper foil is utilized in end markets including electric vehicles, or EVs, energy storage systems, or ESSs, and a broad spectrum of other downstream applications such as communication equipment and consumer electronics. As a testament to our global leadership in the electrolytic copper foil market, we have established a high-quality and diverse customer base over time. We serve both domestic and international customers, and count among our customers the world’s top LiB and electronic circuit manufacturers such as LG Energy Solution, Panasonic Industrial Materials, SK On, Samsung SDI, ATL, CATL, BYD, and Sunwoda, in turn allowing our copper foil to be utilized in many industry-renowned EV, ESS and other downstream applications. Our industry-leading customers, especially in South Korea and Japan customers, implement a strict certification process that creates high barriers to entry for new suppliers, with our position as their long-term go-to supplier underpinning the superiority of our products. For example, we have been a significant copper foil supplier to LG Energy Solution by sales volume since 2015. We won the Level S Supplier Award by LG in 2024, the highest level honor granted to its global suppliers. As another example, we have been supplying PCB-grade copper foil to Panasonic Industrial Materials for 12 years, with Panasonic Industrial Materials partnering with Nvidia to combine GPUs, networking, and storage into high-performance computing (HPC) AI applications. In addition, according to the Frost & Sullivan Report, as of December 31, 2025, we have the largest global customer base among all copper foil manufacturers across a broad spectrum of downstream industries. We believe our relationships with our key customers are commercially entrenched, having deepened over more than a decade of strategic cooperation, equity investments, and long-term business agreements. Over the years, we have collaborated with customers on developing copper foil products tailored to their specific requirements. Through leveraging in-depth, long-term cooperation, we have developed unique insights into the latest market trends and customer requirements for new, improved, and innovative, and most importantly, typically higher margin copper foil products. These insights enable us to rapidly develop differentiated products that meet downstream application requirements, often in advance of our competitors, which in turn further enhances our customer relationships. Our market leadership and customers trust are built upon our robust research and development capabilities. We invest significantly in the research and development of copper foil manufacturing technologies. According to the Frost & Sullivan report, our research and development expenses as a percentage of our revenue were higher than most of our competitors globally in these periods. As of December 31, 2025, we had a dedicated, sophisticated research and development team comprised of 428 professionals. With over two decades of experience, we have cultivated deep technological expertise, and currently possess the industry-leading technological capabilities and know-how covering the major aspects of electrolytic copper foil manufacturing, including copper dissolution, electrolysis, surface treatment slitting, and packaging necessary to support our research and development initiatives. According to the Frost & Sullivan report, we were the first copper foil manufacturer in China to successfully develop 6µm high-strength LiB copper foil, and were also the first copper foil manufacturer in the world to mass produce 6µm copper foil. Additionally, we were the first copper foil manufacturer in China to successfully develop ultra-thin LiB copper foil with a thickness of only 4µm and the first in the world to be capable of mass producing 4µm LiB copper foil with high tensile strength. Our research and development efforts have also resulted in a robust intellectual property portfolio consisting of 634 registered patents and 168 pending patents applications in China as of December 31, 2025, along with a number of confidential proprietary formulas and manufacturing techniques. We are a pioneer in China’s copper foil industry and have accumulated vast experience in copper foil manufacturing. As of December 31, 2025, we have approximately 728 core manufacturing personnel averaging over 10 years of experience whose collective experience and technical expertise have strongly contributed to our manufacturing excellence. We have continuously refined and improved our proprietary manufacturing technologies and know-how over time, creating a difficult to replicate competitive barrier to entry for our competitors. With six manufacturing sites equipped with state-of-the-art manufacturing equipment, we possess the largest global electrolytic copper foil designed production capacity at approximately 180,500 metric tons per annum as of December 31, 2025, according to the Frost & Sullivan Report. --- Our corporate headquarters is located at T1-7A, 1 Shenzhen Bay Plaza, No. 2233 South Keyuan Road, Nanshan District, Shenzhen, China. Our registered office is located at the office of Ascentium (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, George Town, Cayman Islands. Our telephone number is +86-0755-2878 0010.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
American Depositary Shares (ADSs) (listed) Voted through depositary · 1 ADS represents 5 ordinary shares | 3.57M | 0.9% | $78.6M |
Ordinary Shares 1 vote per share · 5 ordinary shares per 1 ADS | 387.22M | 99.1% | $8.5B |
| Total economic shares | 390.79M | 100% | $8.6B |