MEXC has listed a pre-IPO perpetual futures contract, FOILUSDT, tied to Londian Wason New Energy Tech, giving traders synthetic exposure to the company ahead of its expected NYSE debut. MEXC described the listing as early access to a name it called a leading copper foil supplier for lithium-ion batteries.
Londian Wason, a Shenzhen-based manufacturer founded in 2001, was the world's largest supplier of lithium-ion battery copper foil by sales volume in 2025, holding a 7.6% share of the global market, and booked $1.6 billion in revenue for the twelve months ended December 31, 2025. Its customer base includes major battery makers CATL, BYD, LG Energy Solution, Samsung SDI and Panasonic. The company is targeting a valuation of up to $1.7 billion in a U.S. IPO expected to raise $75 million by offering 3.6 million ADSs priced between $20 and $22, with pricing anticipated the week of August 10, 2026 under the ticker FOIL on the NYSE, with Cantor Fitzgerald among the joint bookrunners.
Trading a company before it's public
Pre-IPO perpetual contracts let traders take a position on a company's expected market value before its shares actually begin trading on a public exchange, using the pricing range and other disclosures from the IPO filing as a reference rather than a live secondary market. That makes the product inherently more speculative than a perpetual tied to an already-listed stock, since there's no trading history to validate the reference price until the underlying company actually lists and its shares begin changing hands.
Riding the battery supply chain investment wave
Londian Wason's IPO comes amid a broader wave of investor interest in critical minerals and battery supply chain companies as global electric vehicle and grid storage demand continues to grow. A pre-IPO listing tied to a supplier positioned deep in that supply chain — rather than a battery or EV brand name directly — gives crypto-native traders a way to speculate on a less commonly covered part of the battery manufacturing pipeline.
