2011-03-24 11:01

SHANGHAI - China's Henan Golden Dragon Precise Copper Tube Inc, partly owned by Lehman Brothers Holdings Inc, Goldman Sachs Group Inc and the private equity unit of Standard Chartered Plc plans to raise 3.5 billion yuan ($533.72 million) through a domestic initial public offering, the Shanghai Securities News reported on Thursday.

Golden Dragon, China's largest precise copper tube producer, planned to use the IPO proceeds to expand production, the newspaper said, citing unidentified sources.

Golden Dragon had previously intended to list in New York and Hong Kong, but the plans were scrapped because of adverse conditions, the report said.