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Henan Golden Dragon Planning I.P.O.

China’s Henan Golden Dragon Precise Copper Tube Inc., which is backed by the private equity unit of Standard Chartered Plc, plans to raise 3.5 billion yuan ($533.72 million) in an initial public offering, Reuters reported, citing a story in the Shanghai Securities News. Golden Dragon is China’s largest precise copper tube producer, Reuters wrote. The company is also backed by Lehman Brothers Holdings and Goldman Sachs.

(Reuters) – 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.

($1 = 6.558 Chinese Renminbi)

(Reporting by Samuel Shen; Editing by Chris Lewis)