Reuters reported that 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 CNY 3.5 billion through a domestic initial public offering.

As per report, Golden Dragon, China's largest precise copper tube producer planned to use the IPO proceeds to expand production. It had previously intended to list in New York and Hong Kong, but the plans were scrapped because of adverse conditions.

(Sourced from Reuters)