Golden Dragon to carry out A-share market IPO within the year
Shanghai. May 7. INTERFAX-CHINA - Henan Golden Dragon Precise Copper
Tube Group, one of China's top copper tube manufacturers, aims to go
public on one of China's A-share markets this year, a company official
told Interfax today.
"We are doing preparation work for an A-share listing plan and will
submit it to the China Securities and Regulatory Commission (CSRC) for
approval very soon. Hopefully, we can complete our IPO program within
this year," Lu Zhenting, director with Golden Dragon's press department,
told Interfax today.
In March, the company reached an agreement with Standard Chartered
Private Equity Ltd., Lehman Brothers and Goldman Sachs. The three
companies invested a combined $90 million into Golden Dragon for a 25
percent stake.
"Our success in bringing up strategic investors into the company is a
major step towards achieving our IPO goal," Lu said.
However, Lu refused to provide details on the size of the IPO and
whether it would be Shanghai or Shenzhen's A-share market that the
company intends to go public on.
The company had planned to go public overseas through a reverse takeover
of U.S.-listed copper tube manufacturer Wolverine, however, the
acquisition plan was put on the back burner due to a higher
consideration than expected.
-IC
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