The new board of Golden Dragon Copper Tube Group consists of four domestic and four foreign members, including representatives of Standard Chartered Bank (STAN.LON, 2888.HK), Lehman Brothers (LEH.NY) and Goldman Sachs (GS.NY), China Business News reported. The three foreign investors invested a combined US$90 million in the Henan province-based company in early March. Standard Chartered, which put in US$50 million, has two seats. Golden Dragon is the world’s largest precise copper tube manufacturer and receives half of its orders from offshore. It produced 200,000 tons of copper tube last year through eight production bases and 13 assembly lines across China. It currently has an annual capacity of 300,000 tons. It had US$644.04 million (RMB4.5 billion) in total assets as at the end of 2007 and chalked up US$2.26 billion (RMB15.8 billion) in revenues last year. The company is also building a factory in Mexico, which is due to start mass production by end of this year. China’s copper tube industry has a profit margin between 2% and 3%.