Harbin Electric Initially Spiking over 15% Upon Trading Resumption

Harbin Electric HRBN today announced that its Board of Directors has received a letter from its Chairman and Chief Executive Officer, Mr. Tianfu Yang and Abax Global Capital reaffirming their proposal to acquire all of the outstanding shares of Common Stock of Harbin Electric not currently owned by Mr. Yang, Abax and their respective affiliates in a going private transaction for $24.00 per share in cash. Mr. Yang, Abax and their respective affiliates collectively own approximately 40.72% of Harbin Electric's Common Stock. Read more here.