Jinmiao Wang, Chief Executive Officer and Chairman of the Board of China New Borun Corporation (NYSE:BORN) and Shan Junqin made a non-binding proposal letter to acquire remaining stake 44.42% stake in China New Borun Corporation (NYSE:BORN) for $19.1 million on January 10, 2018. Buyers will pay $1.67 per share in cash for the remaining shares of China New Borun Corporation in a going private transaction. Shan Junqin holds 55.58% stake in China New Borun Corporation. The transaction will be financed with a combination of debt and equity capital. The Board of China New Borun Corporation intends to form a special committee consisting of independent directors to consider this proposal. As of February 2, 2018, the Board of Directors of China New Borun Corporation have formed a special committee consisting of three independent directors being Wen Jiang, Xisheng Lu and Binbin Jiang to consider the acquisition. Wen Jiang will chair the special committee.