Jingwei International Soaring 16% on "Going Private" Proposal

Shares of Jingwei International

are seeing much strength during Friday's trading session after the Chinese-based company announced a proposal to go private. Jingwei International announced it has received a proposal from George (Jianguo) Du , Chairman and CEO of the Company, for a "going private" transaction designed to eliminate Jingwei's status as a public company in the U.S. Mr. Du owns 41.1% of Jingwei's common shares. According to the proposal letter, he would ask the Board of Directors to consider a reverse stock split transaction that would include a reverse split at a 1-for-50,000 share ratio followed by a cancellation of all fractional shares below one whole share at a per share price of $1.56. Currently, shares of Jingwei International are trading higher, up about 16.41% at $1.559