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. Jinmiao Wang, Chief Executive Officer and Chairman of the Board of China New Borun Corporation (NYSE:BORN) and Shan Junqin cancelled the acquisition of remaining stake 44.42% stake in China New Borun Corporation (NYSE:BORN) on July 12, 2018. The special committee consisting of independent Directors of China New Borun Corporation has been dissolved.