Reyoung Pharmaceutical (R12.SG) +22.1% at more than 3-year high of $0.525 on above-average volume, closing in on $0.53/share price offered by major shareholders to take China-based drugmaker private.

Honco Union, comprising number of individuals, including Reyoung chairman, seeking to acquire remaining 54.4% of company not already owned due to stock's low trading liquidity.

Delisting bid values Reyoung at about 1.58x P/B, $166.1 million, comes at time when sales volumes for some of company's products hurt by keen competition from foreign brands.

Reyoung in process of engaging independent financial adviser, will inform minority shareholders of takeover review in circular to be despatched in due course.