One of the largest pharmaceutical firms in China, Simcere Pharmaceutical Group, had agreed to be made private for the price of USD495 million. The buyer is a consortium headed by Simcere's founder Jinsheng Ren. 

The move is viewed as one of the many Chinese firms choosing to withdraw from the US stock market to avoid scrutiny from regulatory authorities. 

The consortium already has 78% ownership of Simcere. The current offer for each American depositary share is at USD9.66. At this amount, there is a 20% premium added on to the value as of the stock's close as of March 8, 2013.

Some Chinese firms are under fire as US investigators allege that suspect accounting practices have been undertaken in the prospectus given to possible investors. This investigation had resulted in increased difficulty in raising capital within China, forcing many companies to seek greener pastures elsewhere.

The consortium is comprised of Ren, current Simcere CEO Hongquan Liu and Chinese private equity firm Hony Capital.