HARBIN, China (

TheStreet

) --

Harbin Electric

(HRBN)

reached a deal to be acquired for $24 a share by a group led by the company's CEO.

Harbin shares were rising 61%, or $5.11, to $13.50 in premarket trading Monday.

Harbin is being bought and taken private by

Tech Full Electric

, a Cayman Islands company which is owned indirectly by Tianfu Yang, Harbin's chairman and CEO.

Last Thursday,

Harbin Electric's shares lost more than half their value

after Citron Research again questioned whether a buyout offer from the CEO would come to pass. Citron last week called the offer a "sham" and said it was time for the

Securities and Exchange Commission

to halt the trading of the stock.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to:

tips@thestreet.com

.