Updated from 5:17 p.m. ET to include latest share prices and additional information about Perfect World and Dole Food. NEW YORK ( TheStreet) -- Shares of Cogo Group ( COGO) soared in late trades on Thursday after Jeffrey Kang, its chairman and CEO, has proposed to purchase 30% of the company's business. Based in Shenzhen, China, Cogo provides product design services for tech companies looking to reach Chinese original equipment manufacturers. Kang is looking to buy "a series of operating entities accounting for approximately 30% of Cogo's total assets, liabilities and revenue through his personal investment venture, Envision Global Group." According to the company's statement, the purchase price is expected to come in between $60 million and $82 million, dependent upon the results of an independent appraisal. That translates to an "implied share valuation of $6-$8 a share" for Cogo's stock, which closed Thursday's regular session at $1.84. "I am excited to announce my proposal for this unique transaction intended to unlock value for Cogo shareholders," said Kang in a statement. "Currently, our share price is less than 30% of Cogo's tangible book value, which does not even take into account the fact that our business generated over $5 million in Non-GAAP operating profit in the fourth quarter of 2011." The stock was last quoted at $3.62, up 93%, on volume of roughly 270,000, according to Nasdaq.com. Cogo expects the transaction to close in the second quarter, subject to the approval of its audit committee, and it plans to seek shareholder approval to use the proceeds of the sale to fund the buyback of up to 10 million of its common shares. The company also reported non-GAAP earnings of $4.7 million, or 13 cents a share, on revenue of $169.5 million for its fiscal fourth quarter ended Dec. 31, and didn't provide forward guidance for the first quarter, citing "continued reduced visibility in our business." Check out TheStreet's quote page for Cogo Group for year-to-date share performance, analyst ratings, earnings estimates and much more.