If a private offer is to be taken seriously, how much will Zhu have to give up to get the financing for the buyback? If he has enough cash for his needs, why give up more of the company to take it private? If he can wait five years, he'll be a lot richer than giving up a part of his stake to get financing. And as it's going, it looks like LIWA doesn't need money for operations. So the smarter, patient man would wait a few years. Now, if Zhu sees the business as dead, then get financing take it private and sell your shares. It comes down to whether the company needs financing.