HONG KONG -- The operator of Yoshinoya beef-over-rice restaurants and Dairy Queen ice cream shops in China plans to go private through a buyout by the founding family, making its thinly traded shares likely to delist from the Hong Kong stock exchange.

Under a proposal announced Monday by Hop Hing Group Holdings, the founding Hung family would pay 0.08 Hong Kong dollar (1 cent) per share for stock they do not own -- a 74% premium to Hop Hing's undisturbed price on Sept. 1. The offer is valued at HK$229 million, or $29.4 million, in total.

CEO Marvin Hung and other members of the Hung family control more than 70% of shares in Hop Hing.

Going private "will substantially reduce the administrative costs and management resources required for maintaining the company's listing status," according to the announcement.

Shares in Hop Hing rose by as much as 65% over the Sept. 1 close on Tuesday, ending with a 63% gain. Trading in the stock resumed after being halted Sept. 2 ahead of an announcement by the company.

Hop Hing operated 390 Yoshinoya and 189 DQ restaurants as of the end of 2020, mostly in Beijing, Tianjin and other cities in northern China. The Yoshinoya brand of gyudon beef bowls -- a Japanese fast food staple -- is part of Japan's Yoshinoya Holdings.

The group suffered a net loss in 2020 owing to the impact of the coronavirus pandemic.