Sell KANG at $21/share

Reason to sell:
There is no guarantee that the acquisition will go through, and the risk of holding a long position in KANG seems slightly greater than the reward at the moment.

News Update, May 25, 2016
The stock reached $22 in late April before falling to 16.77 on May 12. The sharp decline in early May was primarily due to the news report that the Chinese regulator said “it’s reviewing market concerns about a record wave of businesses seeking higher mainland valuations with relistings there.” The stock has since recovered to 19 by May 23. Such pendulum swing shows the nature of investing in Chinese stocks: it can be unpredictable and heavily dependent on government policies.