Origin Agritech Limited (NASDAQ: SEED) is a Beijing-based agricultural technology company. Shares of the agtech company are rallying 24% through early trading on Thursday, July 8, 2021. Over the past three months, Origin Agritech has seen an average daily volume of 68,200 shares. However, volume of 3.78 million shares or dollar volume of $32.32 million, has already exchanged hands through early trading Thursday.
Shares of Origin Agritech are gaining after the company announced it has received approval from China’s Ministry of Agriculture and Rural Affairs for its four new hybrid corn breeds. The approval improves the company’s pipeline amid growing competition in China’s corn seed markets.
Origin Agritech Press Release:
BEIJING, July 8, 2021 /PRNewswire/ — Origin Agritech Ltd. (NASDAQ: SEED) (the “Company” or “Origin”), an agriculture technology company, announced today that it has received approval from the Ministry of Agriculture and Rural Affairs (MOA) for four of its new hybrid corn breeds, further enriching its product pipeline and increasing its competitiveness in China’s corn seed market. Furthermore, the company currently has GMO enhanced versions of the newly approved hybrids currently in the approval pipeline.
The MOA recently raised national standards for approval of corn and rice varieties and promoted further innovation in germplasm development. As one of the few companies in China to participate in the Green Pass program, Origin Agritech is in a unique position to streamline the approval process and submit more hybrids for approval per year. Thereby, strengthening the company’s ability to bring multiple new hybrids to market annually, including many GMO enhanced hybrids.
Dr. Gengchen Han, Origin Agritech’s Chairman, said, “We are very excited to further grow our extensive germplasm resources, which will play an instrumental role in our goal to bring GMO enhanced hybrid seed breeds to market.”
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech’s phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China’s Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company’s website at: http://www.originseed.com.cn or http://www.originseed.com.cn/en/. The company also maintains a twitter account for updating investors on company and industry developments, which is @origin_agritech.
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