Dec. 21, 2018
Origin Agritech Ltd. ("the Company" or "Origin"), an agriculture technology and rural e-commerce company, announced the establishment of two more new joint ventures: Shandong Aoyu Zhongye Limited (Shandong Aoyu) in Shandong province and Henan Aoyu Zhongye Limited (Henan Aoyu) in Henan province. Origin holds 51% of equity in both of the JVs.
The establishment of these two joint ventures, along with the Hubei Aoyu Agricultural Technology Limited (Hubei Aoyu) in Hubei province, Anhui Aoyu Zhongye Technology Ltd. (Anhui Aoyu) in Anhui province and Xuzhou Aoyu Agricultural Technology Ltd. (Xuzhou Aoyu) in Jiangsu province announced previously, completes the first stage of the Origin e-Commune Network development. These five JVs will be the cornerstone of Origin's SEED+ rural e-commerce business. The successful development of these five joint ventures demonstrated the acceptance of the major distributors toward revolutionary e-commune network philosophy in providing integrated and customized technology solution to the farmers across China.
The Origin e-Commune Network business has the target of RMB1 billion (~US$145 million) revenue during the fiscal year 2019.