First Chinese GM corn seed to land in US market
Date:12-24-2015
The Chinese biological enterprise Origin Agritech Limited (NASDAQ:SEED) announced its planned landing in the US market in 2016, being the first Chinese GM corn seed entering the US market. Origin Agritech has accumulatively invested over Yuan 300 million in biotechnical field since 2005.
Chen Zheng, CFO of Origin Agritech, said that several steps of procedures need to be completed before the presence in the US market, such as the technology licensing and establishment of local institutions.
The most advanced product of Origin Agritech is a kind of corn seed with 2 special traits against insect pest, which is intended for the targeted US market, where Monsanto has released already GM corn seed combining8 traits. Origin Agritech is prepared to use its advantageous prices to win the market competition.
Origin Agritech is currently locating a local partner for cooperation, which however may take years for the US supervision department to approve the entry of Chinese product even if in cooperation with a US local partner. For the long run, successful entry to the US market will build up the confidence in Chinese product from local market, which also helps to eliminate barriers for Chinese government to approve more GM product to land in China.
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