Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology company, announced that the company established a new subsidiary in Hainan island to expand the capacity of nutrition enhanced corn production.
The new wholly owned subsidiary in Hainan province will focus on nutrition enhanced corn research, seed production and feed corn production by taking advantage of the three corn growing seasons per year on Hainan island. Over 50,000 Mu contract growing of feed corn has been initiated for the 2022 growing season, and significant growth is expected for next growing season.
Origin Agritech nutritionally enhanced corn reduces the need for expensive additives such as soybean meal for feedstock companies. As global grain prices surge, it offers great cost savings to feedstock companies. Origin Agritech is currently in discussion with numerous feedstock companies for large orders as well as for partnerships, such as the previously announced collaboration with BaoDao Feed Ltd. We will update the market shortly after we finalize these deals.
"I am very proud of our scientists for having bred a corn variety that is having such a positive impact for feedstock companies and for the entire food supply chain," said Dr. Gengchen Han, Origin Agritech's Chairman. "With our leading position in GMO and gene editing technology, we expect to market more nutrition enhanced corn hybrids in the near future and thus help to increase China's domestic food production."
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