Benzinga | Oct 14, 2021 08:43AM EDT

Origin Agritech Expands Hybrid Seed Product Line

Origin Agritech Ltd. (NASDAQ:SEED) (the "Company" or "Origin"), an agriculture technology company, announced today that it has applied for plant variety protection rights for thirteen new hybrid corn varieties in addition to the four varieties it has recently received approval for.

China's Ministry of Agriculture and Rural Affairs has lowered estimates of 2021/22 corn output as rains hit the new crop in parts of the northern region. Heavy rains have delayed the corn harvest in the region, and damaged the quality of the new crop. Despite these harsh conditions, Origin's newly developed hybrid corn varieties have demonstrated significant disease tolerance and yield improvements across multiple test locations. The company believes this outperformance will drive robust demand for its new product lines. As one of the few companies in China to participate in the Green Pass program, Origin expects to have the new varieties to be commercially available for pre-orders in the spring of next year.

Dr. Gengchen Han, Origin Agritech's Chairman, said, "This year has been a particularly challenging growing environment for farmers, highlighting the need for high quality seed products in the market. We believe that, as climate change further exacerbates the situation, our efforts in building one of the nation's leading germplasm banks will pay dividends and have a positive impact on our future revenue."