Origin Agritech Entered the Definitive Framework Agreement with Beijing Changping Technology Innodevelop Group
Origin Agritech Limited (SEED)
US:NASDAQ Investor Relations:
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Source: PR Newswire
BEIJING, March 3, 2020 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology and rural e-commerce company, today announced it has entered a definitive framework agreement with Beijing Changping Technology Innodevelop Group (BC-TID). Under this agreement, Origin and BC-TID will use Beijing Origin Seed Limited (Beijing Origin) as the target joint venture entity, The Company will contribute the Origin Life Science Center building in Beijing and two biotech corn traits to the joint venture and BC-TID will fund the joint venture with a total of RMB204 million. The Company will restructure Beijing Origin and transfer the unrelated assets to Beijing Origin State Harvest Biotechnology Limited, the wholly owned subsidy of the Company. BC-TID will then inject its cash investment into Beijing Origin to hold 51% of equity in Beijing Origin. Before the investment is finalized, BC-TID will provide a loan of RMB137.66 million to Beijing Origin.
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