NetworkNewsBreaks – Origin Agritech (NASDAQ: SEED) Collects First Payment of RMB 152M for Commercial Seed Business Sale; Shares Surge
Origin Agritech (NASDAQ: SEED) shares are up 9% after the company said it has received the first payment of RMB 152 million from its RMB 421 million sale of its proprietary China-based commercial corn seed production and distribution business. Per the agreement, Origin will preserve its corn breeding and biotech research programs; all intellectual properties; GM trait portfolio and modern laboratories; extensive field testing networks; and off-season winter nursery in Hainan. The company will also uphold its "Green Pass" status, which grants the company the advantage of introducing new hybrid varieties to the Chinese market through an expedited government approval…