Origin Agritech announces establishment of two additional joint ventures
Origin Agritech announced the establishment of two more new joint ventures: Shandong Aoyu Zhongye in Shandong province and Henan Aoyu Zhongye in Henan province. Origin holds 51% of equity in both of the JVs. The establishment of these two joint ventures, along with the Hubei Aoyu Agricultural Technology Limited in Hubei province, Anhui Aoyu Zhongye Technology in Anhui province and Xuzhou Aoyu Agricultural Technology in Jiangsu province announced previously, completes the first stage of the Origin e-Commune Network development. These five JVs will be the cornerstone of Origin's SEED+ rural e-commerce business. The successful development of these five joint ventures demonstrated the acceptance of the major distributors toward revolutionary e-commune network philosophy in providing integrated and customized technology solution to the farmers across China. The Origin e-Commune Network business has the target of RMB1B revenue during the fiscal year 2019.