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Origin Agritech Limited to Report FY 2009 Operating Results on January 14, 2010

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  Published in House and Home on Wednesday, January 6th 2010 at 21:01 GMT by Market Wire
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BEIJING--([ BUSINESS WIRE ])--Origin Agritech Limited (NASDAQ: SEED) ("Origin" or the "Company"), a vertically–integrated supplier of hybrid and genetically – modified crop seeds in China, will announce audited financial results for the fiscal year ended September 30, 2009 on January 14, 2010. These results reflect the Company's financial statements during the period from October 1, 2008 to September 30, 2009. Origin prepares its financial statements in accordance with generally accepted accounting principles (GAAP) of the United States.

"The growth patterns we saw in FY2008 have carried on throughout FY2009. Our first three quarters all demonstrated these growth trends throughout our reporting year. The fiscal year end will continue to show similar trends. We plan to report our results for fiscal year 2009 and comment on the outlook for fiscal year 2010," as stated by Liang Yuan, Chief Executive Officer and President of Origin Agritech Limited.

Liang Yuan continued, "Origin has never been in a stronger position strategically, with the firm barriers to entry for our domestic industry; technologically, with our continually developing pipeline and license opportunities; and, financially, with our cash receipts for the upcoming 2010 selling season. The strength of our product portfolio and our long-term, technology-based solutions are continuing to meet the demands of the growing market opportunity. We had a good year, and we plan to continue the pattern, and press on toward more advanced agricultural technologies."

As stated earlier, based on the preliminary financial data at the end of FY2008, the company expected annual revenue for the FY09 to range from RMB 550 million to RMB 580 million, and annual operating cash flow is expected to be around RMB 80 million, both improvements over fiscal year 2008.

Conference Call Information

The Company will host a teleconference on January 14, 2010, at 8:00 a.m. EDT / 9:00 p.m. Beijing time to discuss the fiscal year end results. To participate in the call, please dial +1-877-407-9210 in North America, or +1-201-689-8049 internationally, approximately 15 minutes prior to the scheduled start time.

About Origin

Founded in 1997 and headquartered in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) is China's leading, vertically-integrated agricultural biotechnology company specializing in research, development and production to supply the growing populations of China. Origin develops, grows, processes, and markets high quality, hybrid crop seeds to farmers throughout China and parts of Southeast Asia via a network of approximately 3,800 first-level distributors and 65,000 second-level distributors and retailers, and possesses a pipeline of genetically modified seed products including glyphosate resistant corn and Bt Corn. The first genetically modified corn seed product for China, Phytase corn, was approved in November 2009 of which Origin possesses exclusive rights. For further information, please log on [ www.originagritech.com ].

Forward Looking Statement

This release contains forward-looking statements. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "targets," "goals," "projects," "continue," or variations of such words, similar expressions, or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Neither we nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. Important factors that may cause actual results to differ from expectations include, but are not limited to, those risk factors discussed in Origin's filings with the SEC including its annual report on Form 20-F filed with the SEC on March 23, 2009. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.