Origin Agritech Limited received National Agricultural Industrialisation – ‘Leading Enterprise’ title

The joint committee of ministries of the Chinese Government named Origin Agritech Limited for National Agricultural Industrialization -‘Leading Enterprise’. Being awarded with this title, which is valid for a year, until July 2012, the BVI company will benefit from corporation taxation exemption, preferential purchase rights and other preferential policies.

The qualification of the company was approved by the following institutions: the Ministry of Agriculture, National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, People’s Bank of China, State Administration of Taxation, China Securities Regulatory Commission, and the China Federation of Supply and Marketing Cooperative.

Mr. Liang Yuan, CEO and President of Origin Agritech, said that this title woud have a great role in the long term development of the company. He also noted that some projects assigned by government ministries “expressly state that only ‘Leading Enterprises’ can qualify toward participation.”

 According to Mr. Irving H. Kau, Acting Chief Financial Officer of the company, ” the income tax exemptions may be the most most important policy to these ‘Leading Enterprises’. However, the company will also enjoy preferential policies in plant and building construction, purchase of raw materials, import and export of equipment, among other important benefits. This will certainly contribute to further enhance the company’s competitiveness.”

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