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<SEC-DOCUMENT>0001157523-11-001053.txt : 20110222
<SEC-HEADER>0001157523-11-001053.hdr.sgml : 20110221
<ACCEPTANCE-DATETIME>20110222170042
ACCESSION NUMBER:		0001157523-11-001053
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110222
FILED AS OF DATE:		20110222
DATE AS OF CHANGE:		20110222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Origin Agritech LTD
		CENTRAL INDEX KEY:			0001321851
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51576
		FILM NUMBER:		11629189

	BUSINESS ADDRESS:	
		STREET 1:		NO. 21 SHENG MING YUAN ROAD
		CITY:			CHANGPING DISTRICT BEIJING
		STATE:			F4
		ZIP:			102206
		BUSINESS PHONE:		858-847-9000

	MAIL ADDRESS:	
		STREET 1:		NO. 21 SHENG MING YUAN ROAD
		CITY:			CHANGPING DISTRICT BEIJING
		STATE:			F4
		ZIP:			102206
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a6620592.htm
<DESCRIPTION>ORIGIN AGRITECH LIMITED 6-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 13pt"><b>WASHINGTON,
      D.C. 20549</b></font><br><br><font style="font-size: 18pt"><b>FORM 6-K</b></font><br><br><b>REPORT
      OF FOREIGN PRIVATE ISSUER</b><br><b>PURSUANT TO RULE 13a-16 OR 15d-16 OF</b><br><b>THE
      SECURITIES EXCHANGE ACT OF 1934 </b><br><br><b>FOR THE MONTH OF <font style="font-family: Times New Roman; font-size: 10pt">FEBRUARY,
      2011</font></b><br><b>COMMISSION FILE NUMBER <u>000-51576 </u></b><br><br><font style="font-size: 18pt"><b>ORIGIN
      AGRITECH LIMITED</b></font><br>(Translation of registrant's name into
      English)<br><br><b>No. 21 Sheng Ming Yuan Road, Changping District,
      Beijing 102206</b><br>(Address of principal executive office)
    </p>
    <p>
      Indicate by check mark whether the registrant files or will file annual
      reports under cover of Form 20-F or Form 40-F.
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>Form 20-F [X] &#160;&#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160;&#160;]</b>
    </p>
    <p style="white-space: nowrap">
      Indicate by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(1):<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>
    </p>
    <p style="white-space: nowrap">
      Indicate by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(7):<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>
    </p>
    <p>
      Indicate by check mark whether the registrant by furnishing the
      information contained in this Form is also thereby furnishing the
      information to the Commission pursuant to Rule 12g3-2(b) under the
      Securities Exchange Act of 1934.
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>Yes [&#160;&#160;&#160;] &#160;&#160;&#160;No [X]</b>
    </p>
    <p>
      If &quot;Yes&quot; is marked, indicate below the file number assigned to the
      registrant in connection with Rule 12g3-2(b): 82-________.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>SIGNATURES </b>
    </p>
    <p>
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>ORIGIN AGRITECH LIMITED</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 7%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 43%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 7%">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 43%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Mr. Liang Yuan</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 7%">
          Name:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 43%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Mr. Liang Yuan
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 7%">
          Title:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 43%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Executive Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 7%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 43%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 50%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:&#160;February 22, 2011
          </p>
        </td>
        <td style="width: 7%">

        </td>
        <td style="width: 43%">

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>EXHIBIT</b>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 90%">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; width: 10%">
          Exhibit Number
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 5%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; width: 85%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Description
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 10%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 85%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release regarding the 1st quarter FY 2011 financial earnings
            release.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6620592ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <u><i><font style="font-size: 12pt; font-family: Times New Roman"><b>Origin
      Agritech Limited Reports Unaudited First Quarter Financial Results for
      Three Months Ended December 31, 2010</b></font></i></u>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Deferred
      Revenues and Advances from Customers increases 15.71% from RMB 515.7
      million at Q1 2010 to RMB 596.7 million at Q1 2011</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      BEIJING--(BUSINESS WIRE)--February 22, 2011--<b>Origin Agritech Limited
      (NASDAQ: SEED) (&#8220;Origin&#8221; or the &#8220;Company&#8221;)</b>,
      a technology-focused supplier of hybrid and genetically modified crop
      seeds in China, today announced unaudited financial results for the
      first quarter ended December 31, 2010. Origin prepares its financial
      statements in accordance with generally accepted accounting principles
      (GAAP) of the United States.
    </p>
    <p>
      <u><b>FINANCIAL RESULTS OVERVIEW</b></u>
    </p>
    <p>
      During the first quarter of fiscal 2011, the Company generated revenues
      of RMB 17.19 million (US$2.60 million), a decrease of 55.47% from RMB
      38.60 million (US$5.65 million) generated in the three months ended
      December 31, 2009. RMB 16.83 million of the revenues this quarter were a
      result of the sales of canola seed products, 241,309 kg, for the three
      months ended December 31, 2010. The small remainder was a result of
      scrap sales. Across the industry, canola seeds, amongst other seed
      groups, sold lower volumes as a result of the changing planting
      schedules of farmers. The majority of Origin&#8217;s revenues are recorded in
      the fiscal third quarter as a result of our revenue recognition policy.
      The goods already sold and shipped to customers can be seen as Deferred
      Revenue line on the balance sheet and the Advances from Customers
      records the advance cash receipts from customers this selling season.
    </p>
    <p>
      Gross profit for the three-months ended December 31, 2010 was RMB 8.61
      million (US$1.3 million) compared to RMB 20.58 million (US$3.01 million)
      in the same period of the prior year. Gross margins for canola seeds for
      this quarter (exclusive of scrap sales) were 58.67% versus 53.3% for the
      canola seed sales for the same quarter in last year. This is a result of
      the higher pricing structure of our canola seed products this year.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Total operating expenses for the three-months ended December 31, 2010
      were RMB 39.02 million (US$5.89 million) compared with RMB 38.96 million
      (US$5.71 million) reported for the same period in 2009. Selling and
      marketing expenses were RMB 10.64 million (US$1.61 million) for the
      first quarter of fiscal 2011 year, representing a increase of 1.59% from
      RMB 10.48 million (US$1.53 million) for the same period of the last
      year. General and administrative expenses of RMB 20.76 million (US$3.14
      million) for the first quarter ended December 31, 2010, increased 1.76%
      from RMB 20.41 million (US$2.99 million) for the three months ended
      December 31, 2009. The research and development expenses increased to
      RMB 12.26 million (US$1.85 million) for the three-months ended December
      31, 2010 from RMB 8.08 million (US$1.18 million) for the same quarter
      last year, with an increase of 51.73%. On a year over year comparison,
      our operating expenses are relatively flat annually in the general and
      administrative and selling and marketing categories, with an increasing
      spend toward our R&amp;D. This is in line with our corporate goals of
      maintenance our existing infrastructure inclusive of our distribution
      network, and expanding our biotechnology portfolio.
    </p>
    <p>
      Operating loss for the first quarter of fiscal 2011 year amounted to RMB
      30.41 million (US$4.59 million) compared with an operating loss of RMB
      18.38 million (US$2.69 million) for the same period in fiscal 2010 year.
    </p>
    <p>
      Net loss for the first quarter of fiscal 2011 year was RMB 25.15 million
      (US$3.80 million), or RMB 0.94 (US$0.14) per basic and diluted share, as
      compared to a net loss of RMB 16.39 million (US$2.40 million), or RMB
      0.59 (US$0.09) per basic and diluted share in the same period one year
      ago.
    </p>
    <p>
      <u><b>BALANCE SHEET</b></u>
    </p>
    <p>
      Origin's balance sheet at December 31, 2010 included cash and cash
      equivalents of RMB 184.03 million (US$27.79 million) and shareholders'
      equity of RMB 252.20 million (US$38.08 million). Short term borrowings
      decreased from RMB 208.90 million (US$ 30.59 million) at December 31,
      2009 to RMB 20.00 million (US$ 3.02 million) at December 31, 2010.
    </p>
    <p>
      Deferred revenue was RMB 211.07 million (US$ 31.87 million) as of
      December 31, 2010 as compared to RMB 220.38 million (US$ 32.28 million)
      for the same period-end date as of last year. This represents our orders
      received and shipped already for products this upcoming selling season.
    </p>
    <p>
      The Company received Advances from Customers of RMB 385.66 million
      (US$58.23 million) as of December 31, 2010 as compared to RMB 295.30
      million (US$43.25 million) as of December 31, 2009. This represents our
      cash receipts for products to be ordered this upcoming selling season.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>FISCAL 2011 GUIDANCE</b></u>
    </p>
    <p>
      Based on its current outlook, and existing and anticipated business
      conditions, Origin reiterates the revenue guidance for FY 2011 in the
      range of RMB 600 million to RMB 650 million.
    </p>
    <p>
      <u><b>About Origin</b></u>
    </p>
    <p>
      Founded in 1997 and headquartered in Beijing, Origin Agritech Limited
      (NASDAQ GS: SEED) is China&#8217;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 <u>www.originagritech.com</u>.
    </p>
    <p>
      <u><b>Forward Looking Statement</b></u>
    </p>
    <p>
      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 &quot;may,&quot; &quot;will,&quot; &quot;should,&quot; &quot;could,&quot; &quot;expects,&quot;
      &quot;plans,&quot; &quot;anticipates,&quot; &quot;believes,&quot; &quot;estimates,&quot; &quot;predicts,&quot;
      &quot;potential,&quot; &quot;targets,&quot; &quot;goals,&quot; &quot;projects,&quot; &quot;continue,&quot; 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
      to be filed. We undertake no obligation to revise or update publicly any
      forward-looking statements for any reason.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="padding-left: 0.0px; text-align: left">
          <b>UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
          INCOME</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands, except share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="11" style="padding-left: 0.0px; text-align: center">
          <b>Three Months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>2009</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>RMB</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>US$</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>RMB</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>US$</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          38,604
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          17,193
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,596
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Cost of revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (18,025
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (2,640
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (8,581
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (1,296
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Gross profit</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>20,579</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>3,014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>8,612</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>1,300</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Operating expenses</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Selling and marketing
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (10,476
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,534
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (10,643
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,607
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          General and administrative
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (20,405
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (2,988
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (20,763
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (3,135
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Research and development
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (8,075
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,183
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (12,264
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,852
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Other operating income, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          4,648
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          702
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>(38,956</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>(5,705</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>(39,022</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>(5,892</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Loss from operations</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(18,377</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(2,691</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(30,410</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(4,592</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,983
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (290
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (536
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (81
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Share of net income of equity investment
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,022
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          305
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Interest income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          371
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          75
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          1,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          146
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Loss before income taxes</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(18,571</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(2,720</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(28,429</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(4,293</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income tax credit (expense):
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Current
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          67
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (28
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (4
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Deferred
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          2,112
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          309
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          3,311
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          500
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Income tax credit (expense)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          2,179
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          319
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          3,283
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          496
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Net loss</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(16,392</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(2,401</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(25,146</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(3,797</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Less: Net loss attributable to the non-controlling interest
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (2,898
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (424
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (3,359
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (507
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Net loss attributable to Origin Agritech Limited</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(13,494</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(1,977</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(21,787</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(3,290</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Other comprehensive loss</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net loss
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (16,392
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (2,401
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (25,146
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (3,797
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Foreign currency translation difference
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          678
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          86
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Comprehensive loss</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(16,385</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(2,400</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(24,468</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(3,711</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Less: Comprehensive loss attributable to non-controlling interests
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (2,898
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (424
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (3,359
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (507
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Comprehensive loss attributable to Origin Agritech Limited</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(13,487</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(1,976</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(21,109</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>(3,204</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Net loss attributable to Origin Agritech Limited per share &#8211; basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.59
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.09
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.94
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.14
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Net loss attributable to Origin Agritech Limited per share &#8211; diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.59
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.09
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.94
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          (0.14
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Shares used in calculating basic net loss per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,013,692
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,013,692
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,292,412
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,292,412
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Shares used in calculating diluted net loss per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,013,692
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,013,692
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,292,412
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          23,292,412
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="padding-left: 0.0px; text-align: left">
          <b>UNAUDITED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands, except share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2010</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>RMB</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>RMB</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>RMB</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <b>US$</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          213,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          299,672
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          184,032
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          27,788
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Accounts receivable, less allowance for doubtful amounts of RMB
            842 as of December 31, 2009, September 30, 2010 and December 31,
            2010 respectively
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,186
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            10,048
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,659
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,911
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Due from related parties
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,107
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Advances to suppliers
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,762
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          19,005
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,870
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Advances to growers
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,127
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          40,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,780
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,534
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          497,229
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          283,174
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          528,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          79,804
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income tax recoverable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,725
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          414
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          8,105
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          18,838
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          14,230
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          2,151
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total current assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>742,108</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>664,261</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>777,973</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>117,473</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Land use rights, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,375
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,907
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,784
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,138
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Plant and equipment, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          152,201
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          161,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          166,516
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          25,143
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Equity investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          65,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          22,505
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,703
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,516
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Acquired intangible assets, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          39,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          35,344
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          33,600
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,073
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income tax assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          17,152
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          9,766
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          13,078
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,975
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          2,091
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          3,882
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          3,510
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          530
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>1,055,527</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>935,011</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>1,056,653</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>159,551</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and equity</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          208,900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          85,900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,020
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          19,056
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,960
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          26,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,972
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Due to growers
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          42,186
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,853
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Due to related parties
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          9,093
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          7,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,335
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Advances from customers
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          295,301
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          348,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          385,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          58,232
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Deferred revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          220,377
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          23,111
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          211,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          31,871
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income tax payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          39,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          44,075
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          42,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,383
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Other payables and accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          24,985
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          35,656
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          37,895
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          5,722
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total current liabilities</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>817,588</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>596,611</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>744,313</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>112,388</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          400
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          9,426
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          6,409
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          968
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>817,988</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>606,037</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>750,722</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>113,356</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Commitments and contingencies</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Shareholders&#8217; equity:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" rowspan="2">
          Preferred stock (no par value; 1,000,000 shares authorized, none
          issued)
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock (no par value; 60,000,000 shares authorized,
            23,013,692, 23,292,412 and 23,292,412 shares issued and
            outstanding as of December 31, 2009, September 30, 2010 and
            December 31, 2010 respectively)
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          376,242
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          387,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          388,478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          58,659
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Retained deficit
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (139,001
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (76,454
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (98,241
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (14,834
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Treasury stock at cost (498,851 shares)
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (29,377
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (29,377
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (29,377
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (4,436
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (10,396
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (9,336
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (8,658
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          (1,307
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total Origin Agritech Limited shareholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>197,468</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>271,885</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>252,202</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>38,082</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Non-controlling interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          40,071
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          57,089
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          53,729
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          8,113
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Total equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>237,539</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>328,974</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>305,931</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px">
          <b>46,195</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Total liabilities and equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>1,055,527</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>935,011</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>1,056,653</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px">
          <b>159,551</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Questions and Answers</b>
    </p>
    <p>
      <b>1.</b> <b>Why do your first quarter revenues change from year to year?</b>
      <i>As a reminder, the majority of Origin&#8217;s revenues are recorded in the
      fiscal third quarter as a result of our revenue recognition policy.</i> <i>The
      goods already sold and shipped to existing customers can be seen in the
      &#8220;Deferred Revenue&#8221; line on the balance sheet and the &#8220;Advances from
      Customers&#8221; records the advance cash receipts from customers this selling
      season.</i>
    </p>
    <p>
      <b>2.</b> <b>What is your financial guidance on the bottom line for this
      year?</b><i> Presently, we are not giving bottom line guidance for
      fiscal year 2011, and we historically have not provided financial
      guidance for net income.</i>
    </p>
    <p>
      <b>3.</b> <b>What new GMO products are in production currently?</b> <i>With
      the approval of Phytase Corn in November 2009, we still have herbicide
      resistance, pest resistance (Bt), nitrogen assimilation, and drought
      tolerance in the pipeline and worldwide license rights to the herbicide
      resistance and pest resistance (Bt) traits.</i> <i>See chart below.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td valign="top" colspan="7" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>ORIGIN&#8217;S GM PIPELINE</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>CURRENT STATUS</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2011 Potential</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Commercialization</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>PHYTASE</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Market and Product
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Minor Market
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Development
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Penetration*
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>GLYPHOSATE TOLERANCE</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 3 Approval
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          2013-2015
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>LICENSE RIGHTS</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Worldwide Rights
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          2011+
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>BT</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 2 Approval
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          2015-2016
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>LICENSE RIGHTS</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Worldwide Rights
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          2011+
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>NITROGEN EFFICIENCY</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 1
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          2016+
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>DROUGHT TOLERANCE</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 1
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Phase 2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          2016+
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>*through limited potential end product sales</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>4.</b> <b>Where do you expect the company to be in 5 years and what
      steps are you taking to reach those goals?</b> <i>We expect to continue
      to be growing and expanding our current market to be the rising leader
      in China by diversifying revenue streams and additional products to
      accent our key corn seed products.</i> <i>We currently are layering in
      agricultural chemicals into our existing seed portfolio.</i> <i>Additionally,
      while Origin was the first company for corn GM in China, we expect to
      continue to advance our leading position in GM products in China through
      continued, long term investment in R&amp;D initiatives in and in potential
      licensing agreements for our traits.</i>
    </p>
    <p>
      <b>5. Can you provide us with an update to your acquisition strategy? </b><i>Currently,
      we are focused on accenting our own seed product portfolio with
      complementary products, such as agricultural chemicals, and driving our
      successful suite of products into the marketplace.</i> <i>We are looking
      at smaller acquisitions in China or globally given the changing dynamic
      landscape which can add distinct competencies to our company, such as
      strong seed germplasm, regional distribution, or production capacity as
      in the case of agricultural chemicals.</i> <i>However we do evaluate
      each opportunity on a case-by-case basis on specific fit and potential
      future value to the company.</i>
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>Origin Agritech Limited<br>Irving Kau<br>Acting Chief
      Financial Officer<br>011.86.136.8108.0243 or 949.726.8101<br><u>Irving.kau@originseed.com.cn</u>
    </p>
    <p>

    </p>
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