<SEC-DOCUMENT>0001104659-22-108042.txt : 20221116
<SEC-HEADER>0001104659-22-108042.hdr.sgml : 20221116
<ACCEPTANCE-DATETIME>20221012130649
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-108042
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221012

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:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: none"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: none">Golenbock
Eiseman Assor bell &amp; Peskoe llp</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: none">711
third Avenue &ndash; 17<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: none">New
York City, New York 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: none"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: none">Direct
Dial No.: (212) 907-7349</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: none">Direct
Fax No.: (212) 754-0330</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: none">Email
Address: AHudders@golenbock.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.75in"></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.25in">October 12, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance &ndash; Office of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Life Sciences</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Christie Wong</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Brian Cascio</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Tyler Howes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Celeste Murphy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.5in; font-size: 10pt; layout-grid-mode: line; width: 1in; text-indent: 0"><I>Re:</I></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0in"><B>Origin Agritech
    Limited</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0in"><B>Amendment No.
    3 to Form 20-F for Fiscal Year Ended</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0in"><B>September 30,
    2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0in"><B>File No. 000-51576</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I></I></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs and Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Reference is made to the letter
of the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;), dated September 27, 2022.
This letter sets forth below the comments of that letter to Amendment No. 2 to Form 20-F for the Fiscal Year Ended September 30, 2021
(&ldquo;20-F&rdquo;), of Origin Agritech Limited (the &ldquo;Company&rdquo;), filed on September 22, 2022, followed by the responses of
the Company. I am responding on behalf of the Company as its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Amendment No. 2 to Form 20-F for Fiscal Year
Ended September 30, 2021 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Introduction </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Corporate Structure, page 3 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left">We note your response to prior comment 4 and reissue in part. Please remove the statements appearing on page
5 claiming the VIE structure is designed to replicate the same economic benefits as direct equity ownership as it is improper to imply
that contractual agreements are equivalent to equity ownership. We also note that you continue to refer to the VIE as &quot;our VIE&quot;
on pages 7 and 33. Please revise as appropriate.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><U>Response</U>: The Amended Form 20-F has been edited
to remove references to replication of ownership through a VIE arrangement and to remove the use of &ldquo;our VIE&rdquo; on the pages
noted in the Staff comment above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Internal Cash Transfers and Dividends, page
7 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left; padding-right: 0.45in">We note your response to prior comment 3 and reissue in part. Please further revise
this Securities and Exchange Commission section to include a cross reference to the condensed consolidating schedule and the consolidated
financial statements.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45in 0pt 0; text-align: justify"><U>Response</U>: The Amended Form 20-F
has been edited to clarify the discussion of internal cash transfers and dividends and to add a cross reference to the condensed consolidating
schedule and the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Selected Condensed Consolidated Financial Information
, page 9</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: left">We note your response to comment 5. Please revise and properly disclose the fiscal years for each schedule
presented. The condensed consolidating schedule of financial position, cash flows and results of operations should be presented as of
the same dates and for the same periods for which audited consolidated financial statements disclosed on page F-4 to F-8.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45in 0pt 0; text-align: justify"><U>Response</U>: The Amended Form 20-F
has been edited to correct the dates for the period discussed in the tables under the subheading &ldquo;Selected Condensed Consolidated
Financial Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45in 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Item 5. Operating and Financial Review and
Prospects<BR>
Results of Operations - Revenues, page 41 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: left; padding-right: 0.35in">We note your response to comment 8. Please revise and disclose the reasons of the
revenue decline in FY 2021, similar to your explanation in the response. Also, as previously requested, please revise to explain the reason
for the significant decline in revenues in fiscal year 2020 compared to fiscal year 2019.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the nature of our business, the seed sold
in one fiscal year was produced in previous years. There have been over supply issues in Chinese seed market in last several years. We
have had carry over inventory that cannot meet our quality standards and, thus, were sold as scrap, which significantly decreased its
value and our revenues. The following tables show the detailed seed inventory and scrap sale quantity in both FY2020 and FY 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="8" STYLE="border: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>FY2020 Available Seed For Sale (metric ton)</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Year Produced</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Total Seed Inventory</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Good quality Seed Inventory</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Sales</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Carry Over</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>seed sale quantity</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>seed sale revenue<BR>
(RMB '000)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>scrap sale quantity</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>scrap sale revenue<BR>
(RMB '000)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2016 or before</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;1,597 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;274 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;274 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;1,370 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;1,323 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;470 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;563 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;563 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;128 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;789 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;435 </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;674 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;674 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;389 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;3,357 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;285 </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;2,557 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;2,557 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;2,331 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;46,527 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;226 </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;5,391 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;4,068 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;3,122 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;52,043 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;1,323 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;470 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;946 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="8" STYLE="border: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>FY2021 Available Seed For Sale (metric ton)</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Year Produced</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Total Seed Inventory</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Good quality Seed Inventory</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Sales</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Carry Over</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>seed sale quantity</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>seed sale revenue<BR>
(RMB '000)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>scrap sale quantity</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>scrap sale revenue<BR>
(RMB '000)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 13%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2016 or before</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; padding: 0.75pt; border-right: black 1pt solid; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;435 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;195 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;195 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;1,625 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;240 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;720 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;285 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;285 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;285 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;1,460 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;226 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;226 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;226 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;3,430 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;2,131 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;2,131 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;1,833 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;38,503 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;298 </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;3,077 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;2,837 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;2,539 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;45,018 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;240 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;720 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>&nbsp;298 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The decline in revenues for FY 2021 and FY2020 was
overall a decline in sales of our crop seed products. We believe the decline was due to a shortage of our inventory supply and, more generally,
increasing competition in seed market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We had a shortage of inventory supply because parts
of our older inventory deteriorated to such a degree that it became scrap seed, and our production of new seed product had not increased
sufficiently to meet needed capacity. From 2015 to 2017, we have greatly overproduced our inventory. Seeds that weren&rsquo;t sold subsequent
years aged and became old inventory. Because of our larger inventory levels we decided to produce less seed in subsequent years. As time
passed, we found the old seed inventory began to fall below our quality standards, one being the germination rate, for example. Additionally,
the older corn seed varieties were becoming less popular with growers. In the 2019-2020 season, we scrapped 1,323 metric tons of seed,
which meant they were sold as normal feed crop other than seed, at greatly discounted prices, namely &lsquo;scrap sale&rsquo;. As a result,
our supply to distributors for 2020 was decreased, and thus sales also were decreased. Moreover, we scrapped another 240 metric tons of
seed in 2020, which likewise influenced our supply for 2021 and led to a decline in sales and revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As a result, we believe we have cleaned up all of
our inventory levels and the quality levels during the last two years. We believe that now we currently have a seed inventory available
for sale where most seed is newly produced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>General and Administrative , page 42 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify">We note your response to comment 9. As previously requested,
please revise to quantify and discuss each of the reasons for the significant increase in general and administrative expenses in fiscal
2020 compared to 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 35%; border: black 1pt solid; padding: 0.75pt; text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2019</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><B>Bad-debt Provision</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Nil</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RMB28.3million</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: left; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RMB40.5million</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line">Shihui</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line">RMB28.3million</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line">Linze</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt; text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line">Nil</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.75pt; text-align: right; layout-grid-mode: line">RMB40.5million</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase of RMB30.8 million in general and
administrative expenses in fiscal 2020 compared to 2019 was due to an increase in the bad-debt provision of RMB28.3 million. In 2019,
there was no bad-debt provision. The bad debt related to Shihui.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase of RMB15.3 million in general and
administrative expenses in FY 2021 compared to FY 2020 was due to the increase in the bad-debt provision of RMB12.2 million recorded in
FY 2021. The bad debt was related to the obligations of Linze to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
about the foregoing, please do not hesitate to contact Andrew D. Hudders of this firm at 212-907-7349 or ahudders@golenbock.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5.5in">/S/ Golenbock Eiseman Assor
Bell &amp; Peskoe LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5.5in">Golenbock Eiseman Assor Bell
 &amp; Peskoe LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Dr. Gengchen Han</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Chairman and Chief Executive
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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