Origin Agritech Ltd. announced the ceremony marking the start of construction for an innovative 100,000-ton corn drying base in Shihezi, Xinjiang, where one of Origin's Nutritionally Enhanced Corn (NEC) plantation bases is located. This project is spearheaded by the Company's joint venture, Baodao Origin Agritech and Livestock Co. Ltd. The venture, bolstered by an investment of RMB 80 million, or $11.1 million, provided by Origin's joint venture partner and supported by regional financial institutions, is set to fortify Origin's Nutritionally Enhanced Corn supply chain.

The facility will include a drying base, a storage base, and supporting facilities. The drying base will have the capacity to process 1,200 metric tons daily, while the storage base will be able to hold up to 50,000 tons of produce. The construction is expected to complete and ready for use by mid September to meet the production needs for the upcoming 2023 harvesting season.