----

----

|  ̈ |   | REGISTRATION      STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE      ACT OF 1934 |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

| x        |   | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---------------|--------|------------------------------------------------------------------------------------------------|

|  ̈ |   | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|--------|----------------------------------------------------------------------------------------------------|

|  ̈        |   | SHELL      COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT OF 1934 |
|--------------------|--------|-------------------------------------------------------------------------------------------------------|

----

----

----

| Title      of each class |   | Name      of each exchange on which registered |
|--------------------------|--------|------------------------------------------------|
| Ordinary      Shares     |   | The      NASDAQ Global SelectMarket            |

----

| Large      accelerated filer  o |         Accelerated filer  x | Non-accelerated      filer  o |
|-------------------------------------------|--------------------------------------------------|-----------------------------------------|

----

| INTRODUCTION   |                                                                                   |
|----------------|----------------------------------------------------------------------------------------|
| PART      I    |                                                                                   |   |
| Item      1.   | Identity      of Directors, Senior Management and Advisers                             | 6 |
| Item      2.   | Offer      Statistics and Expected Timetable                                           | 7 |
| Item      3.   | Key      Information                                                                   | 7 |
| Item      4.   | Information      on the Company                                                        | 42 |
| Item      5.   | Operating      and Financial Review and Prospects                                      | 65 |
| Item      6.   | Directors,      Senior Management and Employees                                        | 90 |
| Item      7.   | Major      Shareholders and Related Party Transactions                                 | 99 |
| Item      8.   | Financial      Information                                                             | 103 |
| Item      9.   | The      Offer and Listing                                                             | 104 |
| Item      10.  | Additional      Information                                                            | 108 |
| Item      11.  | Quantitative      and Qualitative Disclosures About Market Risk                        | 116 |
| Item      12.  | Description      of Securities Other than Equity Securities                            | 116 |
|           |                                                                                   |   |
| PART      II   |                                                                                   |   |
| Item      13.  | Defaults,      Dividend Arrearages and Delinquencies                                   | 117 |
| Item      14.  | Material      Modifications to the Rights of Security Holders and Use of      Proceeds | 117 |
| Item      15.  | Controls      and Procedures                                                           | 117 |
| Item      16A. | Audit      Committee Financial Expert                                                  | 120 |
| Item      16B. | Code      of Ethics                                                                    | 120 |
| Item      16C. | Principal      Accountant Fees and Services                                            | 121 |
| Item      16D. | Exemption      from the Listing Standards for Audit Committees                         | 121 |
| Item      16E. | Purchases      of Equity Securities by the Issuer and Affiliated    Purchasers         | 121 |
|           |                                                                                   |   |
| PART      III  |                                                                                   |   |
| Item      17.  | Financial      Statement s                                                             | 122 |
| Item      18.  | Financial      Statements                                                              | 122 |
| Item      19.  | Exhibits                                                                               | 122 |
|           |                                                                                   |   |
| EX-2.2         | NOTE      REPURCHASE AGREEMENT DATED JULY 28, 2008                                     |   |
| EX-2.3         | SUPPLEMENTAL      INDENTURE AGREEMENT DATED JULY 28, 2008                              |   |
| EX-2.4         | SECOND      NOTE REPURCHASE AGREEMENT DATED JANUARY 19, 2008                           |   |
| EX-2.5         | SUPPLEMENTAL      INDENTURE DATED JANUARY 19, 2008                                     |   |

----

| EX-4.38      RENMINBI CAPITAL LOAN CONTRACT DATED JULY 6, 2008       |   |
|----------------------------------------------------------------------|--------|
| EX-4.39      MORTGAGE CONTRACT DATED JULY 6, 2008                    |   |
| EX-4.40      RENMINBI CAPITAL LOAN CONTRACT DATED JULY 25, 2008      |   |
| EX-4.41      GUARANTEE CONTRACT DATED JULY 25, 2008                  |   |
| EX-4.42      RENMINBI CAPITAL LOAN CONTRACT DATED SEPTEMBER 29, 2008 |   |
| EX-4.43      GUARANTEE CONTRACT DATED SEPTEMBER 29, 2008             |   |
| EX-4.44      RENMINBI CAPITAL LOAN CONTRACT DATED NOVEMBER 18, 2008  |   |
| EX-4.45      MORTGAGE CONTRACT DATED NOVEMBER 18, 2008               |   |
| EX-4.46      GUARANTEE CONTRACT DATED NOVEMBER 13, 2008              |   |
| EX-4.47      RENMINBI CAPITAL LOAN CONTRACT DATED NOVEMBER 13, 2008  |   |
| EX-8.1      UPDATED LIST OF SUBSIDIARIES                             |   |
| EX-12.1      CEO CERTIFICATION                                       |   |
| EX-12.2      CFO CERTIFICATION                                       |   |
| EX-13.1      CEO CERTIFICATION PURSUANT TO SECTION 906               |   |
| EX-13.2      CFO CERTIFICATION PURSUANT TO SECTION 906               |   |
| EX-15.1      CONSENT OF BDO TO S-8                                   |   |

----

|  | · | “we,” “us,” “our company,” “our,”      the “Company” and “Origin” refer to Origin Agritech Limited and, in the      context of describing our operations, also include State Harvest Holdings      Limited and the following, which are collectively described in this Annual      Report as “our PRC Operating Companies”: Beijing Origin State Harvest      Biotechnology Limited, or Origin Biotechnology, Beijing Origin Seed      Limited, or Beijing Origin, and its four subsidiaries, Changchun      Origin Seed Technology Development Limited, or Changchun Origin, Henan      Origin Cotton Technology Development Limited, or Henan Origin, Denong      Zhengcheng Seed Limited, or Denong, and Jilin Changrong High-tech Seed      Limited, or Jilin Changrong; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | “last year,” “fiscal year 2008,”      “the year ended September 30, 2008” and “the fiscal year ended September      30, 2008” refer to the twelve months ended September 30, 2008, which      is the period covered by this Annual  Report; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | all      references to “Renminbi,” “RMB” or “yuan” are to the legal currency of      China; all references to “U.S. dollars,” “dollars,” “$” or “US$” are to      the legal currency of the United States. Any discrepancies in any table      between totals and sums of the amounts listed are due to      rounding; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | “China” or “PRC” refers to the      People’s Republic of China, excluding Taiwan, Hong Kong and      Macau; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | “Hong Kong” refers to the Hong      Kong Special Administrative Region of the People’s Republic of China;      and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | · | “shares” and “ordinary shares”      refer to our ordinary shares, “preferred shares” refers to our preferred      shares. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our goals and strategies,      including how we implement our goals and  strategies; |
|--|--------|--------------------------------------------------------------------------------------|

|  | · | our expectations for our future      business and product development, business prospects, results of business      operations and current financial  condition; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | expected changes in our margins      and certain costs orexpenditures; |
|--|--------|------------------------------------------------------------------------|

|  | · | our future pricing strategies or      pricing policies; |
|--|--------|---------------------------------------------------------|

|  | · | our      ability to successfully anticipate market demand for crop seeds in our      market and plan our volume and productmix; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | · | our plans for development of seed      or technology internally, including our ability to successfully develop,      produce, receive approval for and distribute proprietary seed      products; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | our expectations regarding our      need to produce seeds under licenses from third      parties; |
|--|--------|---------------------------------------------------------------------------------------------------|

|  | · | the future development of      agricultural biotechnology as awhole; |
|--|--------|----------------------------------------------------------------------|

|  | · | the impact of genetically      modified crop seeds on our industry and the policies and regulation      regarding these products, and our ability to receive the necessary      approvals and to develop, produce, market and distribute genetically      modified crop seeds; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our plans to license or      co-develop any seed product or  technology; |
|--|--------|--------------------------------------------------------------------------|

|  | · | our plans regarding any future      business combination or business  acquisition; |
|--|--------|------------------------------------------------------------------------------------|

|  | · | PRC and other international      governmental policies and regulations relating to the crop seed      industry; |
|--|--------|-----------------------------------------------------------------------------------------------------------------|

|  | · | our plans to expand our business      level or corporate level operations and product      offerings; |
|--|--------|-------------------------------------------------------------------------------------------------------|

|  | · | the likelihood of recurrence of      accounting charges orimpairments; |
|--|--------|------------------------------------------------------------------------|

|  | · | expected changes in the      respective component shares of our revenue streams from our business      operations or other sources; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | · | competition in the crop seed      industry in China and other international  markets; |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | the future development of the      crop seed industry in China and other international      markets; |
|--|--------|------------------------------------------------------------------------------------------------------|

|  | · | our plans for current staffing      requirements, research and development and regional business      focus; |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | · | our      ability to successfully raise capital at inexpensive levels to accommodate      growing company needs; |
|--|--------|-----------------------------------------------------------------------------------------------------------------|

|  | · | the      adequacy of our facilities for our future operations;  and |
|--|--------|---------------------------------------------------------------------|

|  | · | other “forward-looking”      information. |
|--|--------|-------------------------------------------------------|

|  | · | changing interpretations of      generally accepted accounting principles and the adoption or use of      international accounting standards in the  future; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | outcomes of the PRC and other      international government reviews, inquiries, investigations and related      litigation; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------|

|  | · | continued compliance with the PRC      and other international government  regulations; |
|--|--------|-----------------------------------------------------------------------------------------|

----

|  | · | legislative and regulatory      environments, requirements or changes adversely affecting the businesses      in which we and our PRC operating companies are      engaged; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | fluctuations in the PRC or      international customerdemand; |
|--|--------|---------------------------------------------------------------|

|  | · | management of rapid growth of our      business; |
|--|--------|--------------------------------------------------|

|  | · | timing of approval and market      acceptance of new products; |
|--|--------|----------------------------------------------------------------|

|  | · | general economic conditions in      the PRC and worldwide; and |
|--|--------|----------------------------------------------------------------|

|  | · | geopolitical      events and regulatory changes. |
|--|--------|--------------------------------------------------|

----

| (in      thousands, except share data)                                             |   | For the yearendedDecember 31, |       |   | For the ninemonths endedSeptember 30, |   |       | For the year endedSeptember 30, |   |   |                   |   |
|------------------------------------------------------------------------------------|--------|----------------------------------------------|------------|--------|-----------------------------------------------------------|--------|------------|-----------------------------------------------------|--------|--------|------------------------|--------|
|                                                                               |   | 2004                                         |       |   | 2005                                                      |   |       | 2006                                                |   |   | 2007                   |   |   | 2008 |   |
|                                                                               |   | RMB                                          |       |   | RMB                                                       |   |       | RMB                                                 |   |   | RMB                    |   |   | RMB |   |   | US$(1) |   |
| Consolidated      statement of operations and comprehensive income data:      |   |                                              |       |   |                                                      |   |       |                                                     |   |   |                   |   |   |   |   |   |   |   |
| Net      revenues                                                             |   |                                         | 301,520    |   |                                                      |   | 207,291    |                                                |   |   |        522,999    |   |   |   | 489,379 |   |   |   | 513,490 |   |   |   | 75,625 |   |
| Cost      of revenues                                                         |   |                                         | (178,313   | )      |                                                      |   | (129,162   | )                                                   |   |   | (362,982               | )      |   |   | (462,852 | ) |   |   | (404,795 | ) |   |   | (59,617 | ) |
| Gross profit                                                             |   |                                         | 123,207    |   |                                                      |   | 78,129     |                                                |   |   | 160,017                |   |   |   | 26,527 |   |   |   | 108,695 |   |   |   | 16,008 |   |
| Selling      and marketing                                                    |   |                                         | (20,390    | )      |                                                      |   | (27,037    | )                                                   |   |   | (49,651                | )      |   |   | (57,994 | ) |   |   | (53,203 | ) |   |   | (7,836 | ) |
| General      and administrative                                               |   |                                         | (24,149    | )      |                                                      |   | (28,983    | )                                                   |   |   | (40,933                | )      |   |   | (92,246 | ) |   |   | (73,355 | ) |   |   | (10,805 | ) |
| Research      and development                                                 |   |                                         | (6,774     | )      |                                                      |   | (6,977     | )                                                   |   |   | (13,144                | )      |   |   | (28,441 | ) |   |   | (24,513 | ) |   |   | (3,610 | ) |
| Total      operating expenses                                                 |   |                                         | (51,313    | )      |                                                      |   | (62,997    | )                                                   |   |   | (103,728               | )      |   |   | (178,681 | ) |   |   | (151,071 | ) |   |   | (22,251 | ) |
| Other      operating income                                                   |   |                                         | -          |   |                                                      |   | 2,309      |                                                |   |   | -                      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Income      from operations                                                   |   |                                         | 71,894     |   |                                                      |   | 17,441     |                                                |   |   | 56,289                 |   |   |   | (152,154 | ) |   |   | (42,376 | ) |   |   | (6,243 | ) |
| Interest      income                                                          |   |                                         | 371        |   |                                                      |   | 886        |                                                |   |   | 8,783                  |   |   |   | 10,942 |   |   |   | 5,199 |   |   |   | 766 |   |
| Interest      expenses                                                        |   |                                         | (831       | )      |                                                      |   | (1,829     | )                                                   |   |   | (5,005                 | )      |   |   | (21,697 | ) |   |   | (36,939 | ) |   |   | (5,439 | ) |
| Other      income (expense)                                                   |   |                                         | 149        |   |                                                      |   | 300        |                                                |   |   | 2,893                  |   |   |   | 1,312 |   |   |   | 628 |   |   |   | 93 |   |
| Equity      in earnings of associated company                                 |   |                                         | 1,925      |   |                                                      |   | 879        |                                                |   |   | 12,828                 |   |   |   | (669 | ) |   |   | 7,702 |   |   |   | 1,134 |   |
| Changes      in the fair value of embedded derivatives                        |   |                                         | -          |   |                                                      |   | -          |                                                |   |   | -                      |   |   |   | 12,601 |   |   |   | 20,229 |   |   |   | 2,979 |   |
| Income before      income taxes                                          |   |                                         | 73,508     |   |                                                      |   | 17,677     |                                                |   |   | 75,788                 |   |   |   | (149,665 | ) |   |   | (45,557 | ) |   |   | (6,710 | ) |
| Income      tax                                                               |   |                                         | (7,698     | )      |                                                      |   | (1,405     | )                                                   |   |   | (367                   | )      |   |   | 49 |   |   |   | 3,995 |   |   |   | 588 |   |
| Income before      minority interests                                    |   |                                         | 65,810     |   |                                                      |   | 16,272     |                                                |   |   | 75,421                 |   |   |   | (149,616 | ) |   |   | (41,562 | ) |   |   | (6,122 | ) |
| Minority      interests                                                       |   |                                         | (351       | )      |                                                      |   | 137        |                                                |   |   | 910                    |   |   |   | (13,584 | ) |   |   | (1,724 | ) |   |   | (254 | ) |
| Net      income                                                               |   |                                         | 65,459     |   |                                                      |   | 16,409     |                                                |   |   |        76,331     |   |   |   | (163,200 | ) |   |   | (43,286 | ) |   |   | (6,376 | ) |
|                                                                          |   |                                         |       |   |                                                      |   |       |                                                |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income attributable      to ordinary shareholders                        |   |                                         | 65,459     |   |                                                      |   | 16,409     |                                                |   |   |        76,331     |   |   |   | (163,200 | ) |   |   | (43,286 | ) |   |   | (6,376 | ) |
| Net      income per share:                                                    |   |                                         |       |   |                                                      |   |       |                                                |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                         |   |                                         | 6.55       |   |                                                      |   | 1.52       |                                                |   |   |        3.25       |   |   |   | (7.01 | ) |   |   | (1.88 | ) |   |   | (0.27 | ) |
| Diluted                                                                       |   |                                         | 6.55       |   |                                                      |   | 1.46       |                                                |   |   |        3.03       |   |   |   | (7.01 | ) |   |   | (1.88 | ) |   |   | (0.27 | ) |
| Shares      used in computation:                                              |   |                                         |       |   |                                                      |   |       |                                                |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                         |   |                                         | 10,000,000 |   |                                                      |   | 10,786,719 |                                                |   |   |        23,472,910 |   |   |   | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 22,987,270 |   |
| Diluted                                                                       |   |                                         | 10,000,000 |   |                                                      |   | 11,220,157 |                                                |   |   |        25,187,753 |   |   |   | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 22,987,270 |   |

----

| (in      thousands)                   |   | December      31, |   | September      30, |    |
|---------------------------------------|--------|-------------------|--------|--------------------|---------|
|                                  |   | 2004              |   |               | 2005    |   | 2006 |   |   | 2007 |   | 2008 |   |   |   |   |
|                                  |   | RMB               |   |               | RMB     |   | RMB |   |   | RMB |   | RMB |   |   | US$ |   |
| Consolidated      balance sheet data: |   |              |   |               |    |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents        |   | 68,848            |   |               | 237,828 |   | 140,953 |   |   | 162,314 |   | 102,263 |   |   | 15,061 |   |
| Current      working capital(2)       |   | 51,897            |   |               | 149,610 |   | 208,809 |   |   | 294,976 |   | 77,966 |   |   | 11,482 |   |
| Total      assets                     |   | 416,384           |   |               | 798,769 |   | 984,126 |   |   | 1,110,983 |   | 894,296 |   |   | 131,710 |   |
| Deferred      revenue                 |   | 37,921            |   |               | 181,583 |   | 24,101 |   |   | 23,238 |   | 34,848 |   |   | 5,132 |   |
| Total      current liabilities        |   | 273,002           |   |               | 499,616 |   | 509,631 |   |   | 499,347 |   | 487,576 |   |   | 71,810 |   |
| Total      liabilities                |   | 275,874           |   |               | 504,368 |   | 512,511 |   |   | 765,291 |   | 591,048 |   |   | 87,049 |   |
| Minority      interests               |   | 3,534             |   |               | 3,234   |   | 13,049 |   |   | 48,775 |   | 39,224 |   |   | 5,777 |   |
| Total      shareholders’ equity |   | 136,976           |   |               | 291,167 |   | 458,566 |   |   | 296,917 |   | 264,024 |   |   | 38,884 |   |

----

|                          |   | Average(1)                |    | High   |    | Low    |    | Period-end |
|-------------------------------|--------|---------------------------|--------------|--------|--------------|--------|--------------|------------|
|                          |   | (RMB per $1.00) |
| 2004                          |   |                      | 8.2768       |   | 8.2774       |   |         | 8.2764     |   | 8.2766 |
| 2005                          |   |                      | 8.1940       |   | 8.2765       |   |         | 8.0702     |   | 8.0920 |
| 2006                          |   |                      | 7.9723       |   | 8.0702       |   |         | 7.8041     |   | 7.9040 |
| 2007                          |   |                      | 7.5196       |   | 7.5540       |   |         | 7.4928     |   | 7.4928 |
| 2008                          |   |                      |         |   |         |   |         |       |   |   |
| September                     |   |                      | 6.8307       |   | 6.8510       |   |         | 6.7810     |   | 6.7899 |
| October                       |   |                      | 6.8358       |   | 6.8521       |   |         | 6.8171     |   | 6.8388 |
| November                      |   |                      | 6.8281       |   | 6.8373       |   |         | 6.8220     |   | 6.8254 |
| December                      |   |                      | 6.8539       |   | 6.8842       |   |         | 6.8225     |   | 6.8225 |
| 2009January                   |   |                      | 6.8382       |   | 6.8399       |   |         | 6.8360     |   | 6.8380 |
| February                      |   |                      | 6.8357       |   | 6.8399       |   |         | 6.8327     |   | 6.8379 |
| March (through March      10) |   |                      | 6.8375       |   | 6.8395       |   |         | 6.8355     |   | 6.8358 |

| (1) | Annual averages are calculated      from month-end rates. Monthly averages are calculated using the average of      the daily rates during the relevant  period. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|                                                                                                        |   | Twelve MonthsEndedSeptember 30,2006 |       |   | YearEndedSeptember 30,2007 |   |       | Year EndedSeptember 30,2008 |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|--------|---------------------------------|--------|------------|---------------------------------------|--------|
| Revenue      resulting from licensed hybrid seeds                                                           |   | $                                             | 58,572,673 |   |                            | $      | 52,052,737 |                                  |   | $ | 52,023,150 |   |
| Percentage      of our total seed revenue resulting from licensed hybrid    seeds                           |   |                                          | 88.52      | %      |                            |   | 79.7       | %                                     |   |   | 68.79 | % |
| Revenue      resulting from internally developed proprietary hybrid    seeds                                |   | $                                             | 7,596,282  |   |                            | $      | 13,260,433 |                                  |   | $ | 23,603,275 |   |
| Percentage      of our total seed revenue resulting from internally developed proprietary      hybrid seeds |   |                                          | 11.48      | %      |                            |   | 20.3       | %                                     |   |   | 31.21 | % |

|                                                                                                                                                               |   | Twelve MonthsEndedSeptember 30,2006 |       |   | YearEndedSeptember 30,2007 |   |       | YearEndedSeptember 30,2008 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|--------|---------------------------------|--------|------------|---------------------------------|--------|
| Revenue      resulting from hybrid seeds developed and produced under our license      agreements with the significant licensors                                   |   | $                                             | 22,510,678 |   |                            | $      | 17,101,856 |                            |   | $ | 24,938,593 |   |
| Percentage      of our total seed revenue resulting from hybrid seeds developed and      produced under our license agreements with the significant      licensors |   |                                          | 34.02      | %      |                            |   | 26.18      | %                               |   |   | 32.98 | % |

----

|  | · | uncertain and continued market      acceptance for our product extensions and our    services; |
|--|--------|------------------------------------------------------------------------------------------------|

----

|  | · | the evolving nature of the crop      seed industry in the PRC, where significant consolidation is likely to      occur, leading to the formation of companies which are better able to      compete with us than is currently the  case; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | changing competitive conditions,      technological advances or customer preferences could harm sales of our      products or services. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | · | maintaining our competitive      position in the PRC and competing with Chinese and international      companies, many of which have longer operating histories and greater      financial resources than us; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | continuing to offer commercially      successful products to attract and retain a larger base of direct      customers and ultimateusers; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | retaining access to the farmland      we currently use for production of our products and obtaining access to      additional farmland forexpansion; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | continuing our existing      arrangements with production farms that grow our seed products and      entering into new arrangements with additional production      farms; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | maintaining effective control of      our costs and expenses; and |
|--|--------|-------------------------------------------------------------------|

|  | · | retaining our management and      skilled technical staff and recruiting additional key      employees. |
|--|--------|---------------------------------------------------------------------------------------------------------|

|  | · | Dr. Gengchen Han, our Chairman of      the Board; |
|--|--------|---------------------------------------------------|

|  | · | Liang Yuan, our Chief Executive      Officer and President; and |
|--|--------|-----------------------------------------------------------------|

|  | · | Yasheng Yang, our Vice Chairman      and Acting Chief FinancialOfficer. |
|--|--------|-------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

----

----

----

----

|  | · | Dr. Gengchen Han, our Chairman of      the Board; |
|--|--------|---------------------------------------------------|

|  | · | Liang Yuan, our Chief Executive      Officer and President; and |
|--|--------|-----------------------------------------------------------------|

|  | · | Yasheng Yang, our Vice Chairman      and Acting Chief FinancialOfficer. |
|--|--------|-------------------------------------------------------------------------|

----

|  | · | increasing the three PRC      operating subsidiaries’ tax liability without reducing Origin      Biotechnology’s tax liability, which could further result in late payment      fees and other penalties to our PRC operating subsidiaries for under-paid      taxes; or |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | limiting Origin Biotechnology’s      ability to maintain preferential tax treatment and government financial      incentives, which, if the transfer pricing adjustment is significant,      could result in Origin Biotechnology failing to qualify for those      preferential tax treatments and government financial      incentives. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

|  | · | require us to dedicate a      substantial portion of our near term cash flows from operations and other      capital resources to debt service, especially if the notes are not      converted into ordinaryshares; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | make it difficult for us to      obtain necessary financing in the future for working capital, acquisitions      or other purposes on favorable terms, if at  all; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | make us more vulnerable to      industry downturns and competitive pressures;  and |
|--|--------|------------------------------------------------------------------------------------|

|  | · | limit our flexibility in planning      for, or reacting to changes in, our  business. |
|--|--------|---------------------------------------------------------------------------------------|

----

|  | · | any dividend or distribution with      respect to any shares of our capital stock or the capital stock of our      subsidiaries, except for any dividend or distribution that is made only to      us or one of our subsidiaries or any dividend or distribution payable      solely in shares of our capitalstock; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the redemption of any of our      capital stock or the capital stock of our subsidiaries or any securities      exchangeable into any such capitalstock; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the redemption for value, prior      to the date for any scheduled maturity, sinking fund or amortization, or      other installment payment, of any debt subordinate in right of repayment      to the notes or applicable guarantee;or |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | any direct or indirect loan,      advance or other extension of credit or capital contribution to, or      incurrence of a guarantee of any obligation of, or purchase or acquisition      of capital stock or other securities or evidence of debt issued by, any      other person. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|  | · | on January 24, 2006, Beijing      Origin and Jilin Jinong Hi-tech Limited jointly established Jilin      Changrong, with Beijing Origin holding 34.77% of Jilin Changrong. On April      11, 2007, Beijing Origin acquired an additional 9.18% equity interest in      Jilin Changrong for RMB22.04 million (US$2.94 million), bringing Beijing      Origin’s total direct ownership to 43.95% and our combined direct and      indirect ownership to 51.66%. Jilin Changrong engages in the research,      development, production, sale and distribution of hybrid corn in the      northeast region of China; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | on January 24, 2006, Beijing      Origin acquired a 52.21% controlling interest in Denong. On October 8,      2006, Beijing Origin acquired an additional 42.42% equity interest in      Denong, and together with a 2.99% equity interest acquired on December 25,      2006, bringing its total ownership to approximately 97.62%, for which it      paid total consideration of approximately RMB54.56 million (US$7.28      million). Denong is a developer, producer and marketer of hybrid rice,      cotton, corn and canola, principally in the southwest region of China;      and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | on October 19, 2006, Beijing      Origin acquired a 19% interest in Biocentury, a leading company engaged in      GM cotton research, seed production, and marketing in China, for RMB16.7      million (US$2.23 million). After acquiring a 7% interest in 2004 and an 8%      interest in 2005, Beijing Origin now holds 34% of      Biocentury. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| For the yearendedDecember 31, |         | For the twelvemonths endedSeptember 30, |         | For the year endedSeptember 30, |         | For the year endedSeptember 30, |
|----------------------------------------------|--------------|-------------------------------------------------------------|--------------|-----------------------------------------------------|--------------|-----------------------------------------------------|
| 2005                                         |         | 2006                                                        |         | 2007                                                |         | 2008                                                |
| RMB                                          |         | RMB                                                         |         | RMB                                                 |         | RMB                                                 |
| 43.20      million                           |         | 27.64      million                                          |         | 36.53      million                                  |         | RMB19.66      million                               |
| (US$5.35      million)                       |    | (US$3.50      million)                                      |    | (US$4.88      million)                              |    | (US$2.90million)                                    |

----

|                                                                                                        |   | Year EndedDecember 31,2005 |       |   | Twelve MonthsEndedSeptember 30,2006 |   |       | Year EndedSeptember 30,2007 |   |   | Year EndedSeptember 30, 2008 |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|--------|-----------------------------------------------|--------|------------|---------------------------------------|--------|--------|---------------------------------------------|--------|
| Revenue      resulting from licensed hybrid seeds                                                           |   | $                                    | 24,314,206 |   |                                          | $      | 58,572,673 |                                  |   | $      | 52,052,737                                  |   |   | $ | 52,023,150 |   |
| Percentage      of our total seed revenue resulting from licensed hybrid    seeds                           |   |                                 | 93.97      | %      |                                          |   | 88.52      | %                                     |   |   | 79.7                                        | %      |   |   | 68.79 | % |
| Revenue      resulting from internally developed proprietary hybrid    seeds                                |   | $                                    | 1,558,883  |   |                                          | $      | 7,596,282  |                                  |   | $      | 13,260,433                                  |   |   | $ | 23,603,275 |   |
| Percentage      of our total seed revenue resulting from internally developed proprietary      hybrid seeds |   |                                 | 6.03       | %      |                                          |   | 11.48      | %                                     |   |   | 20.3                                        | %      |   |   | 31.21 | % |

----

| Year   |   | Varieties of Seed Products |   |
|--------|--------|-------------------------------------------|--------|
|   |   | Corn                                      |   | Cotton |   | Rice |   | Canola |   | Total |   |
| 2006   |   |                                      | 42     |   | 15 |   |   | 32 |   | 8 |   |   | 97 |   |
| 2007   |   |                                      | 44     |   | 11 |   |   | 60 |   | 9 |   |   | 124 |   |
| 2008   |   |                                      | 47     |   | 16 |   |   | 57 |   | 15 |   |   | 127 |   |

| Year                                                    |   | Revenues* |        |
|---------------------------------------------------------|--------|-----------|-------------|
|                                                    |   | Corn      |        | Cotton |   | Rice |   | Canola |   |
|                                                    |   | RMB       |        | RMB |   | RMB |   | RMB |   |
| Twelve      months ended September 30, 2006 (unaudited) |   |      | 339,394,175 |   | 32,622,126 |   |   | 145,322,718 |   | (1 | ) |
| Year      ended September 30, 2007                      |   |      | 365,203,037 |   | 32,030,858 |   |   | 72,549,582 |   | 17,958,429 |   |
| Year      ended September 30, 2008                      |   |      | 364,843,855 |   | 16,663,187- |   |   | 106,636,187 |   | 24,855,519 |   |

----

----

| For the year endedDecember 31, |   |   | For the nine months endedSeptember 30, |   |   |  For the Twelvemonths endedSeptember 30 |   |   | For the yearended September 30, |   |   | For the Year endedSeptember 30, |   |
|----------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|-----------------------------------------------------|--------|
| 2005                                               |   |   | 2005                                                            |   |   | 2006                                                             |   |   | 2006 (unaudited)                               |   |   | 2007                                                |   |   | 2008 |   |
| RMB                                                |   |   | RMB                                                             |   |   | RMB                                                              |   |   | RMB                                                 |   |   | RMB                                                 |   |   | RMB |   |
|                                               |   |   |                                                            |   |   |                                                             |   |   |                                                |   |   |                                                |   |   |   |   |
| 6,977,000(US$865,000)                              |   |   | 5,963,096(US$736,913)                                           |   |   | 13,143,768(US$      1,662,926)                                   |   |   | 14,157,671(US$      1,791,203)                      |   |   | 28,440,781(US$      3,795,748)                      |   |   | 24,512,551(US$3,610,149) |   |

----

----

----

| No.    |   | Name of Variety |   | Name of Seed Product |
|--------|--------|---------------------------|--------|-------------------------------------|
|   |   |                      |   |                                |
| 1      |   | AoYu      3102            |   | Corn                                |
| 2      |   | AoYu      3101            |   | Corn                                |
| 3      |   | AoYu      3206            |   | Corn                                |
| 4      |   | AoYu      3202            |   | Corn                                |
| 5      |   | AoYu      3007            |   | Corn                                |
| 6      |   | AoYu      3111            |   | Corn                                |
| 7      |   | AoYu      3210            |   | Corn                                |
| 8      |   | AoYu      Qing Zhu 5102   |   | Corn                                |
| 9      |   | AoYu      3108            |   | Corn                                |
| 10     |   | AoYu      3118            |   | Corn                                |
| 11     |   | Ao      Tian 8210         |   | Corn                                |
| 12     |   | AoYu      7               |   | Corn                                |
| 13     |   | Liang      You 456        |   | Rice                                |
| 14     |   | Can      You 456          |   | Rice                                |
| 15     |   | Denong      108           |   | Rice                                |
| 16     |   | De      E Liang You 1     |   | Rice                                |
| 17     |   | De      Xiang Zao 4       |   | Rice                                |
| 18     |   | Denong      88            |   | Rice                                |
| 19     |   | De      Liang You 9       |   | Rice                                |
| 20     |   | Zhengcheng      456       |   | Rice                                |
| 21     |   | De      Liang You 1       |   | Rice                                |
| 22     |   | Fei      You 463          |   | Rice                                |
| 23     |   | Fei      You 98           |   | Rice                                |
| 24     |   | Te      You 168           |   | Rice                                |
| 25     |   | De      You 13            |   | Canola                              |
| 26     |   | De      You 16            |   | Canola                              |
| 27     |   | De      You 3210          |   | Canola                              |
| 28     |   | De      You 3118          |   | Canola                              |
| 29     |   | De      You 20            |   | Canola                              |
| 30     |   | De      You 3206          |   | Canola                              |

----

|  Varieties of Corn Seeds |   | Percentage of2005 Sales |    | Percentage of thenine months endedSeptember 30,2006 Sales |   | Percentage of thefiscal year endedSeptember 30,2007 Sales |   | Percentage of thefiscal year endedSeptember 30,2008 Sales |   |
|----------------------------------------------|--------|-----------------------------------|---------|-----------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|
| LinAo1                                       |   |                              | 21.00   | %                                                                                       | 11.66  | %                                                                                       | 6.36   | %                                                                                       | 5.66   | % |
| AoYu      17                                 |   |                              | 2.95    | %                                                                                       | 3.10   | %                                                                                       | 1.35   | %                                                                                       | 1.38   | % |
| Liyu      16                                 |   |                              | 26.01   | %                                                                                       | 13.27  | %                                                                                       | 13.97  | %                                                                                       | 10.42  | % |
| AoYu      19                                 |   |                              | 0.00    | %                                                                                       | 0.21   | %                                                                                       | 0.00   | %                                                                                       | 0.01   | % |
| Liyu      26                                 |   |                              | 0.00    | %                                                                                       | 0.07   | %                                                                                       | 0.12   | %                                                                                       | 0.27   | % |
| Liyu35                                       |   |                              | — |                                                                                    | 0.00   | %                                                                                       | 0.76   | %                                                                                       | 7.14   | % |
| Total                                        |   |                              | 49.96   | %                                                                                       | 28.31  | %                                                                                       | 22.56  | %                                                                                       | 24.88  | % |

----

----

|   | (i) | producing      and distributing high-quality seed products, initially under third-party      licenses and, over time, increasingly internally developed proprietary      seeds, to deliver superior value to our distributor-customers and their      farmer-customers; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | devising      a process for obtaining regulatory approvals for new crop seeds (a Chinese      legal requirement) that is efficient and  effective; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | establishing      a broad network of producer-farmers in several regions to participate in      the seed development process and to produce approved crop seeds for      commercial distribution; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | creating      an effective distribution system using a relatively small network of      primary distributors, only one in each county with exclusive territories,      with which we can deal directly and efficiently which, in turn, develop      their own secondary distribution network to reach out directly to the      consumer- farmers. This distribution network is not only a means for      securing and fulfilling orders, but acts as a conduit for our marketing      and technical support activities; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | relying      on a number of marketing activities to retain existing customers and      attract new ones. These marketing activities  include: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | -      | a      demonstration program that provides technical assistance to customers      regarding the correct seed choice and proper cultivation      methods;                                                                                             |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                 |
|   | -      | television      advertising and a newsletter published three times per year that reaches      nearly 2 million seed customers and provides them with information on the      benefits of our products and the techniques for maximizing      yields; |
|   |   |                                                                                                                                                                                                                                                 |
|   | -      | a      database of over 15 million customers that we use to keep repeat sales at      a high level, an important component of revenue growth;  and                                                                                                   |

|   | (vi) | delivering      service and technical support to customers throughout the growing season      for its products. End-user customers can contact us through a dedicated      call center that handles up to 1,000 calls per day. Field service      representatives are dispatched within 48 hours of a customer’s request for      help. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | the      Ministry of Agriculture and its local  authorities; |
|--------|--------|--------------------------------------------------------------|

|   | · | the      Ministry of Commerce and its localauthorities; |
|--------|--------|---------------------------------------------------------|

|   | · | SAFE      and its local authorities; |
|--------|--------|--------------------------------------|

|   | · | the      State Administration of Industry and Commence and its local authorities;      and |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | the      State Administration of Taxation, and the Local Taxation      Bureau. |
|--------|--------|--------------------------------------------------------------------------------|

----

|   | · | to      obtain a national distribution license, the licensee must have a      registered capital of at least RMB30 million (approximately      $4,418,327); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | to      obtain a provincial license to distribute hybrid seed varieties, the      licensee must have a registered capital of at least RMB5 million      (approximately $736,388); and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | to      obtain a provincial license to distribute non-hybrid seed varieties, the      licensee must have a registered capital of at least RMB1 million      (approximately $147,278). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | submit      the application to the provincial variety authorization      committee; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | undergo      two growing seasons of monitored growth in at least five different      locations in the province. Seeds submitted for testing are planted      together with control seeds, which is typically the most popular seed with      farmers in the testing locations. Only seeds that have an increased yield      of 8% or higher versus the control seeds and that rank in the top six      among all seeds then being tested are cleared to proceed to the second      year of testing, during which the results of the initial test season must      be confirmed; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | go      through one successful growing season of trial production, also in at      least five different locations. If successful, a provincial examination      certificate is granted and a public announcement is      made. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | submit      the application to the national variety authorization      committee; |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | complete      two growing seasons of monitored production in at least five different      locations. Only seeds that have 8% or higher yield compared to control      seeds and that also rank in the top six among all seeds being tested in      that cycle can proceed to the second year of testing;      and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | complete      one successful growing season of trial production in at least five      different locations. |
|--------|--------|------------------------------------------------------------------------------------------------------------|

----

----

----

| Name                            |   | Place of incorporation(or establishment)/operation |   | Percentageof ownership             |
|---------------------------------|--------|-------------------------------------------------------------------|--------|-----------------------------------------|
| State      Harvest              |   | British      Virgin Islands                                       |   | 100%      owned by Origin               |
| Origin      Biotechnology  |   | Haidian      District, Beijing, PRC                               |   | 100%      owned by State Harvest        |
| Beijing      Origin             |   | Haidian      District, Beijing, PRC                               |   | 97.96%      controlled by State Harvest |
| Henan      Origin               |   | Zhengzhou,      Henan Province, PRC                               |   | 92.04%      owned by Beijing Origin     |
| Changchun      Origin           |   | Changchun,      Jilin Province, PRC                               |   | 99%      owned by Beijing Origin        |
| Denong                          |   | Chengdu,      Sichuan Province, PRC                               |   | 97.62%      owned by Beijing Origin     |
| Jilin      Changrong            |   | Changchun,      Jilin Province, PRC                               |   | 43.95%      owned by Beijing Origin     |
| Liyu                            |   | Shijiazhuang,      Hebei Province, PRC                            |   | 30%      owned by Beijing Origin        |
| Biocentury                      |   | Shenzhen,      Guangdong Province, PRC                            |   | 34%      owned by BeijingOrigin         |

----

----

| PRC Operating Company |   | Consigning Owner |   | % of SharesConsigned |   |
|---------------------------------|--------|-----------------------|--------|--------------------------------|--------|
| Beijing      Origin             |   | Gengchen      Han     |   |                           | 34.4   | % |
|                            |   | Yasheng      Yang     |   |                           | 28.675 | % |
|                            |   | Liang      Yuan       |   |                           | 25.8   | % |
|                            |   | Yuping      Zhao      |   |                           | 3.995  | % |
|                            |   | Weidong      Zhang    |   |                           | 3.13   | % |
|                            |   | Weicheng      Chen    |   |                           | 1.96   | % |
|                            |   |                  |   |                           | 97.96  | % |
| Changchun      Origin           |   | Beijing      Origin   |   |                           | 99.0   | % |
|                            |   | Gengchen      Han     |   |                           | 1.0    | % |
|                            |   |                  |   |                           | 100.0  | % |
| Henan      Origin               |   | Beijing      Origin   |   |                           | 90.0   | % |
|                            |   | Yingli      Zhang     |   |                           | 4.08   | % |
|                            |   | Yasheng      Yang     |   |                           | 3.88   | % |
|                            |   |                  |   |                           | 97.96  | % |

----

----

----

----

----

----

| 1. | Laboratory      Research: is defined by genetic manipulations and research work conducted      under a control system withinlaboratory. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Intermediate      Testing Phase: signifies a small scale test conducted under a regulated      control system. |
|----|----------------------------------------------------------------------------------------------------------------|

| 3. | Environmental      Release Test: means medium scale test conducted under natural condition by      taking relatively secure measures. |
|----|---------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Production      Test: means relatively large scale test before production and      application. |
|----|-------------------------------------------------------------------------------------------------|

| 5. | Obtaining      the safety certificate on genetically modified  organisms. |
|----|---------------------------------------------------------------------------|

----

|  | · | our      ability to strategically manage our growth and expansion, organically or      through mergers and acquisitions. If we do not manage our growth      effectively, our growth may slow and we may not be able to achieve or      maintain profitability; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        | · | our      ability to develop new products through research and      development; |
|--------|--------|---------------------------------------------------------------------------------|
|   |   |                                                                            |

|  | · | our      ability to partner or joint venture for the creation of more advanced      bio-technology products; |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | · | market      fluctuations in the demand for and supply of crop seeds in China and our      ability to anticipate market demand and adjust our volume and product mix      to maximize revenues and maintain sufficiently high margins to achieve and      maintain profitability; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our      ability to continue to license or acquire crop seeds from third party      developers and our ability to develop proprietary crop    seeds; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our      ability to continue to effectively market and distribute our core products      through active agronomicassistance; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | future      consolidations in the crop seed industry in China may give rise to new or      strengthened competitors; |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|  | · | the      possibility that the crop seed industry in China may favor genetically      modified seeds over hybrid seeds, and our ability to develop, produce,      market, and sell such products; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the      possibility of major natural disasters in China, which may have an adverse      impact on our business and results of operation, as there is currently no      agriculture insurance available in China against natural      disasters; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the      Chinese government’s continuing support for the growth and development of      the agriculture sector; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------|

|  | · | the      impact of Chinese regulation affecting our  industry; |
|--|--------|----------------------------------------------------------------|

|  | · | our      benefits from certain government incentives including tax incentives, the      expiration of which, or changes to which, could have an adverse effect on      our operating results; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the      possibility that excess supply of one or more of our products in our      markets may drive down prices and reduce our margins, especially if we are      unable to sufficiently differentiate our products from those of our      competitors to allow us to charge higher prices;  and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our      ability to correctly estimate growers’ future needs, and match our product      varieties and production levels to meet those  needs. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| Item                                                                     |   | For      the year ended December 31 |     |   | For      the nine months ended September 30 |   |   | For      the twelve months ended September 30 |   |   | For      the year endedSeptember      30 |   |
|--------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|---------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|------------------------------------------|--------|
|                                                                     |   | 2004                                |     |   | 2005                                        |   |   | 2005      (unaudited)                         |   |   | 2006                                     |   |   | 2006      (unaudited) |   |   | 2007 |   |   | 2008 |   |
|                                                                     |   | InthousandsRMB                      |     |   | As      %of      netrevenue                 |   |   | InthousandsRMB                                |   |   | As      %of      netrevenue              |   |   | InthousandsRMB |   |   | As      %of netrevenue |   |   | InthousandsRMB |   |   | As      %of      netrevenue |   |   | InthousandsRMB |   |   | As      %of      netrevenue |   |   | InthousandsRMB |   |   | As      %of      net revenue |   |   | InthousandsRMB |   |   | As      %of      netrevenue |   |
| Consolidated      statement of operations and comprehensive income data: |   |                                |     |   |                                        |   |   |                                          |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                                 |   |                                | 301,520  |   |                                        |   | 100.00 |                                          |   |   | 207,291                                  |   |   |   | 100.00 |   |   |   | 208,380 |   |   |   | 100.00 |   |   |   | 522,999 |   |   |   | 100 |   |   |   | 521,910 |   |   |   | 100.00 |   |   |   | 489,379 |   |   |   | 100.00 |   |   |   | 513,490 |   |   |   | 100.00 |   |
| Cost      of revenues                                                    |   |                                | (178,313 | )      |                                        |   | (59.14 | )                                             |   |   | (129,162                                 | )      |   |   | (62.31 | ) |   |   | (126,478 | ) |   |   | (61 | ) |   |   | (362,982 | ) |   |   | (69 | ) |   |   | (365,726 | ) |   |   | (70.07 | ) |   |   | (462,852 | ) |   |   | (94.58 | ) |   |   | (404,795 | ) |   |   | (78.83 | ) |
| Gross profit                                                        |   |                                | 123,207  |   |                                        |   | 40.86  |                                          |   |   | 78,129                                   |   |   |   | 37.69 |   |   |   | 81,962 |   |   |   | 39 |   |   |   | 160,017 |   |   |   | 31 |   |   |   | 156,184 |   |   |   | 29.93 |   |   |   | 26,527 |   |   |   | 5.42 |   |   |   | 108,695 |   |   |   | 21.17 |   |
|                                                                     |   |                                |     |   |                                        |   |   |                                          |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling      and marketing                                               |   |                                | (20,390  | )      |                                        |   | (6.76  | )                                             |   |   | (27,037                                  | )      |   |   | (13.04 | ) |   |   | (18,993 | ) |   |   | (9 | ) |   |   | (49,651 | ) |   |   | (9 | ) |   |   | (57,695 | ) |   |   | (11.05 | ) |   |   | (57,994 | ) |   |   | (11.85 | ) |   |   | (53,203 | ) |   |   | (10.36 | ) |
| General      and administrative                                          |   |                                | (24,149  | )      |                                        |   | (8.01  | )                                             |   |   | (28,983                                  | )      |   |   | (13.98 | ) |   |   | (19,712 | ) |   |   | (9 | ) |   |   | (40,933 | ) |   |   | (8 | ) |   |   | (50,204 | ) |   |   | (9.62 | ) |   |   | (92,246 | ) |   |   | (18.85 | ) |   |   | (73,355 | ) |   |   | (14.29 | ) |
| Research      and development                                            |   |                                | (6,774   | )      |                                        |   | (2.25  | )                                             |   |   | (6,977                                   | )      |   |   | (3.37 | ) |   |   | (5,693 | ) |   |   | (3 | ) |   |   | (13,144 | ) |   |   | (3 | ) |   |   | (14,158 | ) |   |   | (2.71 | ) |   |   | (28,441 | ) |   |   | (5.81 | ) |   |   | (24,513 | ) |   |   | (4.77 | ) |
| Total      operating expenses                                            |   |                                | (51,313  | )      |                                        |   | (17.02 | )                                             |   |   | (62,997                                  | )      |   |   | (30.39 | ) |   |   | (44,668 | ) |   |   | (21 | ) |   |   | (103,728 | ) |   |   | (20 | ) |   |   | (122,057 | ) |   |   | (23.39 | ) |   |   | (178,681 | ) |   |   | (36.51 | ) |   |   | (151,071 | )  |   |   | (29.42 | ) |
| Other      operating income                                              |   |                                | -        |   |                                        |   | -      |                                          |   |   | 2,309                                    |   |   |   | 1.11 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                                |     |   |                                        |   |   |                                          |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      from operations                                              |   |                                | 71,894   |   |                                        |   | 23.84  |                                          |   |   | 17,441                                   |   |   |   | 8.41 |   |   |   | 37,294 |   |   |   | 18 |   |   |   | 56,289 |   |   |   | 11 |   |   |   | 34,127 |   |   |   | 6.54 |   |   |   | (152,154 | ) |   |   | (31.09 | ) |   |   | (42,376 | ) |   |   | (8.25 | ) |
|                                                                     |   |                                |     |   |                                        |   |   |                                          |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      income                                                     |   |                                | 371      |   |                                        |   | 0.12   |                                          |   |   | 886                                      |   |   |   | 0.43 |   |   |   | 421 |   |   |   | 0 |   |   |   | 8,783 |   |   |   | 2 |   |   |   | 9,294 |   |   |   | 1.77 |   |   |   | 10,942 |   |   |   | 2.24 |   |   |   | 5,199 |   |   |   | 1.01 |   |
| Interest      expenses                                                   |   |                                | (831     | )      |                                        |   | (0.28  | )                                             |   |   | (1,829                                   | )      |   |   | (0.88 | ) |   |   | (1,443 | ) |   |   | (1 | ) |   |   | (5,005 | ) |   |   | (1 | ) |   |   | (5,391 | ) |   |   | (1.03 | ) |   |   | (21,697 | ) |   |   | (4.43 | ) |   |   | (36,939 | ) |   |   | (7.19 | ) |
| Other      income (expense)                                              |   |                                | 149      |   |                                        |   | 0.05   |                                          |   |   | 300                                      |   |   |   | 0.14 |   |   |   | 62 |   |   |   | 0 |   |   |   | 2,893 |   |   |   | 1 |   |   |   | 5,441 |   |   |   | 1.04 |   |   |   | 1,312 |   |   |   | 0.27 |   |   |   | 628 |   |   |   | 0.12 |   |
| Equity      in earnings of associated company                            |   |                                | 1,925    |   |                                        |   | 0.64   |                                          |   |   | 879                                      |   |   |   | 0.42 |   |   |   | 305 |   |   |   | 0 |   |   |   | 12,828 |   |   |   | 2 |   |   |   | 13,400 |   |   |   | 2.57 |   |   |   | (669 | ) |   |   | (0.14 | ) |   |   | 7,702 |   |   |   | 1.50 |   |
| Changes      in the fair value of embedded derivatives                   |   |                                | -        |   |                                        |   | -      |                                          |   |   | -                                        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12,601 |   |   |   | 2.57 |   |   |   | 20.229 |   |   |   | 3.94 |   |
| Income      before income taxes                                          |   |                                | 73,508   |   |                                        |   | 24.38  |                                          |   |   | 17,677                                   |   |   |   | 8.53 |   |   |   | 36,639 |   |   |   | 18 |   |   |   | 75,788 |   |   |   | 14 |   |   |   | 56,862 |   |   |   | 10.89 |   |   |   | (149,665 | ) |   |   | (30.58 | ) |   |   | (45,557 | ) |   |   | (8.87 | ) |
| Income      tax                                                          |   |                                | (7,698   | )      |                                        |   | (2.55  | )                                             |   |   | (1,405                                   | )      |   |   | (0.68 | ) |   |   | (1,205 | ) |   |   | (1 | ) |   |   | (367 | ) |   |   | (0 | ) |   |   | (566 | ) |   |   | (0.11 | ) |   |   | 49 |   |   |   | 0.01 |   |   |   | 3,995 |   |   |   | 0.78 |   |
| Income      before minority interests                                    |   |                                | 65,810   |   |                                        |   | 21.83  |                                          |   |   | 16,272                                   |   |   |   | 7.85 |   |   |   | 35,434 |   |   |   | 17 |   |   |   | 75,421 |   |   |   | 14 |   |   |   | 56,260 |   |   |   | 10.78 |   |   |   | (149,616 | ) |   |   | (30.57 | ) |   |   | (41,562 | ) |   |   | (8.09 | ) |
| Minority      interests                                                  |   |                                | (351     | )      |                                        |   | (0.12  | )                                             |   |   | 137                                      |   |   |   | 0.07 |   |   |   | (510 | ) |   |   | (0 | ) |   |   | 910 |   |   |   | 0 |   |   |   | 1,558 |   |   |   | 0.30 |   |   |   | (13,584 | ) |   |   | (2.78 | ) |   |   | (1,724 | ) |   |   | (0.34 | ) |
| Net      income                                                          |   |                                | 65,459   |   |                                        |   | 21.71  |                                          |   |   | 16,409                                   |   |   |   | 7.92 |   |   |   | 34,924 |   |   |   | 17 |   |   |   | 76,331 |   |   |   | 15 |   |   |   | 57,818 |   |   |   | 11.08 |   |   |   | (163,200 | ) |   |   | (33.35 | ) |   |   | (43,286 | ) |   |   | (8.43 | ) |

----

| Items                     |   | Revenues                              |    |   | Gross Margin                     |    |
|---------------------------|--------|---------------------------------------|---------|--------|---------------------------------------|---------|
|                      |   | Year endedSeptember 30,2008 |    |   | Year endedSeptember 30,2007 |    | Growth |   |   | Year endedSeptember 30,2008 |   |   | Year endedSeptember 30,2007 |   |   | Growth |   |
|                      |   |                                  |    |   |                                  |    |   |   |   |   |   |   |   |   |   |   |   |
|                      |   | RMB’000                         |    |   | RMB’000                         |    |   |   |   |   |   |   |   |   |   |   |   |
| Hybrid      Corn seeds*   |   |                                  | 355,890 |   |                                  | 356,173 |   |   | -0.08 | % |   | 35.58 | % |   | 31.96 | % |   | 11.32 | % |
| Hybrid      Rice seeds*   |   |                                  | 95,083  |   |                                  | 71,900  |   |   | 32.24 | % |   | 16.93 | % |   | 15.95 | % |   | 6.14 | % |
| Hybrid      Cotton seeds* |   |                                  | 16,622  |   |                                  | 31,994  |   |   | -48.05 | % |   | 36.93 | % |   | 28.43 |  % |   | 29.90 | % |
| Hybrid      Canola seeds* |        |                                  | 23,774  |   |                                  | 17,885  |   |   | 32.93 | % |   | 66.54 | % |   | 53.28 |  % |   | 24.89 |  % |
| Others**                  |   |                                  | 59      |   |                                  | 1,056   |   |   | 94.41 | % |   |   |   |   |   |   |   |   |   |
|                      |   |                                  |    |   |                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      normal sales*  |   |                                  | 491,428 |   |                                  | 479,008 |   |   | 2.59 | % |   | 31.56 | % |   | 30.09 | % |   | 4.89 | % |

----

----

----

----

----

----

----

----

| Item                                                                   |   | Year ended December31 |         |          | Nine months endedSeptember 30 |   |    | Twelve Month endedSeptember 30 |   |   | Year ended September30 |   |
|------------------------------------------------------------------------|--------|---------------------------------|--------------|---------------|----------------------------------------------|--------|---------|-----------------------------------------------|--------|--------|----------------------------------|--------|
| (In thousands)                                                    |   | 2004                            |         |          | 2005                                         |   |    | 2005(unaudited)                               |   |   | 2006                             |   |   | 2006(unaudited) |   |   | 2007 |   |   | 2008 |   |   | 2008 |   |
|                                                                   |   | RMB                             |         |          | RMB                                          |   |    | RMB                                           |   |   | RMB                              |   |   | RMB |   |   | RMB |   |   | RMB |   |   | US$ |   |
| Net      cash (used in) provided by Operating activities               |   |                            | 42,745  |          |                                         |   | 24,387  |                                          |   |   | (19,900                          | )      |   |   | (123,260 | ) |   |   | (78,973 | ) |   |   | (169,242 | )        |   |   | 57,198 |   |   |   | 8,423 |   |
| Net      cash (used in) provided by investing activities               |   |                            | (27,201      | )        |                                         |   | (62,722 | )                                             |   |   | (39,082                          | )      |   |   | (244,972 | ) |   |   | (268,612 | ) |   |   | (90,948 | )        |   |   | 107,630 |   |   |   | 15,852 |   |
| Net      cash (used in) provided by financing activities               |   |                            | 4,083   |          |                                         |   | 207,706 |                                          |   |   | 6,740                            |   |   |   | 275,006 |   |   |   | 475,972 |   |   |   | 283,774 |   |   |   | (212,025 | ) |   |   | (31,226 | )        |
| Net      increase(decrease) in cash and cash      equivalents          |   |                            | 19,627  |          |                                         |   | 169,371 |                                          |   |   | (52,242                          | )      |   |   | (93,226 | ) |   |   | 128,387 |   |   |   | 23,584 |   |   |   | (47,197 | ) |   |   | (6,951 | )        |
| Cash      and cash equivalents,  Beginning of year                |   |                            | 49,221  |          |                                         |   | 68,848  |                                          |   |   | 68,848                           |   |   |   | 237,828 |   |   |   | 237,828 |   |   |   | 140,953 |   |   |   | 162,314 |   |   |   | 23,906 |   |
| Effect      of exchange rate changes on cash and cash equivalents |   |                            | -       |          |                                         |   | (391    | )                                             |   |   | 45                               |   |   |   | (3,649 | ) |   |   | (4,085 | ) |   |   | (2,223 | )        |   |   | (12,854 | ) |   |   | (1,894 | )      ) |
| Cash      and cash equivalents, end of year                            |   |                            | 68,848  |          |                                         |   | 237,828 |                                          |   |   | 16,651                           |   |   |   | 140,953 |   |   |   | 362,130 |   |   |   | 162,314 |   |   |   | 102,263 |   |   |   | 15,061 |   |

----

----

----

|                                 |   | Payments      due by September 30, |    |
|--------------------------------------|--------|------------------------------------|---------|
|                                 |   |                               |    |
|                                 |   |                               |    | Within |   |   |   |   |   |   |   |   |   |   |   |
|                                 |   | Total                              |    | 2009 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   | Thereafter |   |
|                                 |   | RMB000                             |    | RMB000 |   | RMB000 |   | RMB000 |   | RMB000 |   | RMB000 |   | RMB000 |   |
|                                 |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Lease Obligations     |   |                               | 13,177  |   | 2,148 |   |   | 840 |   | 833 |   |   | 424 |   | 909 |   |   | 8,023 |   |
| Capital      Commitments (1)         |   |                               | 11,771  |   | 11,771 |   |   | - |   | - |   |   | - |   | - |   |   | - |   |
| Purchase      Obligations (5)        |   |                               | 37,083  |   | 5,000 |   |   | 5,000 |   | 5,000 |   |   | 5,000 |   | 5,000 |   |   | 12,083 |   |
| Convertible      Notes (4)           |   |                               | 184,359 |   | 35,396 |   |   | 1,446 |   | 1,446 |   |   | 146,071 |   |   |   |   |   |   |
| Short-Term      Debt Obligations (2) |   |                               | 163,940 |   | 163,940 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-Term      Debt Obligations (3)  |   |                               | 940     |   | - |   |   | 940 |   |   |   |   |   |   |   |   |   |   |   |
| Total                                |   |                               | 411,270 |   | 218,255 |   |   | 8,226 |   | 7,279 |   |   | 151,495 |   | 5,909 |   |   | 20,106 |   |

----

----

|   | (1)    | Includes      capital commitments for purchase of plant, building construction,      equipment, land use rights and technology use rights.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | (2)    | Represents      short term loans from China Construction Bank, Shangdi Branch , Beijing      Bank and Bank Of Communications Zhengzhou Branch.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | (3)    | Represents      a third party’s loan repayable on October 25, 2009 by an installment and      bearing interest of 2.4% per annum. The borrowings are not      secured.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | (4)    | On      July 25, 2007, the Company issued US$40 million of guaranteed senior      secured convertible notes which mature on July 25, 2012. The Notes bear      interest at the rate of 1% per annum, payable semi-annually in arrears. On      July 28, 2008, the Company agreed to repurchase US$18.7 million of these      senior secured convertible notes, in which $14 million was repurchased in      July 08 and US$4.7 million would be repurchase by December      2008.  On January 19, 2009 the Company agreed to repurchase the      remaining US$21.3 million of these senior secured convertible notes by      December 2009. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | (5)    | On      March 6, 2006, Changrong entered into a contract with the Corn Research      Institution of Jilin Academy of Agricultural Science to pay RMB5million      every year from 2006 to 2016 for R&D activities on behalf of      Changrong.                                                                                                                                                                                                                                                                                                                                                                                                    |

| Name                      |   | Age    |   | Position                                                               |
|---------------------------|--------|--------|--------|------------------------------------------------------------------------|
|                      |   |   |   |                                                                   |
| Gengchen      Han 1       |   | 53     |   | Chairman      of the Board                                             |
| Liang      Yuan 2         |   | 51     |   | Director,      President and Chief Executive Officer                   |
| Yasheng      Yang 3  |   | 46     |   | Vice      Chairman of the Board, Acting Chief Financial  Officer  |
| Bailiang      Zhang       |   | 67     |   | Independent      Director                                              |
| Dafang      Huang         |   | 66     |   | Independent      Director                                              |
| Min      Tang 4           |   | 55     |   | Independent      Director                                              |
| Steven      Urbach        |   | 32     |   | Independent      Director                                              |
| Michael      W. Trimble   |   | 51     |   | Independent      Director                                              |
| Remo      Richli          |   | 45     |   | Independent      Director                                              |

----

----

----

----

| Name                 |   | OrdinarySharesUnderlyingOutstandingOption |   | Exercise      Price |   | Grant      Date |   | Expiration      Date |                  |
|----------------------|--------|-------------------------------------------|--------|---------------------|--------|-----------------|--------|----------------------|-----------------------|
| Gengchen      Han    |   |                                      | 75,000 |                | $      | 8.75/Share      |   |                 | November      8, 2005 |   |   | November      8, 2010 |   |
| Liang      Yuan      |   |                                      | 30,000 |                | $      | 8.75/Share      |   |                 | November      8, 2005 |   |   | November      8, 2010 |   |
| Yasheng      Yang    |   |                                      | 60,000 |                | $      | 8.75/Share      |   |                 | November      8, 2005 |   |   | November      8, 2010 |   |
| Steven      Urbach   |   |                                      | 15,000 |                | $      | 8.75/Share      |   |                 | November      8, 2005 |   |   | November      8, 2010 |   |
|                 |   |                                      | 10,000 |                | $      | 5.30/Share      |   |                 | March      28, 2008   |   |   | March      27, 2013 |   |
| Remo      Richli     |   |                                      | 25,000 |                | $      | 8.75/Share      |   |                 | November      8, 2005 |   |   | November      8, 2010 |   |
|                 |   |                                      | 15,000 |                | $      | 5.30/Share      |   |                 | March      28, 2008   |   |   | March      27, 2013 |   |
| Bailiang      Zhang  |   |                                      | 15,000 |                | $      | 8.75/Share      |   |                 | November      8, 2005 |   |   | November      8, 2010 |   |
|                 |   |                                      | 10,000 |                | $      | 5.30/Share      |   |                 | March      28, 2008   |   |   | March      27, 2013 |   |
| Michael      Trimble |   |                                      | 25,000 |                | $      | 5.30/Share      |   |                 | March      28, 2008   |   |   | March      27, 2013 |   |
| Dafang      Huang    |   |                                      | 15,000 |                | $      | 8.75/Share      |   |                 | November      8, 2008 |   |   | March      27, 2013 |   |
|                 |   |                                      | 10,000 |                | $      | 5.30/Share      |   |                 | March      28, 2008   |   |   | March      27, 2013 |   |

----

|  | · | annually reviewing and      reassessing the adequacy of the Audit Committee’s formal      charter; |
|--|--------|----------------------------------------------------------------------------------------------------------|

|  | · | reviewing our annual audited      financial statements with our management and our independent auditors and      the adequacy of our internal accounting  controls; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | reviewing analyses prepared by      management and independent auditors concerning significant financial      reporting issues and judgments made in connection with the preparation of      our financial statements; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the engagement of the independent      auditor; |
|--|--------|-------------------------------------------------|

|  | · | reviewing the independence of the      independent auditors; |
|--|--------|--------------------------------------------------------------|

----

|  | · | reviewing our auditing and      accounting principles and practices with the independent auditors and      reviewing major changes to our auditing and accounting principles and      practices as suggested by the independent auditor or our      management; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the appointment of the      independent auditor; |
|--|--------|--------------------------------------------------|

|  | · | approving professional services      provided by the independent auditors, including the range of audit and      non-audit fees; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | · | reviewing all related party      transactions on an ongoing basis for potential conflicts of      interest. |
|--|--------|-------------------------------------------------------------------------------------------------------------|

|  | · | reviewing and making      recommendations to our board of directors regarding our compensation      policies and forms of compensation provided to our directors, officers and      other senior employees; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | reviewing and determining      performance-based awards and compensation for our officers and other      employees; |
|--|--------|---------------------------------------------------------------------------------------------------------------------|

|  | · | reviewing and determining      share-based compensation (including the 2005 Performance Equity Plan) for      our directors, officers, employees and  consultants; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | administering our equity      incentive plans (including the 2005 Performance Equity Plan) in accordance      with the terms thereof; and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | such other matters that are      specifically delegated to the Compensation Committee by our board of      directors from time to time. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | actively seeking and evaluating      qualified individuals to become new directors as      needed; |
|--|--------|----------------------------------------------------------------------------------------------------|

|  | · | reviewing current directors’      suitability when their terms expire or one has a significant change in      status; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------|

|  | · | making recommendations with      respect to succession planning for the co-chief executive officer and      other officers; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | · | such other matters that are      specifically delegated to the Nominating Committee by our board of      directors from time to time. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------|

| Areas of Operations           |   | Number ofEmployees |   | Percentage ofTotal |   |
|-------------------------------|--------|--------------------|--------|--------------------|--------|
| Research      and Development |   |               | 135    |               |   | 14.42 | % |
| Sales      and Marketing      |   |               | 288    |               |   | 30.77 | % |
| Production                    |   |               | 293    |               |   | 31.30 | % |
| Quality      Control          |   |               | 62     |               |   | 6.62 | % |
| Others                        |   |               | 158    |               |   | 16.88 | % |
| Total                         |   |               | 938    |               |   | 100.00 | % |

----

|  | · | each of our directors and      executive officers who beneficially own our ordinary shares;      and |
|--|--------|------------------------------------------------------------------------------------------------------|

|  | · | each person known to us to own      beneficially more than 5.0% of our ordinary  shares. |
|--|--------|------------------------------------------------------------------------------------------|

|                                                                                             |   | Shares Beneficially Owned      ( * ) |              |
|-------------------------------------------------------------------------------------------------------|--------|--------------------------------------|-------------------|
|                                                                                                  |   | Number                               |              | Percentage ofTotal |   |
| Directors      and Executive Officers:                                                                |   |                                 |              |   |   |
| Gengchen      HanChairman of the Board      (1) (2)                                                   |   |                                 | 3,465,400         |   |   | 14.4 | % |
| Liang      YuanChief Executive Officer,      Director (1) (3)                                         |   |                                 | 3,336,400         |   |   | 14.2 | % |
| Yasheng      YangVice Chairman of the Board,      Acting Chief Financial Officer and Director (1) (4) |   |                                 | 1,946,550         |   |   | 8.3 | % |
| Steven      UrbachDirector      (5)                                                                   |   |                                 | 38,000            |   |   | 0.16 | % |
| Michael      W. TrimbleDirector      (6)                                                              |   |                                 | 9,332             |   |   | 0.04 | % |
| Principal      Shareholders:                                                                          |   |                                 |              |   |   |   |   |
| Heartland      Associates                                                                             |   |                                 | 3,802,287         |   |   | 16.52 | % |
| Royce      and Associates                                                                             |   |                                 | 523,600           |   |   | 2.28 | % |
|                                                                                                  |   |                                 |              |   |   |   |   |
| Claymore      Advisors                                                                                |   |                                 | 510,183           |   |   | 2.22 | % |
| Citadel      (7)                                                                                      |   |                                 | 1,852,174      (8 | ) |   | 7.88%      (8 | ) |

----

|  | (1) | Unless otherwise indicated, the      business address of each of the individuals is c/o 21 Shengmingyuan Road,      Changping District, Beijing PRC 102206.  See Item      6B.  “Directors, Senior Management, and Employees –      Compensation” for discussion of option included in the table granted under      the 2005 Performance EquityPlan. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The shares reported in the above      table are held by Dr. Han through a personal holding company, Sinodream      Limited, a company formed under the laws of the British Virgin Islands of      which he is the sole shareholder, officer and director. Therefore, Dr. Han      will have voting and dispositive authority over all the      shares. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | The shares reported in the above      table are held by Mr. Yuan through a personal holding company, Bonasmart      Limited, a company formed under the laws of the British Virgin Islands of      which he is the sole shareholder, officer and director. Therefore, Mr.      Yuan will have voting and dispositive authority over all the      shares. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The shares reported in the above      table are held by Mr. Yang through a personal holding company, Leekdon      Limited, a company formed under the laws of the British Virgin Islands of      which he is the sole shareholder, officer and director. Therefore, Mr.      Yang will have voting and dispositive authority over all the      shares. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The business address of Mr.      Urbach is 17 State Street, Suite 1600, New York, NY      10004. |
|--|-----|--------------------------------------------------------------------------------------------------|

|  | (6) | The business address of Mr.      Trimble is 6159 Brandywine Drive, Johnston, IA    50131. |
|--|-----|-------------------------------------------------------------------------------------------|

|  | (7) | According to a Schedule 13G filed      by Citadel with the SEC on February 13, 2008, Citadel is a subsidiary of      Citadel Holdings Ltd., a Cayman Islands company, or CH, which in turn is a      subsidiary of Citadel Kensington Global Strategies Fund Ltd., a Bermuda      company, or CKGSF. According to that Schedule 13G, none of CKGSF or CH has      any control over the voting or disposition of securities held by Citadel.      The address of Citadel is c/o Citadel Investment Group, L.L.C., 131 S.      Dearborn Street, 32nd Floor, Chicago, Illinois    60603. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8) | According to the Schedule 13G      filed by Citadel with the SEC on February 13, 2008, as of December 31,      2007, Citadel beneficially owned $21,300,000 in principal amount of the      notes, collectively convertible into 1,852,174 ordinary shares at the      current conversion price. Notwithstanding the foregoing, the number of      shares beneficially owned by Citadel was equal to 1,852,174, or 7.88% of      our issued and outstanding ordinary shares because, as set forth in the      Investor Rights Agreement, dated July 25, 2007 between us, certain of our      shareholders and Citadel, Citadel is not entitled to convert any portion      of the notes for any number of our ordinary shares that, upon giving      effect to such conversion, would cause the aggregate number of our      ordinary shares owned by Citadel and its affiliates to exceed 9.99% of our      outstanding ordinary shares immediately after giving effect to such      conversion. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

|                                                                       |   | The OTCBB Priceper Common Stock |   |   | The OTCBBPrice perWarrant |   |   | The OTCBBPrice per Unit |   |   | Nasdaq (2)Price per Share |   |
|----------------------------------------------------------------------------|--------|---------------------------------|--------|--------|---------------------------|--------|--------|-------------------------|--------|--------|---------------------------|--------|
|                                                                       |   |                            |   |   |                      |   |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   | High                            |   |   | Low                       |   |   | High                    |   |   | Low                       |   |   | High |   |   | Low |   |   | High |   |   | Low |   |
|                                                                       |   |                            |   |   |                      |   |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual      Market Prices                                                  |   |                            |   |   |                      |   |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Year      2005 (until November 8, 2005)                                    |   |                            | 10.38  |   |                      |   | 6.20   |                    |   |   | 5.06                      |   |   |   | 1.60 |   |   |   | 20.20 |   |   |   | 9.30 |   |   |   | N/A |   |   |   | N/A |   |
| Year      2005 (from November 8, 2005)                                     |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 13.80 |   |   |   | 8.75 |   |
| Transition      period from January 1, 2006 through September 30, 2006)(1) |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 18.35 |   |   |   | 9.31 |   |
| Year      2007 (until September 30, 2007)                                  |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   |  15.12 |   |   |   | 6.54 |   |
| Year 2008 (until September 30      2008)                         |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 14.99 |   |   |   | 4.32 |   |
|                                                                       |   |                            |   |   |                      |   |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Quarterly Market Prices                                               |   |                            |   |   |                      |   |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter 2005                                                    |   |                            | 8.20   |   |                      |   | 6.10   |                    |   |   | 3.21                      |   |   |   | 1.60 |   |   |   | 14.35 |   |   |   | 9.30 |   |   |   | N/A |   |   |   | N/A |   |
| Second      Quarter 2005                                                   |   |                            | 9.10   |   |                      |   | 7.30   |                    |   |   | 3.35                      |   |   |   | 2.00 |   |   |   | 15.50 |   |   |   | 12.25 |   |   |   | N/A |   |   |   | N/A |   |
| Third      Quarter 2005                                                    |   |                            | 9.74   |   |                      |   | 7.85   |                    |   |   | 8.60                      |   |   |   | 3.75 |   |   |   | 30.00 |   |   |   | 14.86 |   |   |   | N/A |   |   |   | N/A |   |
| Fourth      Quarter 2005                                                   |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 13.80 |   |   |   | 8.75 |   |
| First      Quarter 2006                                                    |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 18.35 |   |   |   | 11.48 |   |
| Second      Quarter 2006                                                   |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 17.74 |   |   |   | 12.18 |   |
| Third      Quarter 2006                                                    |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 14.54 |   |   |   | 9.31 |   |
| First      Quarter 2007 ended December 31, 2006                            |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 15.12 |   |   |   | 10.15 |   |
| Second      Quarter 2007 ended March 31, 2007                              |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 11.88 |   |   |   | 7.13 |   |
| Third      Quarter 2007 ended June 30, 2007                                |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 9.25 |   |   |   | 7.55 |   |
| Fourth      Quarter 2007 ended September 30, 2007                          |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 9.95 |   |   |   | 6.54 |   |
| First      Quarter 2008 ended December 31, 2007                            |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 14.99 |   |   |   | 5.23 |   |
| Second      Quarter 2008 ended March 31, 2008                              |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 12.09 |   |   |   |  4.50 |   |
| Third      Quarter 2008 ended June 30, 2008                                |   |                            | N/A    |   |                      |   | N/A    |                    |   |   | N/A                       |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 7.65 |   |   |   | 5.10 |   |

----

| Fourth      Quarter 2008 ended September 30, 2008 |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 6.17   |   |   |   | 4.32   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| First      Quarter 2009 ended December 31, 2008   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 5.39   |   |   |   | 1.76   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Monthly Market      Prices                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March      2006                                   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 17.50  |   |   |   | 14.94  |   |
| April      2006                                   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 17.74  |   |   |   | 16.10  |   |
| May      2006                                     |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 17.36  |   |   |   | 13.16  |   |
| June      2006                                    |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 15.00  |   |   |   | 12.18  |   |
| July      2006                                    |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 14.54  |   |   |   | 9.40   |   |
| August      2006                                  |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 12.00  |   |   |   | 9.31   |   |
| September      2006                               |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 12.46  |   |   |   | 10.57  |   |
| October      2006                                 |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 11.99  |   |   |   | 10.69  |   |
| November      2006                                |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 15.12  |   |   |   | 10.57  |   |
| December      2006                                |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 12.85  |   |   |   | 10.15  |   |
| January      2007                                 |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 11.88  |   |   |   | 8.61   |   |
| February      2007                                |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 9.24   |   |   |   | 7.25   |   |
| March      2007                                   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 9.47   |   |   |   | 7.13   |   |
| April      2007                                   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 9.25   |   |   |   | 8.55   |   |
| May      2007                                     |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 9.09   |   |   |   | 7.55   |   |
| June      2007                                    |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 8.65   |   |   |   | 7.74   |   |
| July      2007                                    |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 9.95   |   |   |   | 8.05   |   |
| August      2007                                  |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 9.04   |   |   |   | 7.75   |   |
| September      2007                               |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 8.34   |   |   |   | 6.54   |   |
| October      2007                                 |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 14.99  |   |   |   | 7.25   |   |
| November      2007                                |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 8.95   |   |   |   | 5.23   |   |
| December      2007                                |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 7.95   |   |   |   | 5.49   |   |
| January      2008                                 |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 12.09  |   |   |   | 6.24   |   |
| February      2008                                |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 10.35  |   |   |   | 6.41   |   |
| March      2008                                   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 7.07   |   |   |   | 4.50   |   |
| April      2008                                   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 7.62   |   |   |   | 5.10   |   |
| May      2008                                     |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | N/A    |   |   |   | 7.65   |   |   |   | 6.13   |   |

----

| June      2008      |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 7.34 |   |   |   | 5.70 |   |
|---------------------|--------|--------|-----|--------|--------|--------|-----|--------|--------|--------|-----|--------|--------|--------|-----|--------|--------|--------|-----|--------|--------|--------|-----|--------|--------|--------|------|--------|--------|--------|------|--------|
| July      2008      |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 6.17 |   |   |   | 4.32 |   |
| August      2008    |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 6.13 |   |   |   | 4.36 |   |
| September      2008 |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 5.67 |   |   |   | 4.52 |   |
| October      2008   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 5.39 |   |   |   | 1.76 |   |
| November      2008  |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 3.50 |   |   |   | 2.00 |   |
| December      2008  |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 2.60 |   |   |   | 1.82 |   |
| January      2009   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 2.50 |   |   |   | 1.90 |   |
| February      2009  |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 2.55 |   |   |   | 1.80 |   |

----

----

----

|  | · | dealers in securities or      currencies; |
|--|--------|-------------------------------------------|

|  | · | traders in securities that elect      to use a mark-to-market method of accounting for securities      holdings; |
|--|--------|------------------------------------------------------------------------------------------------------------------|

|  | · | banks or other financial      institutions; |
|--|--------|---------------------------------------------|

|  | · | insurance      companies; |
|--|--------|---------------------------|

|  | · | tax-exempt      organizations; |
|--|--------|--------------------------------|

|  | · | partnerships and other entities      treated as partnerships for U.S. federal income tax purposes or persons      holding ordinary shares through any such  entities; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | persons that hold ordinary shares      as part of a hedge, straddle, constructive sale, conversion transaction or      other integrated investment; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | U.S. Holders (as defined below)      whose functional currency for tax purposes is not the U.S. dollar;        |
|--|--------|---------------------------------------------------------------------------------------------------------------------|

|  | · | persons liable for alternative      minimum tax; or |
|--|--------|-----------------------------------------------------|

|  | · | persons who actually or      constructively own 10% or more of the total combined voting power of all      classes of our shares (including ordinary shares) entitled to      vote. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | a citizen or resident of the      United States for U.S. federal income tax  purposes; |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | a corporation, or other entity      taxable as a corporation, that was created or organized in or under the      laws of the United States or any political subdivision      thereof; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | an estate the income of which is      subject to U.S. federal income tax regardless of its source;      or |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | · | a trust if (a) a court      within the United States is able to exercise primary supervision over its      administration and one or more U.S. persons have the authority to control      all substantial decisions of the trust, or (b) the trust has a valid      election in effect to be treated as a U.S.  person. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|  | · | that gain is effectively      connected with the conduct of a U.S. trade or business and, if an      applicable income tax treaty so requires as a condition for you to be      subject to U.S. federal income tax with respect to income from your      ordinary shares, such gain is attributable to a permanent establishment      that you maintain in the United States;  or |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | you are a nonresident alien      individual and are present in the United States for at least 183 days in      the taxable year of the sale or other disposition and either (1) your      gain is attributable to an office or other fixed place of business that      you maintain in the United States or (2) you have a tax home in the United      States. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|  | (a) | Disclosure      Controls and Procedures: As of September 30, 2008 (the “Evaluation Date”),      the Company conducted and evaluation (under the supervision and      participation of the Company’s management including the Chief Executive      Officer and the Chief Financial Officer), pursuant to Rule 13a-15      promulgated under the Securities Exchange Act of 1934, as amended (the      “Exchange Act”) of the effectiveness of the design and operation of the      Company's disclosure controls and procedures.  The Company’s      Chief Executive Officer and the Chief Financial Officer concluded      that the Company’s disclosure controls and procedures were ineffective as      the management has identified a material weakness which  is      detailed as follows. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

| Exhibit |   |                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number  |   | Description                                                                                                                                                                                                                                                                                                                                                   |
| 1.1     |   | Memorandum      and Articles of Association of Origin Agritech Limited re-registered under      the new Business Companies Act of the British Virgin Islands as of July      10, 2006 (Incorporated by reference to Exhibit 1.1 of our Annual Report      20-F (file no. 000-51576 ) filed with the Securities and Exchange      Commission on July 14, 2006) |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.1     |   | Specimen      Common Stock Certificate (Incorporated by reference to Exhibit 4.2 of our      Registration Statement S-4/A (file no. 333-124709) filed with the      Securities and Exchange Commission on August 22, 2005)                                                                                                                                    |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.2     |   | Indenture,      dated July 25, 2007, between Origin, State Harvest and The Bank of New      York                                                                                                                                                                                                                                                              |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.3     |   | Registration      Rights Agreement, dated July 25, 2007, between Origin, State Harvest and      Citadel                                                                                                                                                                                                                                                       |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.4     |   | Amendment      of Registration Rights Agreement                                                                                                                                                                                                                                                                                                               |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.5     |   | Second      Amendment of Registration Rights Agreement                                                                                                                                                                                                                                                                                                        |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.6     |   | Third      Amendment of Registration Rights Agreement                                                                                                                                                                                                                                                                                                         |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.7     |   | Investor      Rights Agreement, dated July 25, 2007, between Origin, certain major      shareholders of Origin and Citadel                                                                                                                                                                                                                                    |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 2.8     |   | Notes      Purchase Agreement, dated July 25, 2007, between Origin and      Citadel                                                                                                                                                                                                                                                                           |
|    |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.1     |   | 2005      Performance Equity Plan (Incorporated by reference to Annex D of the proxy      statement/prospectus included in our Registration Statement S-4/A (file      no. 333-124709) filed with the Securities and Exchange Commission on      September 27,2005)                                                                                           |

----

| 4.2    |   | Form      of Employee Share Option Agreement of Origin Agritech Limited      (Incorporated by reference to Exhibit 4.2 of our Annual Report 20-F (file      no. 000-51576 ) filed with the Securities and Exchange Commission on July      14, 2006)                                                                                                                                                                                     |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.3    |   | Technical      Service Agreement between Origin Biotechnology and Beijing Origin      (Incorporated by reference to Exhibit 10.14 of our Registration Statement      S-4/A (file no. 333-124709) filed with the Securities and Exchange      Commission on August 22, 2005)                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.4    |   | Technical      Service Agreement between Origin Biotechnology and Henan Origin      (Incorporated by reference to Exhibit 10.15 of our Registration Statement      S-4/A (file no. 333-124709) filed with the Securities and Exchange      Commission on August 22, 2005)                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5    |   | Technical      Service Agreement between Origin Biotechnology and Changchun Origin      (Incorporated by reference to Exhibit 10.16 of our Registration Statement      S-4/A (file no. 333-124709) filed with the Securities and Exchange      Commission on August 22, 2005)                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6    |   | Form      of Stock Consignment Agreement (Incorporated by reference to Exhibit 10.17      of our Registration Statement S-4/A (file no. 333-124709) filed with the      Securities and Exchange Commission on August 22, 2005)                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7    |   | Form      of Corn Seed Production Booking Contract (Incorporated by reference to      Exhibit 10.26 of our Registration Statement S-4/A (file no. 333-124709)      filed with the Securities and Exchange Commission on August 22,      2005)                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.8    |   | Technology      Transfer Agreement between Henan Agriculture University and Beijing Origin      (YuYu22) (Incorporated by reference to Exhibit 10.27 of our Registration      Statement S-4/A (file no. 333-124709) filed with the Securities and      Exchange Commission on August 22, 2005)                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.9    |   | Joint      Development agreement with Corn Research Institute of Li County (1st Agreement)      (Incorporated by reference to Exhibit 10.28 of our Registration Statement      S-4/A (file no. 333-124709) filed with the Securities and Exchange      Commission on August 22, 2005)                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.10   |   | Joint      Development Agreement with Corn Research Institute of Li County (2nd Agreement)      (Incorporated by reference to Exhibit 10.29 of our Registration Statement      S-4/A (file no. 333-124709) filed with the Securities and Exchange      Commission on September 16, 2005)                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.11   |   | Joint      Development Agreement with Hubei Province Shiyan Agricultural Sciences      Institute (EYu10) (Incorporated by reference to Exhibit 10.30 of our      Registration Statement S-4/A (file no. 333-124709) filed with the      Securities and Exchange Commission on September 16,  2005)                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.12   |   | Form      Equity Transfer Agreement between Beijing Origin and shareholders of      Denong Zhengcheng Seed Co., Ltd. pursuant to which Beijing Origin acquired      52.21% equity interest in Denong Zhengcheng Seed Co., Ltd. dated as of      January 16, 2006 (Incorporated by reference to Exhibit 4.16 of our Annual      Report 20-F (file no. 000-51576 ) filed with the Securities and Exchange      Commission on July 14,2006) |

| 4.13   |   | Equity      Transfer Agreement between Beijing Origin and Jilin Academy of Agriculture      Science dated as of December 6, 2005 (Incorporated by reference to Exhibit      4.17 of our Annual Report 20-F (file no. 000-51576 ) filed with the      Securities and Exchange Commission on July 14, 2006)                      |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                           |
| 4.14   |   | Equity      Transfer Agreement between Beijing Origin and China National Center for      Biotechnology Development dated as of December 28, 2004 (Incorporated by      reference to Exhibit 4.18 of our Annual Report 20-F (file no. 000-51576 )      filed with the Securities and Exchange Commission on July 14,      2006) |

----

| 4.15   |   | Capital      Contribution Agreement (Incorporated by reference to Exhibit 4.19 of our      Annual Report 20-F (file no. 000-51576 ) filed with the Securities and      Exchange Commission on July 14, 2006)                                                                                                                                       |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.16   |   | New      Corn Seed Liyu 35 Joint Development Agreement between Beijing Origin and      Shijiazhuang Liyu Technology Development Co., Ltd. dated as of March 30,      2006 (Incorporated by reference to Exhibit 4.20 of our Annual Report 20-F      (file no. 000-51576 ) filed with the Securities and Exchange Commission on      July 14, 2006) |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.17   |   | Joint      Development Agreement between Beijing Origin and Corn Research Institute      of Li County dated January 31, 2002 (Incorporated by reference to Exhibit      4.21 of our Annual Report 20-F (file no. 000-51576 ) filed with the      Securities and Exchange Commission on July 14, 2006)                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.18   |   | Joint      Development Agreement between Beijing Origin and Corn Research Institute      of Li County dated January 9, 2003 (Incorporated by reference to Exhibit      4.22 of our Annual Report 20-F (file no. 000-51576 ) filed with the      Securities and Exchange Commission on July 14, 2006)                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.19   |   | Technology      Transfer and Cooperation Agreement Concerning a New Corn Hybrid Yuyu 20      (Incorporated by reference to Exhibit 4.23 of our Annual Report 20-F (file      no. 000-51576 ) filed with the Securities and Exchange Commission on July      14, 2006)                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.20   |   | Renminbi      Capital Loan Contract (Incorporated by reference to Exhibit 4.24 of our      Annual Report 20-F (file no. 000-51576 ) filed with the Securities and      Exchange Commission on July 14, 2006)                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.21   |   | Mortgage      Contract (Incorporated by reference to Exhibit 4.25 of our Annual Report      20-F (file no. 000-51576 ) filed with the Securities and Exchange      Commission on July 14, 2006)                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.22   |   | Form      of Hybrid Corn Seed Sales Contract (Incorporated by reference to Exhibit      4.26 of our Annual Report 20-F (file no. 000-51576 ) filed with the      Securities and Exchange Commission on July 14, 2006)                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.23   |   | Corn      Hybrid Seed Production Booking Contract Dated April 4, 2006 between      Beijing Origin and Jilin Changrong (Incorporated by reference to Exhibit      4.26 of our Annual Report 20-F (file no. 000-51576 ) filed with the      Securities and Exchange Commission on February 15,2007)                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.24   |   | Share      Transfer Agreement and Supplementary Agreement Dated June 13, 2006 between      Beijing Origin and China M&A Management Holdings, Inc. (Incorporated      by reference to Exhibit 4.28 of our Annual Report 20-F (file no. 000-51576      ) filed with the Securities and Exchange Commission on February 15,      2007)            |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.25   |   | Renminbi      Capital Loan Contract Dated July 24, 2006 between Beijing Origin and China      Construction Bank Corporation Beijing Shangdi Sub-Branch (Incorporated by      reference to Exhibit 4.29 of our Annual Report 20-F (file no. 000-51576 )      filed with the Securities and Exchange Commission on February 15,      2007)           |
|   |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.26   |   | Mortgage      Contract Dated July 18, 2006 between Beijing Origin and China Construction      Bank   Corporation Beijing Shangdi Sub-Branch (Incorporated by      reference to Exhibit 4.30 of our Annual Report 20-F (file no. 000-51576 )      filed with the Securities and Exchange Commission on February 15,      2007)                 |

| 4.27   |   | Loan      Contract Dated September 14, 2006 between Beijing Origin and Bank of      Beijing Shangdi Sub-Branch (Incorporated by reference to Exhibit 4.31 of      our Annual Report 20-F (file no. 000-51576 ) filed with the Securities and      Exchange Commission on February 15, 2007)                                 |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 4.28   |   | Loan      Contract Dated February 13, 2006 between Denong and Deyang City Commercial      Bank (Incorporated by reference to Exhibit 4.32 of our Annual Report 20-F      (file no. 000-51576 ) filed with the Securities and Exchange Commission on      February 15, 2007)                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 4.29   |   | Loan      Agreement Dated January 19, 2006 and Supplementary Agreement Dated      November 9, 2006 between Beijing Origin and Individuals (Incorporated by      reference to Exhibit 4.33 of our Annual Report 20-F (file no. 000-51576 )      filed with the Securities and Exchange Commission on February 15,      2007) |

----

| 4.30   |   | Form      of Incentive Stock Option Agreement (Incorporated by reference to Exhibit      34 of our Annual Report on Form 20-F (file no. 000-51576) filed with the      Securities and Exchange Commission on February 27,2008)                                                                                                                                                                                                |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.31   |   | Form      of Nonqualified Share Option Agreement (Incorporated by reference to      Exhibit 35 of our Annual Report on Form 20-F (file no. 000-51576) filed      with the Securities and Exchange Commission on February 27,      2008)                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.32   |   | Form      Share Transfer Agreement between Beijing Origin and shareholders of Jilin      Changrong High-tech Seed Limited pursuant to which Beijing Origin acquired      9.18% equity interest in Jilin Changrong Hi-tech Seed Limited      (Incorporated by reference to Exhibit 36 of our Annual Report on Form 20-F      (file no. 000-51576) filed with the Securities and Exchange Commission on      February 27, 2008) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.33   |   | Share      Transfer Agreement Dated December 25, 2006 between Beijing Origin and      Yanjun Song, one of Denong’s shareholder (Incorporated by reference to      Exhibit 37 of our Annual Report on Form 20-F (file no. 000-51576) filed      with the Securities and Exchange Commission on February 27,      2008)                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.34   |   | Renminbi      Capital Loan Contract Dated July 6, 2007 between Beijing Origin Seed      Limited and China Construction Bank Corporation Beijing Shangdi Sub-Branch      (Incorporated by reference to Exhibit 4.38 of our Annual Report on Form      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 27, 2008)                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.35   |   | Mortgage      Contract Dated July 6, 2007 between Changchun Origin Seed Limited and      China Construction Bank Corporation Beijing Shangdi Sub-Branch      (Incorporated by reference to Exhibit 4.39 of our Annual Report on Form      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 27, 2008)                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.36   |   | Renminbi      Capital Loan Contract Dated July 25, 2007 between Beijing Origin Seed      Limited and China Construction Bank Corporation Beijing Shangdi Sub-Branch      (Incorporated by reference to Exhibit 4.40 of our Annual Report on Form      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 27, 2008)                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.37   |   | Guarantee      Contract Dated July 25, 2007 between Beijing Origin State Harvest      Biotechnology Limited and China Construction Bank Corporation Beijing      Shangdi Sub-Branch (Incorporated by reference to Exhibit 4.41 of our      Annual Report on Form 20-F (file no. 000-51576) filed with the Securities      and Exchange Commission on February 27, 2008)                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.38   |   | Renminbi      Capital Loan Contract Dated September 29, 2007 between Beijing Origin Seed      Limited and China Construction Bank Corporation Beijing Shangdi Sub-Branch      (Incorporated by reference to Exhibit 4.42 of our Annual Report on Form      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 27, 2008)                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.39   |   | Guarantee      Contract Dated September 29, 2007 between Beijing Origin State Harvest      Biotechnology Limited and China Construction Bank Corporation Beijing      Shangdi Sub-Branch (Incorporated by reference to Exhibit 4.43 of our      Annual Report on Form 20-F (file no. 000-51576) filed with the Securities      and Exchange Commission on February 27, 2008)                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.40   |   | Renminbi      Capital Loan Contract Dated November 18, 2007 between Beijing Origin Seed      Limited and China Construction Bank Corporation Beijing Shangdi Sub-Branch      (Incorporated by reference to Exhibit 4.44 of our Annual Report on Form      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 27, 2008)                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.41   |   | Mortgage      Contract Dated November 18, 2007 between Beijing Origin Seed Limited and      China Construction Bank Corporation Beijing Shangdi Sub-Branch      (Incorporated by reference to Exhibit 4.45 of our Annual Report on Form      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 27, 2008)                                                                           |

----

| 4.42   |   | Renminbi      Capital Loan Contract Dated November 13, 2007 between Beijing Origin Seed      Limited and China Construction Bank Corporation Beijing Shangdi Sub-Branch      (Incorporated by reference to Exhibit 4.46 of our Annual Report on Form      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 27, 2008)                       |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.43   |   | Guarantee      Contract Dated November 13, 2007 between Beijing Origin State Harvest      Biotechnology Limited and China Construction Bank Corporation Beijing      Shangdi Sub-Branch (Incorporated by reference to Exhibit 4.47 of our      Annual Report on Form 20-F (file no. 000-51576) filed with the Securities      and Exchange Commission on February 27, 2008)            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.44   |   | Renminbi      Capital Loan Contract Dated November 13, 2007 between Beijing Origin State      Harvest Biotechnology Limited and China Construction Bank Corporation      Beijing Shangdi Sub-Branch (Incorporated by reference to Exhibit 4.48 of      our Annual Report on Form 20-F (file no. 000-51576) filed with the      Securities and Exchange Commission on February 27,2008) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.45   |   | Second      Repurchase Agreement Dated January 19, 2009, between Origin Agritech Ltd.      And Citadel Equity Fund Ltd. (Incorporated by reference from Form 6-K      filed February 12, 2009, Exhibit99.2)                                                                                                                                                                            |

| 8.1    |   | Updated      List of subsidiaries                                                                                                                                                                |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                             |
| 11.1   |   | Code      of Ethics (Incorporated by reference to Exhibit 11.1 of our Annual Report      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 15, 2007)  |
|   |   |                                                                                                                                                                                             |
| 11.2   |   | Code      of Conduct (Incorporated by reference to Exhibit 11.2 of our Annual Report      20-F (file no. 000-51576) filed with the Securities and Exchange      Commission on February 15, 2007) |
|   |   |                                                                                                                                                                                             |
| 12.1   |   | CEO      Certification Pursuant to Rule 13a-14(a) (17 CFR 240.13a-14(a)) (17      CFR 240.13a-14(a)) or Rule 15d-1(a) (17 CFR  240.15d-14(a))                                               |
|   |   |                                                                                                                                                                                             |
| 12.2   |   | CFO      Certification Pursuant to Rule 13a-14(a) (17 CFR 240.13a-14(a)) or      Rule 15d-1(a) (17 CFR 240.15d-14(a))                                                                  |
|   |   |                                                                                                                                                                                             |
| 13.1   |   | CEO      Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of      2002                                                                                                       |
|   |   |                                                                                                                                                                                             |
| 13.2   |   | CFO      Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of      2002                                                                                                       |
|   |   |                                                                                                                                                                                             |
| 15.2   |   | Consent      of BDO McCabe Lo Limited to incorporation of its report on the      Registrant's consolidated financial statements into Registrant's      Registration Statements onForm S-8   |

| Date:      March, 2009 | ORIGIN      AGRITECH LIMITED |
|------------------------|------------------------------|
|                   |                         |
|                   | /s/      Liang Yuan          |
|                   | Name:                        | Liang      Yuan |   |
|                   | Title:                       | Chief      Executive Officer |   |

----

----

| CONTENTS                                                                                                                                                                             |   | PAGE   |       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|
|                                                                                                                                                                                 |   |   |       |
| REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                                                                                         |   |   | F -      1 |   |
|                                                                                                                                                                                 |   |   |       |   |
| CONSOLIDATED      BALANCE SHEETS AS OF SEPTEMBER 30, 2007 AND 2008                                                                                                                   |   |   | F -      3 |   |
|                                                                                                                                                                                 |   |   |       |   |
| CONSOLIDATED      STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND      THE YEARS ENDED SEPTEMBER 30, 2007 AND 2008                                         |   |   | F -      4 |   |
|                                                                                                                                                                                 |   |   |       |   |
| CONSOLIDATED      STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME FOR THE NINE      MONTHS ENDED SEPTEMBER 30, 2006 AND THE YEARS ENDED SEPTEMBER 30, 2007 AND      2008 |   |   | F -      5 |   |
|                                                                                                                                                                                 |   |   |       |   |
| CONSOLIDATED      STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND      THE YEARS ENDED SEPTEMBER 30, 2007 AND 2008                                         |   |   | F -      6 |   |
|                                                                                                                                                                                 |   |   |       |   |
| NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS                                                                                                                                  |   |   | F -      8 |   |

----

----

|                            |
|----------------------------|
| BDO      McCabe Lo Limited |
| Hong Kong, March 24,2009   |

----

|                                                                                                                                                                                                        |   | September 30, |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                                                                                                                                                        |   | 2007               |      |   | 2008 |   |   | 2008 |   |
|                                                                                                                                                                                                        |   | RMB                |      |   | RMB |   |   | US$ |   |
| Assets                                                                                                                                                                                                      |   |               |      |   |   |   |   |   |   |
| Current      assets:                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                                                                                              |   |               | 162,314   |   |   |   | 102,263 |   |   |   | 15,061 |   |
| Debt      securities (note 3)                                                                                                                                                                               |   |               | 133,968   |   |   |   | - |   |   |   | - |   |
| Accounts      receivable, less allowance for doubtful amounts of      RMB1,876 and      RMB842 as of September 30, 2007 and 2008,    respectively                                                      |   |               | 2,750     |   |   |   | 4,686 |   |   |   | 691 |   |
| Due      from related parties (note 4)                                                                                                                                                                      |   |               | 7,384     |   |   |   | 8,458 |   |   |   | 1,246 |   |
| Advances      to suppliers (note 5)                                                                                                                                                                         |   |               | 1,029     |   |   |   | 1,937 |   |   |   | 285 |   |
| Advances      to growers                                                                                                                                                                                    |   |               | 24,452    |   |   |   | 45,488 |   |   |   | 6,699 |   |
| Inventories      (note 6)                                                                                                                                                                                   |   |               | 449,207   |   |   |   | 387,734 |   |   |   | 57,104 |   |
| Income      tax recoverable (note 19)                                                                                                                                                                       |   |               | 1,760     |   |   |   | 1,697 |   |   |   | 250 |   |
| Prepaid      expenses and other current assets (note 7)                                                                                                                                                     |   |               | 11,459    |   |   |   | 13,279 |   |   |   | 1,956 |   |
|                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |   |   |   |
| Total      current assets                                                                                                                                                                                   |   |               | 794,323   |   |   |   | 565,542 |   |   |   | 83,292 |   |
| Land      use rights, net (note 8)                                                                                                                                                                          |   |               | 21,554    |   |   |   | 21,055 |   |   |   | 3,101 |   |
| Plant      and equipment, net (note 9)                                                                                                                                                                      |   |               | 143,043   |   |   |   | 146,372 |   |   |   | 21,557 |   |
| Equity      investments (note 10)                                                                                                                                                                           |   |               | 58,882    |   |   |   | 65,384 |   |   |   | 9,630 |   |
| Goodwill      (note 1)                                                                                                                                                                                      |   |               | 16,665    |   |   |   | 16,665 |   |   |   | 2,454 |   |
| Due      from related parties (note 4)                                                                                                                                                                      |   |               | 7,325     |   |   |   | - |   |   |   | - |   |
| Acquired      intangible assets, net (note 11)                                                                                                                                                              |   |               | 43,057    |   |   |   | 32,305 |   |   |   | 4,758 |   |
| Deferred      income tax assets (note 19)                                                                                                                                                                   |   |               | 12,828    |   |   |   | 26,192 |   |   |   | 3,857 |   |
| Other      assets (note 12)                                                                                                                                                                                 |   |               | 13,306    |   |   |   | 20,781 |   |   |   | 3,061 |   |
|                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |   |   |   |
| Total      assets                                                                                                                                                                                           |   |               | 1,110,983 |   |   |   | 894,296 |   |   |   | 131,710 |   |
|                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |   |   |   |
| Liabilities,      minority interests and shareholders’ equity                                                                                                                                         |   |               |      |   |   |   |   |   |   |   |   |   |
| Current      liabilities:                                                                                                                                                                                   |   |               |      |   |   |   |   |   |   |   |   |   |
| Short-term      borrowings (note 13)                                                                                                                                                                        |   |               | 268,400   |   |   |   | 163,940 |   |   |   | 24,145 |   |
| Accounts      payable                                                                                                                                                                                       |   |               | 14,365    |   |   |   | 7,924 |   |   |   | 1,166 |   |
| Due      to growers                                                                                                                                                                                         |   |               | 17,811    |   |   |   | 14,033 |   |   |   | 2,067 |   |
| Due      to related parties (note 4)                                                                                                                                                                        |   |               | 4,233     |   |   |   | 15,671 |   |   |   | 2,308 |   |
| Advances      from customers                                                                                                                                                                                |   |               | 82,187    |   |   |   | 138,804 |   |   |   | 20,443 |   |
| Deferred      revenues                                                                                                                                                                                      |   |               | 23,238    |   |   |   | 34,848 |   |   |   | 5,132 |   |
| Income      tax payable                                                                                                                                                                                     |   |               | 39,059    |   |   |   | 39,059 |   |   |   | 5,753 |   |
| Other      payables and accrued expenses (note 15)                                                                                                                                                          |   |               | 50,054    |   |   |   | 73,297 |   |   |   | 10,796 |   |
|                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |   |   |   |
| Total      current liabilities                                                                                                                                                                              |   |               | 499,347   |   |   |   | 487,576 |   |   |   | 71,810 |   |
| Long-term      borrowings (note 13)                                                                                                                                                                         |   |               | 1,880     |   |   |   | 940 |   |   |   | 138 |   |
| Convertible      notes, net of discount of RMB 126,763 and RMB79,935 as      of September 30, 2007 and 2008, respectively (note    14)                                                                      |   |               | 173,669   |   |   |   | 65,294 |   |   |   | 9,616 |   |
| Embedded      derivatives-redemption feature (note 14)                                                                                                                                                      |   |               | 86,937    |   |   |   | 33,580 |   |   |   | 4,946 |   |
| Other      long-term liabilities (note 16)                                                                                                                                                                  |   |               | 3,458     |   |   |   | 3,658 |   |   |   | 539 |   |
|                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |   |   |   |
| Total      liabilities                                                                                                                                                                                      |   |               | 765,291   |   |   |   | 591,048 |   |   |   | 87,049 |   |
| Minority      interests                                                                                                                                                                                     |   |               | 48,775    |   |   |   | 39,224 |   |   |   | 5,777 |   |
| Commitments      and contingencies (note 23)                                                                                                                                                                |   |               |      |   |   |   |   |   |   |   |   |   |
| Shareholders’      equity:                                                                                                                                                                            |   |               |      |   |   |   |   |   |   |   |   |   |
| Preferred      stock (no par value; 1,000,000 shares authorized, none    issued)                                                                                                                            |   |               | -         |   |   |   | - |   |   |   | - |   |
| Common      stock (no par value; 60,000,000 shares authorized, 22,974,059      and 23,013,692 shares issued and outstanding as      of September 30, 2007 and  2008,      respectively) |   |               |   -  |   |   |   |   - |   |   |   |   - |   |
| Additional      paid-in capital                                                                                                                                                                             |   |               | 377,324   |   |   |   | 388,860 |   |   |   | 57,270 |   |
| Retained      earnings (deficit)                                                                                                                                                                            |   |               | (41,404   | ) |   |   | (84,690 | ) |   |   | (12,473 | ) |
| Treasury      stock at cost (498,851 shares) (note 18)                                                                                                                                                      |   |               | (29,377   | ) |   |   | (29,377 | ) |   |   | (4,327 | ) |
| Accumulated      other comprehensive loss                                                                                                                                                                   |   |               | (9,626    | ) |   |   | (10,769 | ) |   |   | (1,586 | ) |
|                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |   |   |   |
| Total      shareholders’ equity                                                                                                                                                                       |   |               | 296,917   |   |   |   | 264,024 |   |   |   | 38,884 |   |
|                                                                                                                                                                                                        |   |               |      |   |   |   |   |   |   |   |   |   |
| Total      liabilities, minority interests and shareholders’ equity                                                                                                                                   |   |               | 1,110,983 |   |   |   | 894,296 |   |   |   | 131,710 |   |

----

|                                                                |   | Nine monthsendedSeptember 30, |       |   | Year ended September 30, |   |
|---------------------------------------------------------------------|--------|-----------------------------------------|------------|--------|-----------------------------------------|--------|
|                                                                |   | 2006                                    |       |   | 2007                                    |   |   | 2008 |   |   | 2008 |   |
|                                                                |   | RMB                                     |       |   | RMB                                     |   |   | RMB |   |   | US$ |   |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |
| Revenues                                                            |   |                                    | 522,999    |   |                                    |   | 489,379 |   |   |   | 513,490 |   |   |   | 75,625 |   |
| Cost      of revenues                                               |   |                                    | (362,982   | )      |                                    |   | (462,852 | ) |   |   | (404,795 | ) |   |   | (59,617 | ) |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Gross      profit                                                   |   |                                    | 160,017    |   |                                    |   | 26,527 |   |   |   | 108,695 |   |   |   | 16,008 |   |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                            |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Selling      and marketing                                          |   |                                    | (49,651    | )      |                                    |   | (57,994 | ) |   |   | (53,203 | ) |   |   | (7,836 | ) |
| General      and administrative                                     |   |                                    | (40,933    | )      |                                    |   | (92,246 | ) |   |   | (73,355 | ) |   |   | (10,805 | ) |
| Research      and development                                       |   |                                    | (13,144    | )      |                                    |   | (28,441 | ) |   |   | (24,513 | ) |   |   | (3,610 | ) |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Total      operating expenses                                       |   |                                    | (103,728   | )      |                                    |   | (178,681 | ) |   |   | (151,071 | ) |   |   | (22,251 | ) |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) from operations                                  |   |                                    | 56,289     |   |                                    |   | (152,154 | ) |   |   | (42,376 | ) |   |   | (6,243 | ) |
| Interest      expense                                               |   |                                    | (5,005     | )      |                                    |   | (21,697 | ) |   |   | (36,939 | ) |   |   | (5,439 | ) |
| Share      of earnings (loss) in equity investee companies          |   |                                    | 12,828     |   |                                    |   | (669 | ) |   |   | 7,702 |   |   |   | 1,134 |   |
| Interest      income                                                |   |                                    | 8,783      |   |                                    |   | 10,942 |   |   |   | 5,199 |   |   |   | 766 |   |
| Other      income                                                   |   |                                    | 2,893      |   |                                    |   | 1,312 |   |   |   | 628 |   |   |   | 93 |   |
| Changes      in the fair value of embedded derivatives              |   |                                    | -          |   |                                    |   | 12,601 |   |   |   | 20,229 |   |   |   | 2,979 |   |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) before income taxes and minority interests       |   |                                    | 75,788     |   |                                    |   | (149,665 | ) |   |   | (45,557 | ) |   |   | (6,710 | ) |
| Income      tax expense (note 19)                                   |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Current                                                             |   |                                    | (1,428     | )      |                                    |   | (8,737 | ) |   |   | (9,369 | ) |   |   | (1,380 | ) |
| Deferred                                                            |   |                                    | 1,061      |   |                                    |   | 8,786 |   |   |   | 13,364 |   |   |   | 1,968 |   |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                                             |   |                                    | (367       | )      |                                    |   | 49 |   |   |   | 3,995 |   |   |   | 588 |   |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) before minority interests                        |   |                                    | 75,421     |   |                                    |   | (149,616 | ) |   |   | (41,562 | ) |   |   | (6,122 | ) |
| Minority      interests                                             |   |                                    | 910        |   |                                    |   | (13,584 | ) |   |   | (1,724 | ) |   |   | (254 | ) |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                              |   |                                    | 76,331     |   |                                    |   | (163,200 | ) |   |   | (43,286 | ) |   |   | (6,376 | ) |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss) per share – basic (note 20)            |   | RMB                                     | 3.25       |   |                                    | RMB    | (7.01 | ) |   | RMB | (1.88 | ) |   | USD | (0.27 | ) |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss) per share – diluted (note 20)          |   | RMB                                     | 3.03       |   |                                    | RMB    | (7.01 | ) |   | RMB | (1.88 | ) |   | USD | (0.27 | ) |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Shares      used in calculating basic net income (loss) per share   |   |                                    | 23,472,910 |   |                                    |   | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 22,987,270 |   |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Shares      used in calculating diluted net income (loss) per share |   |                                    | 25,187,753 |   |                                    |   | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 22,987,270 |   |
|                                                                |   |                                    |       |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Cash      dividend per share                                        |   |                                    | -          |   |                                    |   | - |   |   |   | - |   |   |   | - |   |

----

|                                                                                   |   |              |       |   |    |   |   | Additional |   |   | RetainedEarnings |   |   | AccumulatedOther |     |   |                |   |    | Total         |   |   |               |   |
|----------------------------------------------------------------------------------------|--------|-------------------|------------|--------|---------|--------|--------|------------|--------|--------|------------------|--------|--------|------------------|----------|--------|---------------------|--------|---------|---------------|--------|--------|--------------------|--------|
|                                                                                   |   | Common stock |       |   | Paid-in |   |   | (Deficit)  |   |   | Comprehensive    |   |   | Treasury         |     |   | Shareholders’ |   |    | Comprehensive |   |
|                                                                                   |   | Shares            |       |   | Amount  |   |   | Capital    |   |   | (Note 22)   |   |   | Loss             |     |   | Stock               |   |    | Equity        |   |   | Income (Loss) |   |
|                                                                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |
| Balance      as of January      1, 2006                                           |   |              | 18,203,193 |   |    |   | -      |       |   |   | 246,093          |   |   |             | 45,465   |   |                |   | (391    | )             |   |   | -                  |   |   |   | 291,167 |   |   |   |   |
| Net      income                                                                        |   |              | -          |   |    |   | -      |       |   |   | -                |   |   |             | 76,331   |   |                |   | -       |          |   |   | -                  |   |   |   | 76,331 |   |   |   | 76,331 |   |
| Issuance      of common shares upon conversion of Unit Purchase Options (note      21) |   |              | 19,833     |   |    |   | -      |       |   |   | -                |   |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Issuance      of common shares upon exercise of Warrants (note 21)                     |   |              | 5,249,884  |   |    |   | -      |       |   |   | 211,712          |   |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | 211,712 |   |   |   | - |   |
| Share-based      compensation expense                                                  |   |              | -          |   |    |   | -      |       |   |   | 3,986            |   |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | 3,986 |   |   |   | - |   |
| Cumulative      translation adjustment                                                 |   |              | -          |   |    |   | -      |       |   |   | -                |   |   |             | -        |   |                |   | (3,649  | )             |   |   | -                  |   |   |   | (3,649 | ) |   |   | (3,649 | ) |
| Deemed      distribution (note 1)                                                      |   |              | -          |   |    |   | -      |       |   |   | (120,981         | )      |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | (120,981 | ) |   |   | - |   |
|                                                                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   |   |   |
| Balance      as of September      30, 2006                                        |   |              | 23,472,910 |   |    |   | -      |       |   |   | 340,810          |   |   |             | 121,796  |   |                |   | (4,040  | )             |   |   | -                  |   |   |   | 458,566 |   |   |   |   |   |
| For      the nine months ended September 30, 2006                                      |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   | 72,682 |   |
|                                                                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                          |   |              | -          |   |    |   | -      |       |   |   |             |   |   |             | (163,200 | )      |                |   | -       |          |   |   | -                  |   |   |   | (163,200 | ) |   |   | (163,200 | ) |
| Issuance      of convertible notes (note 14)                                           |   |              |       |   |    |   | -      |       |   |   | 31,230           |   |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | 31,230 |   |   |   | - |   |
| Share-based      compensation expense                                                  |   |              | -          |   |    |   | -      |       |   |   | 5,284            |   |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | 5,284 |   |   |   | - |   |
| Cumulative      translation adjustment                                                 |   |              | -          |   |    |   | -      |       |   |   |             |   |   |             | -        |   |                |   | (5,586  | )             |   |   |               |   |   |   | (5,586 | ) |   |   | (5,586 | ) |
| Treasury      stock (note 18)                                                          |   |              | (498,851   | )      |    |   | -      |       |   |   | -                |   |   |             | -        |   |                |   | -       |          |   |   | (29,377            | )      |   |   | (29,377 | ) |   |   | - |   |
|                                                                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   |   |   |
| Balance      as of September      30, 2007                                        |   |              | 22,974,059 |   |    |   | -      |       |   |   | 377,324          |   |   |             | (41,404  | )      |                |   | (9,626  | )             |   |   | (29,377            | )      |   |   | 296,917 |   |   |   |   |   |
| For      the year ended September      30, 2007                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   | (168,786 | ) |
|                                                                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                          |   |              | -          |   |    |   | -      |       |   |   | -                |   |   |             | (43,286  | )      |                |   | -       |          |   |   | -                  |   |   |   | (43,286 | ) |   |   | (43,286 | ) |
| Issuance      of common shares upon exercise of share options                          |   |              | 39,633     |   |    |   | -      |       |   |   | 1,432            |   |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | 1,432 |   |   |   | - |   |
| Share-based      compensation expense                                                  |   |              | -          |   |    |   | -      |       |   |   | 10,104           |   |   |             | -        |   |                |   | -       |          |   |   | -                  |   |   |   | 10,104 |   |   |   | - |   |
| Cumulative      translation adjustment                                                 |   |              | -          |   |    |   | -      |       |   |   | -                |   |   |             | -        |   |                |   | (1,143  | )             |   |   | -                  |   |   |   | (1,143 | ) |   |   | (1,143 | ) |
|                                                                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   |   |   |
| Balance      as of September      30, 2008                                        |   |              | 23,013,692 |   |    |   | -      |       |   |   | 388,860          |   |   |             | (84,690  | )      |                |   | (10,769 | )             |   |   | (29,377            | )      |   |   | 264,024 |   |   |   |   |   |
| For      the year ended September      30, 2008                                   |   |              |       |   |    |   |   |       |   |   |             |   |   |             |     |   |                |   |    |          |   |   |               |   |   |   |   |   |   |   | (44,429 | ) |
| In      US$                                                                            |   |              |       |   |    |   | -      |       |   |   | 57,270           |   |   |             | (12,473  | )      |                |   | (1,586  | )             |   |   | (4,327             | )      |   |   | 38,884 |   |   |   | (6,543 | ) |

----

|                                                                                                         |   | Nine monthsendedSeptember 30, |     |   | Year endedSeptember 30, |   |
|--------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|----------|--------|-----------------------------------|--------|
|                                                                                                         |   | 2006                                    |     |   | 2007                              |   |   | 2008 |   |   | 2008 |   |
|                                                                                                         |   | RMB                                     |     |   | RMB                               |   |   | RMB |   |   | US$ |   |
|                                                                                                         |   |                                    |     |   |                              |   |   |   |   |   |   |   |
| Operating      activities:                                                                                   |   |                                    |     |   |                              |   |   |   |   |   |   |   |
| Net      income (loss)                                                                                       |   |                                    | 76,331   |   |                              |   | (163,200 | ) |   |   | (43,286 | ) |   |   | (6,376 | ) |
| Adjustments      to reconcile net income (loss) to net cash provided by      (used in) operating activities: |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      and amortization                                                                           |   |                                    | 11,677   |   |                              |   | 22,032 |   |   |   | 22,298 |   |   |   | 3,284 |   |
| Loss      on disposal of plant and equipment                                                                 |   |                                    | 146      |   |                              |   | 851 |   |   |   | 823 |   |   |   | 121 |   |
| Gain      on disposal of acquired intangible assets                                                          |   |                                    | -        |   |                              |   | (104 | ) |   |   | - |   |   |   | - |   |
| Gain      on disposal of debt securities                                                                     |   |                                    | (394     | )      |                              |   | (3,339 | ) |   |   | (3,845 | ) |   |   | (566 | ) |
| Change      in the fair value of embedded derivatives                                                        |   |                                    | -        |   |                              |   | (12,601 | ) |   |   | (20,229 | ) |   |   | (2,979 | ) |
| Impairment      on receivables                                                                               |   |                                    | (116     | )      |                              |   | 2,464 |   |   |   | (1,051 | ) |   |   | (155 | ) |
| Inventory      write down                                                                                    |   |                                    | 4,194    |   |                              |   | 77,244 |   |   |   | 18,005 |   |   |   | 2,652 |   |
| Impairment      on intangible assets                                                                         |   |                                    | -        |   |                              |   | 2,325 |   |   |   | 1,962 |   |   |   | 289 |   |
| Interest      expense on and amortization of discount convertible notes                                      |   |                                    | -        |   |                              |   | 4,127 |   |   |   | 18,824 |   |   |   | 2,772 |   |
| Written-off      of acquired research and development expenses                                               |   |                                    | 1,297    |   |                              |   | 2,196 |   |   |   | - |   |   |   | - |   |
| Deferred      income tax assets                                                                              |   |                                    | (3,715   | )      |                              |   | (8,786 | ) |   |   | (13,364 | ) |   |   | (1,968 | ) |
| Minority      interests                                                                                      |   |                                    | (910     | )      |                              |   | 13,584 |   |   |   | 1,724 |   |   |   | 254 |   |
| Share-based      compensation expense                                                                        |   |                                    | 3,986    |   |                              |   | 5,284 |   |   |   | 10,104 |   |   |   | 1,488 |   |
| Share      of earnings in equity investee companies                                                          |   |                                    | (12,828  | )      |                              |   | 669 |   |   |   | (7,702 | ) |   |   | (1,134 | ) |
| Changes      in operating assets and liabilities:                                                            |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      receivable, net                                                                                |   |                                    | (9,954   | )      |                              |   | 8,323 |   |   |   | (902 | ) |   |   | (133 | ) |
| Due      from related parties                                                                                |   |                                    | (754     | )      |                              |   | (516 | ) |   |   | 3,251 |   |   |   | 479 |   |
| Advances      to growers                                                                                     |   |                                    | (49,250  | )      |                              |   | 28,354 |   |   |   | (21,036 | ) |   |   | (3,098 | ) |
| Advances      to suppliers                                                                                   |   |                                    | 25,533   |   |                              |   | 2,530 |   |   |   | (908 | ) |   |   | (134 | ) |
| Inventories                                                                                                  |   |                                    | 215,400  |   |                              |   | (57,477 | ) |   |   | 43,468 |   |   |   | 6,402 |   |
| Income      tax recoverable                                                                                  |   |                                    | 1,180    |   |                              |   | 426 |   |   |   | 63 |   |   |   | 9 |   |
| Prepaid      expenses and other current assets                                                               |   |                                    | 45,173   |   |                              |   | 7,510 |   |   |   | (1,803 | ) |   |   | (266 | ) |
| Other      assets                                                                                            |   |                                    | 1,484    |   |                              |   | 75 |   |   |   | (295 | ) |   |   | (43 | ) |
| Accounts      payable                                                                                        |   |                                    | (56,994  | )      |                              |   | (31,238 | ) |   |   | (6,441 | ) |   |   | (949 | ) |
| Due      to growers                                                                                          |   |                                    | (27,401  | )      |                              |   | (20,983 | ) |   |   | (3,778 | ) |   |   | (556 | ) |
| Due      to related parties                                                                                  |   |                                    | 688      |   |                              |   | (6,102 | ) |   |   | 11,438 |   |   |   | 1,685 |   |
| Advances      from customers                                                                                 |   |                                    | (75,388  | )      |                              |   | (44,182 | ) |   |   | 56,617 |   |   |   | 8,338 |   |
| Deferred      revenues                                                                                       |   |                                    | (247,364 | )      |                              |   | (863 | ) |   |   | 11,610 |   |   |   | 1,710 |   |
| Income      tax payable                                                                                      |   |                                    | (192     | )      |                              |   | - |   |   |   | - |   |   |   | - |   |
| Other      long-term liabilities                                                                             |   |                                    | (1,872   | )      |                              |   | 2,458 |   |   |   | 200 |   |   |   | 29 |   |
| Other      payables and accrued expenses                                                                     |   |                                    | (23,217  | )      |                              |   | (303 | ) |   |   | (18,549 | ) |   |   | (2,732 | ) |
|                                                                                                         |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net      cash provided by (used in) operating activities                                                     |   |                                    | (123,260 | )      |                              |   | (169,242 | ) |   |   | 57,198 |   |   |   | 8,423 |   |

----

|                                                                            |   | Nine monthsendedSeptember 30, |     |   | Year endedSeptember 30, |   |
|---------------------------------------------------------------------------------|--------|-----------------------------------------|----------|--------|-----------------------------------|--------|
|                                                                            |   | 2006                                    |     |   | 2007                              |   |   | 2008 |   |   | 2008 |   |
|                                                                            |   | RMB                                     |     |   | RMB                               |   |   | RMB |   |   | US$ |   |
|                                                                            |   |                                    |     |   |                              |   |   |   |   |   |   |   |
| Investing      activities:                                                      |   |                                    |     |   |                              |   |   |   |   |   |   |   |
| Dividends      received                                                         |   |                                    | 1,200    |   |                              |   | 1,200 |   |   |   | 1,200 |   |   |   | 177 |   |
| Purchase      of plant and equipment                                            |   |                                    | (9,504   | )      |                              |   | (36,526 | ) |   |   | (19,662 | ) |   |   | (2,896 | ) |
| Purchase      of debt securities                                                |   |                                    | (201,544 | )      |                              |   | (286,270 | ) |   |   | (215,907 | ) |   |   | (31,798 | ) |
| Loan      to shareholders of a subsidiary                                       |   |                                    | (6,500   | )      |                              |   | (825 | ) |   |   | - |   |   |   | - |   |
| Repayment      of loan from shareholders of a subsidiary                        |   |                                    | -        |   |                              |   | - |   |   |   | 3,000 |   |   |   | 442 |   |
| Proceeds      from disposal of plant and equipment                              |   |                                    | 1,015    |   |                              |   | 8,002 |   |   |   | 2,019 |   |   |   | 297 |   |
| Proceeds      from disposal of acquired intangible assets                       |   |                                    | -        |   |                              |   | 267 |   |   |   | 49 |   |   |   | 7 |   |
| Proceeds      from sale of debt securities                                      |   |                                    | 55,122   |   |                              |   | 297,020 |   |   |   | 346,048 |   |   |   | 50,965 |   |
| Purchase      of land use rights                                                |   |                                    | (5,379   | )      |                              |   | (5,458 | ) |   |   | - |   |   |   | - |   |
| Acquisition      of equity method investment                                    |   |                                    | (10,430  | )      |                              |   | (30,330 | ) |   |   | - |   |   |   | - |   |
| Deposits      for purchase of acquired technology and land      use rights |   |                                    | (10,940  | )      |                              |   | - |   |   |   | (6,732 | ) |   |   | (991 | ) |
| Deposits      for purchase of plant and equipment                               |   |                                    | (4,341   | )      |                              |   | (122 | ) |   |   | (448 | ) |   |   | (66 | ) |
| Business      acquisition, net of cash acquired                                 |   |                                    | (36,298  | )      |                              |   | (31,872 | ) |   |   | - |   |   |   | - |   |
| Deposit      for purchase of equity investment                                  |   |                                    | (10,000  | )      |                              |   | - |   |   |   | - |   |   |   | - |   |
| Purchase      of intangible assets                                              |   |                                    | (7,373   | )      |                              |   | (6,034 | ) |   |   | (1,937 | ) |   |   | (285 | ) |
| Net      cash provided by/(used in) investing activities                        |   |                                    | (244,972 | )      |                              |   | (90,948 | ) |   |   | 107,630 |   |   |   | 15,852 |   |
|                                                                            |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Financing      activities:                                                      |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds      from short-term borrowings                                        |   |                                    | 231,000  |   |                              |   | 361,400 |   |   |   | 283,000 |   |   |   | 41,680 |   |
| Repayment      of short-term borrowings                                         |   |                                    | (41,000  | )      |                              |   | (346,000 | ) |   |   | (388,400 | ) |   |   | (57,203 | ) |
| Repayment      of third party loans                                             |   |                                    | (10,693  | )      |                              |   | (6,256 | ) |   |   | (1,208 | ) |   |   | (178 | ) |
| Repurchase      of convertible notes                                            |   |                                    | -        |   |                              |   | - |   |   |   | (106,849 | ) |   |   | (15,736 | ) |
| Proceeds      from issuance of convertible bonds                                |   |                                    | -        |   |                              |   | 302,384 |   |   |   | - |   |   |   | - |   |
| Deemed      distribution (note 1)                                               |   |                                    | (120,981 | )      |                              |   | - |   |   |   | - |   |   |   | - |   |
| Advance      from a shareholder                                                 |   |                                    | -        |   |                              |   | 1,623 |   |   |   | - |   |   |   | - |   |
| Advance      from minority shareholders of Denong                               |   |                                    | 4,968    |   |                              |   | - |   |   |   | - |   |   |   | - |   |
| Exercise      of warrants                                                       |   |                                    | 211,712  |   |                              |   | - |   |   |   | - |   |   |   |   |   |
| Exercise      of staff options                                                  |   |                                    | -        |   |                              |   | - |   |   |   | 1,432 |   |   |   | 211 |   |
| Repurchase      of treasury stock                                               |   |                                    | -        |   |                              |   | (29,377 | ) |   |   | - |   |   |   | - |   |
| Net      cash provided by (used in) financing activities                        |   |                                    | 275,006  |   |                              |   | 283,774 |   |   |   | (212,025 | ) |   |   | (31,226 | ) |
|                                                                            |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents                       |   |                                    | (93,226  | )      |                              |   | 23,584 |   |   |   | (47,197 | ) |   |   | (6,951 | ) |
| Cash      and cash equivalents, beginning of year                               |   |                                    | 237,828  |   |                              |   | 140,953 |   |   |   | 162,314 |   |   |   | 23,906 |   |
| Effect      of exchange rate changes on cash and cash equivalents               |   |                                    | (3,649   | )      |                              |   | (2,223 | ) |   |   | (12,854 | ) |   |   | (1,894 | ) |
| Cash      and cash equivalents, end of year                                     |   |                                    | 140,953  |   |                              |   | 162,314 |   |   |   | 102,263 |   |   |   | 15,061 |   |
|                                                                            |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental      disclosure of cash flow information:                          |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Income      taxes paid                                                          |   |                                    | 2,382    |   |                              |   | 8,311 |   |   |   | 9,306 |   |   |   | 1,371 |   |
|                                                                            |   |                                    |     |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Interest      paid                                                              |   |                                    | 4,852    |   |                              |   | 18,280 |   |   |   | 18,566 |   |   |   | 2,734 |   |

----

| 1. | ORGANIZATION      AND PRINCIPAL ACTIVITIES |
|----|--------------------------------------------|

|   | Origin      Agritech Limited (“Agritech”), incorporated under the laws of the British      Virgin Islands, and its subsidiaries and variable interest entities      (together, the “Company”) are engaged in hybrid crop seed development,      production and distribution. As of September 30, 2008, details of the      Company’s subsidiaries and variable interest entities are as      follows: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                       |   | Date of           |   | Place of                                                  |   |              |   |      |
|------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|----------------------------------------------------------------|--------|-------------------|--------|-----------|
|                                                                                                       |   | Incorporation          |   | Incorporation                                                  |   | Percentage        |   | Principal |
| Name                                                                                                       |   | or establishment  |   | or establishment                                          |   | of ownership |   | Activity  |
|                                                                                                       |   |                   |   |                                                           |   |              |   |      |
| Subsidiary:                                                                                                |   |                   |   |                                                           |   |              |   |      |
| State Harvest Holdings      Limited (“State Harvest”)                                          |   | October      6, 2004   |   | British      Virgin Islands                                    |   |              | 100    | %    | Investment      holding |
|                                                                                                       |   |                   |   |                                                           |   |              |   |      |   |
| Beijing      Origin State Harvest Biotechnology Limited (“BioTech”)                            |   | December      1, 2004  |   | People’s      Republic of      China (“PRC”) |   |              | 100    | %         | Hybrid      seed technology development |
|                                                                                                       |   |                   |   |                                                           |   |              |   |      |   |
| Variable interest      entity:                                                                             |   |                   |   |                                                           |   |              |   |      |   |
| Beijing      Origin Seed Limited (note (i)) (“Beijing Origin”)                                 |   | December      26, 1997 |   | PRC                                                            |   |              | -      |      | Hybrid      crop seed development, production    and  distribution |
|                                                                                                       |   |                   |   |                                                           |   |              |   |      |   |
| Subsidiaries held by Beijing      Origin:                                                                  |   |                   |   |                                                           |   |              |   |      |   |
| Henan      Origin Cotton Technology Development Limited (note (i)) (“Henan      Cotton”)       |   | March      2, 2001     |   | PRC                                                            |   |              | 92.04  | %         | Hybrid      crop seed development, production and distribution |
|                                                                                                       |   |                   |   |                                                           |   |              |   |      |   |
| Changchun      Origin Seed Technology Development Limited (note (i)) (“Changchun      Origin”) |   | April      29, 2003    |   | PRC                                                            |   |              | 99     | %         | Hybrid crop seed development,      production and distribution |
|                                                                                                       |   |                   |   |                                                           |   |              |   |      |   |
| Jilin      Changrong Hi-Tech Seed Company Limited (“Changrong”)                                |   | January      24, 2006  |   | PRC                                                            |   |              | 43.95  | %         | Hybrid      crop seed development, production and distribution |
|                                                                                                       |   |                   |   |                                                           |   |              |   |      |   |
| Denong      Zhengcheng Seed Limited (note (ii)) (“Denong”)                                     |   | June      21, 2000     |   | PRC                                                            |   |              | 97.62  | %         | Hybrid      crop seed development, production and  distribution |

|   |  Note      (i): | Beijing      Origin Seed Limited, Henan Origin Cotton Technology Development Limited      and Changchun Origin Seed Technology Development Limited are collectively      referred to as “Beijing Origin”. |
|--------|----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  Note      (ii): | Previous      two subsidiaries, Guizhou Denong Seed Limited and Hunan Denong Seed      Limited, have been merged to Denong.  As at September 30, 2008,      Denong has no subsidiary. |
|--------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | ORGANIZATION      AND PRINCIPAL ACTIVITIES -Continued |
|----|-------------------------------------------------------|

|   | The      Share Exchange Transaction |
|--------|-------------------------------------|

|   | Of      the cash portion of the purchase price, US$250 has been held back for one      year by Agritech to secure certain indemnification obligations of State      Harvest Shareholders and their designee. Other than the issuance of the      above-mentioned 10,000,000 shares, Agritech has issued 200,000 shares to a      financial advisor in connection with the Share Exchange      Transaction. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | As      a result of the Share Exchange Transaction the historical consolidated      financial statements of the Company for the periods prior to the Closing      Date are those of State Harvest and its majority owned subsidiaries and      its variable interest entity, Beijing Origin and all references to the      consolidated financial statements of the Company apply to the historical      consolidated financial statements of State Harvest, its majority owned      subsidiary and Beijing Origin prior to the Closing Date and the      consolidated financial statements of Agritech and its majority owned      subsidiaries and Beijing Origin subsequent to the Closing Date. The      Company’s equity components are stated in terms of State Harvest before      the Closing Date, with an adjustment to reflect the effects of the reverse      acquisition on the equity components at the Closing  Date. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | As      Chardan was a non-operating public shell company before the Share Exchange      Transaction, no goodwill has been recorded in connection with the Share      Exchange Transaction and the costs incurred in connection with such      transaction have been charged directly to equity as there was sufficient      equity to absorb the costs. The net book value of acquired assets and      liabilities pursuant to the Share Exchange Transaction is as      follows: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                         |   | RMB    |    |
|------------------------------------------------------------------------------|--------|--------|---------|
| Net      assets acquired:                                                    |   |   |    |
| Cash                                                                         |   |   | 163,517 |   |
| Other      current assets                                                    |   |   | 6,201   |   |
| Due      to State Harvest Shareholders and their designee                    |   |   | (2,022  | ) |
| Other      payables and accrued expenses                                     |   |   | (965    | ) |
|                                                                         |   |   |    |   |
|                                                                         |   |   | 166,731 |   |
| Less:      Transaction      costs paid in cash |   |   | (14,431 | ) |
| Tax      effect of the Share Exchange Transaction                            |   |   | (39,059 | ) |
|                                                                         |   |   |    |   |
|                                                                         |   |   | 113,241 |   |

----

| 1. | ORGANIZATION      AND PRINCIPAL ACTIVITIES -Continued |
|----|-------------------------------------------------------|

|   | (1) | If      Agritech receives at least US$40,000 in gross proceeds in additional      financing as a result (i) of the call of the issued and outstanding public      warrants assumed by Agritech at the closing; (ii) Agritech’s successful      completion of a follow-on offering; or (iii) a private investment into      Agritech by a strategic investor (“Financing Adjustment”), then Agritech      will pay an additional US$15,000 to State Harvest Shareholders and their      designee; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | If      Origin generates net positive cash flow of US$2,000 or more on a      consolidated basis (“Earnings Adjustment”), then State Harvest      Shareholders and their designee will be entitled to receive 75% of the net      positive cash flow up to a maximum of US$7,500 per fiscal year and      US$15,000 in the aggregate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If      both an Earnings Adjustment and a Financing Adjustment occur, the maximum      aggregate amount to be paid to State Harvest Shareholders from one or both      adjustments is US$15,000. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   | After-taxprofitUS$ |   |
|----------------------------------|--------|--------------------|--------|
| Twelve months ended June30,      |   |               |   |
| 2006                             |   |               | 11,000 |   |
| 2007                             |   |               | 16,000 |   |
| 2008                             |   |               | 21,000 |   |
|                             |   |               |   |   |
| Twelve months ending June    30, |   |               |   |   |
| 2009                             |   |               | 29,000 |   |

----

| 1. | ORGANIZATION      AND PRINCIPAL ACTIVITIES -Continued |
|----|-------------------------------------------------------|

----

| 1. | ORGANIZATION      AND PRINCIPAL ACTIVITIES -Continued |
|----|-------------------------------------------------------|

|                                           |   | Acquired52.21% onJanuary 24,2006 |    |   | Acquired42.42% onOctober 1,2006 |   |    | Acquired2.99% onDecember 25,2006 |   |
|------------------------------------------------|--------|--------------------------------------------|---------|--------|-------------------------------------------|--------|---------|--------------------------------------------|--------|
|                                           |   |                                       |    |   |                                      |   |    |                                       |   |
|                                           |   | RMB                                        |    |   | RMB                                       |   |    | RMB                                        |   |
|                                           |   |                                       |    |   |                                      |   |    |                                       |   |
| Cash      and cash equivalents                 |   |                                       | 1,810   |   |                                      |   | 2,002   |                                       |   |   | 266 |   |
| Account      receivables                       |   |                                       | 1,251   |   |                                      |   | 6,427   |                                       |   |   | 649 |   |
| Advances      to suppliers                     |   |                                       | 14,110  |   |                                      |   | 3,236   |                                       |   |   | 295 |   |
| Inventories                                    |   |                                       | 109,891 |   |                                      |   | 62,769  |                                       |   |   | 8,943 |   |
| Prepaid      expenses and other current assets |   |                                       | 24,767  |   |                                      |   | 2,906   |                                       |   |   | 198 |   |
| Plant      and equipment                       |   |                                       | 10,149  |   |                                      |   | 4,387   |                                       |   |   | 556 |   |
| Intangible      assets                         |   |                                       | 18,116  |   |                                      |   | 8,271   |                                       |   |   | 843 |   |
| Goodwill                                       |   |                                       | 10,900  |   |                                      |   | -       |                                       |   |   | 1,073 |   |
| Accounts      payable                          |   |                                       | (22,861 | )      |                                      |   | (19,746 | )                                          |   |   | (1,679 | ) |
| Advances      from customers                   |   |                                       | (91,801 | )      |                                      |   | (12,899 | )                                          |   |   | (1,065 | ) |
| Other      payable and accrued expenses        |   |                                       | (34,566 | )      |                                      |   | (46,949 | )                                          |   |   | (7,687 | ) |
|                                           |   |                                       |    |   |                                      |   |    |                                       |   |   |   |   |
|                                           |   |                                       | 41,766  |   |                                      |   | 10,404  |                                       |   |   | 2,392 |   |
| Supplemental      information:                 |   |                                       |    |   |                                      |   |    |                                       |   |   |   |   |
| Cash      paid                                 |   |                                       | 41,766  |   |                                      |   | 10,404  |                                       |   |   | 2,392 |   |
| Cash      acquired                             |   |                                       | (3,468  | )      |                                      |   | -       |                                       |   |   | - |   |
|                                           |   |                                       |    |   |                                      |   |    |                                       |   |   |   |   |
| Cash      paid, net of cash acquired           |   |                                       | 38,298  |   |                                      |   | 10,404  |                                       |   |   | 2,392 |   |

|                                                                 |   | Acquired52.21% onJanuary 24,2006 |   |   | Acquired42.42% onOctober 1,2006 |   |   | Acquired2.99% onDecember 25,2006 |   |   | EstimatedUseful life |   |
|----------------------------------------------------------------------|--------|--------------------------------------------|--------|--------|-------------------------------------------|--------|--------|--------------------------------------------|--------|--------|---------------------------|--------|
|                                                                 |   | RMB                                        |   |   | RMB                                       |   |   | RMB                                        |   |   | (In      year)            |   |
|                                                                 |   |                                       |   |   |                                      |   |   |                                       |   |   |                      |   |
| Technology      rights for licensed seeds                            |   |                                       | 11,485 |   |                                      |   | 4,456  |                                       |   |   | 484                       |   |   |   | 5 -      6 |   |
| In-processed      research anddevelopment      products (note (iii)) |   |                                       | 1,297  |   |                                      |   | 776    |                                       |   |   | 74                        |   |   |   | - |   |
| Distribution      network                                            |   |                                       | 5,334  |   |                                      |   | 3,039  |                                       |   |   | 285                       |   |   |   | 14 |   |
|                                                                 |   |                                       |   |   |                                      |   |   |                                       |   |   |                      |   |   |   |   |   |
|                                                                 |   |                                       | 18,116 |   |                                      |   | 8,271  |                                       |   |   | 843                       |   |   |   |   |   |

----

| 1. | ORGANIZATION      AND PRINCIPAL ACTIVITIES -Continued |
|----|-------------------------------------------------------|

|                                           |   | RMB    |   |
|------------------------------------------------|--------|--------|--------|
|                                           |   |   |   |
| Cash      and cash equivalents                 |   |   | 327    |   |
| Account      receivables                       |   |   | 44     |   |
| Advances      to suppliers                     |   |   | 326    |   |
| Inventories                                    |   |   | 14,572 |   |
| Prepaid      expenses and other current assets |   |   | 625    |   |
| Plant      and equipment                       |   |   | 325    |   |
| Intangible      assets                         |   |   | 9,118  |   |
| Goodwill                                       |   |   | 4,692  |   |
| Accounts      payable                          |   |   | (2,097 | ) |
| Advances      from customers                   |   |   | (4,611 | ) |
| Other      payable and accrued expenses        |   |   | (1,281 | ) |
|                                           |   |   |   |   |
|                                           |   |   | 22,040 |   |
| Supplemental      information:                 |   |   |   |   |
| Cash      paid                                 |   |   | 22,040 |   |
| Cash      acquired                             |   |   | (3,564 | ) |
|                                           |   |   |   |   |
| Cash      paid, net of cash acquired           |   |   | 18,476 |   |

|                                                            |   | 9.18% onChangrong |   |   | EstimatedUseful life |       |
|-----------------------------------------------------------------|--------|------------------------|--------|--------|---------------------------|------------|
|                                                            |   |                   |   |   |                      |       |
|                                                            |   | RMB                    |   |   | (In year)            |       |
|                                                            |   |                   |   |   |                      |       |
| Technology      rights for licensed seeds                       |   |                   | 4,922  |   |                      | 6          |   |
| In-processed      research and development products (note (iv)) |   |                   | 2,196  |   |                      | -          |   |
| Distribution      network                                       |   |                   | 236    |   |                      | 6          |   |
| Trademark                                                       |   |                   | 1,764  |   |                      | Indefinite |   |
|                                                            |   |                   |   |   |                      |       |   |   |
|                                                            |   |                   | 9,118  |   |                      |       |   |   |

|   | Note (iv): | In-processed      research and development products were expensed in general and      administrative expenses immediately upon  acquisition. |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES |
|----|-------------------------------------------------|

----

| 2. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES -Continued |
|----|------------------------------------------------------------|

| Plant      and building             | 20-40      years                                  |
|-------------------------------------|---------------------------------------------------|
| Machinery      and equipment        | 10-15      years                                  |
| Furniture      and office equipment | 5      years                                      |
| Motor      vehicles                 | 5-8      years                                    |
| Leasehold      improvements         | Shorter      of the useful lives or the leaseterm |

----

| 2. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES -Continued |
|----|------------------------------------------------------------|

----

| 2. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES -Continued |
|----|------------------------------------------------------------|

----

| 2. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES -Continued |
|----|------------------------------------------------------------|

----

| 2. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES -Continued |
|----|------------------------------------------------------------|

----

| 2. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES -Continued |
|----|------------------------------------------------------------|

----

| 3.  | DEBT      SECURITIES |
|----------|----------------------|

|                                                 |   | September 30, |    |
|------------------------------------------------------|--------|--------------------|---------|
|                                                 |   | 2007               |    |   | 2008 |   |
|                                                 |   | RMB                |    |   | RMB |   |
| Held-to-maturityinvestments                          |   |               |    |   |   |   |
| US      Government Agencies bonds, at amortized cost |   |               | 111,436 |   |   |   | - |   |
|                                                 |   |               |    |   |   |   |   |   |
| Available-for-sale security                          |   |               |    |   |   |   |   |   |
| US      Corporate bonds, at fair value               |   |               | 22,532  |   |   |   | - |   |
|                                                 |   |               |    |   |   |   |   |   |
|                                                 |   |               | 133,968 |   |   |   | - |   |

----

| 4. | RELATED      PARTY BALANCES AND TRANSACTIONS |
|----|----------------------------------------------|

|   | (1) | Amounts      due from related parties as of September 30, 2007 and 2008 are as      follows: |
|--------|-----|----------------------------------------------------------------------------------------------|

| Name of related party                                        | Relationship |   | September 30, |   |
|-----------------------------------------------------------------------------|--------------|--------|--------------------|--------|
|                                                                        |         |   | 2007               |   |   | 2008 |   |
|                                                                        |         |   | RMB                |   |   | RMB |   |
|                                                                        |         |   |               |   |   |   |   |
| Shijiazhuang      Liyu Technology Development Limited. (“Liyu”) | (iii)        |   |               | 755    |   |   |   | - |   |
| Minority      shareholders of Denong (note a)                               |         |   |               | 5      |   |   |   | - |   |
| Jinong      (note b)                                                        | (iii)        |   |               | 6,624  |   |   |   | 3,799 |   |
| Minority      shareholders of Changrong                                     |         |   |               | 7,325  |   |   |   | 4,659 |   |
|                                                                        |         |   |               |   |   |   |   |   |   |
|                                                                        |         |   |               | 14,709 |   |   |   | 8,458 |   |
| Reclassified      to non-current assets                                     |         |   |               | (7,325 | ) |   |   | - |   |
|                                                                        |         |   |               |   |   |   |   |   |   |
|                                                                        |         |   |               | 7,384  |   |   |   | 8,458 |   |

|   | Note (a): | The      amount represents receivable from a group of minority shareholders for      unpaid capital of a subsidiary of Denong. The balance is payable on demand      with interest free. |
|--------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Note (b): | The      amount represents the temporary loan to Jinong, which is payable on demand      with interest free. |
|--------|----------------|--------------------------------------------------------------------------------------------------------------|

|   | (2) | Amounts      due to related parties as of September 30, 2007 and 2008 are as      follows: |
|--------|-----|--------------------------------------------------------------------------------------------|

| Name of related party                                          | Relationship |   | September 30, |   |
|-------------------------------------------------------------------------------|--------------|--------|--------------------|--------|
|                                                                          |         |   | 2007               |   |   | 2008 |   |
|                                                                          |         |   | RMB                |   |   | RMB |   |
|                                                                          |         |   |               |   |   |   |   |
| Minority      shareholders of Denong (note c)                                 |         |   |               | 1,059  |   |   |   | 569 |   |
| Henan      Agriculture University                                             | (iv)         |   |               | 91     |   |   |   | 199 |   |
| Yuan      Liang                                                               | (i)          |   |               | 30     |   |   |   | 18 |   |
| Company      controlled by Han Geng Chen                                      |         |   |               | 626    |   |   |   | 569 |   |
| Company      controlled by Yuan Liang                                         |         |   |               | 626    |   |   |   | 569 |   |
| Company      controlled by Yang Ya Sheng                                      |         |   |               | 365    |   |   |   | 332 |   |
| Other      shareholders of State Harvest                                      | (ii)         |   |               | 165    |   |   |   | 150 |   |
| Shenzhen      Biocentury Transgene (China) Limited (“Biocentury”) | (iii)        |   |               | 1,269  |   |   |   | 6 |   |
| Jilin      Changji Seed Limited (“Changji”)                       | (iii)        |   |               | 2      |   |   |   | - |   |
| Jinong                                                                        | (iii)        |   |               | -      |   |   |   | 6,733 |   |
| Minority      shareholders of Changrong                                       |         |   |               | -      |   |   |   | 4,533 |   |
| Liyu                                                                          | (iii)        |   |               | -      |   |   |   | 1,993 |   |
|                                                                          |         |   |               |   |   |   |   |   |   |
|                                                                          |         |   |               | 4,233  |   |   |   | 15,671 |   |

|   | Note (c): | This      is the amount temporarily funded by minority shareholders of Denong. The      amount is payable on demand with interestfree. |
|--------|----------------|----------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | RELATED      PARTY BALANCES AND TRANSACTIONS -Continued |
|----|---------------------------------------------------------|

|   | (3) | Transactions      with related parties for the nine months ended September 30, 2006 and the      years ended September 30, 2007 and 2008 are as  follows: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Sales |
|--|-----|-------|

| Name of related party | Relationship |   | Nine monthsendedSeptember 30, |   |   | Year endedSeptember 30, |   |
|--------------------------------------|--------------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                 |         |   | 2006                                    |   |   | 2007                              |   |   | 2008 |   |
|                                 |         |   | RMB                                     |   |   | RMB                               |   |   | RMB |   |
|                                 |         |   |                                    |   |   |                              |   |   |   |   |
| Biocentury                           | (iii)        |   |                                    | 1,234  |   |                              |   | 1,992 |   |   |   | 448 |   |
| Jinong                               | (iii)        |   |                                    | -      |   |                              |   | 398 |   |   |   | 409 |   |
|                                 |         |   |                                    |   |   |                              |   |   |   |   |   |   |   |
|                                 |         |   |                                    | 1,234  |   |                              |   | 2,390 |   |   |   | 857 |   |

|  | (b) | Purchases |
|--|-----|-----------|

| Name of related party | Relationship |   | Nine monthsendedSeptember 30, |   |   | Year endedSeptember 30, |   |
|--------------------------------------|--------------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                 |         |   | 2006                                    |   |   | 2007                              |   |   | 2008 |   |
|                                 |         |   | RMB                                     |   |   | RMB                               |   |   | RMB |   |
|                                 |         |   |                                    |   |   |                              |   |   |   |   |
| Biocentury                           | (iii)        |   |                                    | 2,989  |   |                              |   | 20,271 |   |   |   | 19,256 |   |
| Liyu                                 | (iii)        |   |                                    | -      |   |                              |   | 3 |   |   |   | - |   |
| Changji                              | (iii)        |   |                                    | -      |   |                              |   | 2 |   |   |   | - |   |
| Jinong                               | (iii)        |   |                                    | -      |   |                              |   | - |   |   |   | 1,609 |   |
|                                 |         |   |                                    |   |   |                              |   |   |   |   |   |   |   |
|                                 |         |   |                                    | 2,989  |   |                              |   | 20,276 |   |   |   | 20,865 |   |

|  | (c) | Technology      usage fees |
|--|-----|----------------------------|

| Name of related party     | Relationship |   | Nine monthsendedSeptember 30, |   |   | Year endedSeptember 30, |   |
|------------------------------------------|--------------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                     |         |   | 2006                                    |   |   | 2007                              |   |   | 2008 |   |
|                                     |         |   | RMB                                     |   |   | RMB                               |   |   | RMB |   |
|                                     |         |   |                                    |   |   |                              |   |   |   |   |
| Liyu                                     | (iii)        |   |                                    | 201    |   |                              |   | 5,776 |   |   |   | 9,573 |   |
| Henan      Agriculture  University  | (iv)         |   |                                    | -      |   |                              |   | 200 |   |   |   | 320 |   |
| Minority      shareholder of      Denong |         |   |                                    | -      |   |                              |   | 1,024 |   |   |   | - |   |
| Biocentury                               | (iii)        |   |                                    | -      |   |                              |   | 975 |   |   |   | 300 |   |
|                                     |         |   |                                    |   |   |                              |   |   |   |   |   |   |   |
|                                     |         |   |                                    | 201    |   |                              |   | 7,975 |   |   |   | 10,193 |   |

----

| 4. | RELATED      PARTY BALANCES AND TRANSACTIONS -Continued |
|----|---------------------------------------------------------|

|  | (3) | Continued |
|--|-----|-----------|

|  | (d) | Purchases      of intangible assets |
|--|-----|-------------------------------------|

| Name of related party | Relationship |   | Nine monthsendedSeptember 30, |   |   | Year endedSeptember 30, |   |
|--------------------------------------|--------------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                 |         |   | 2006                                    |   |   | 2007                              |   |   | 2008 |   |
|                                 |         |   | RMB                                     |   |   | RMB                               |   |   | RMB |   |
|                                 |         |   |                                    |   |   |                              |   |   |   |   |
| Liyu                                 | (iii)        |   |                                    | -      |   |                              |   | 1,000 |   |   |   | - |   |

|  | (e)  | Purchases      of plant and equipment |
|--|-----------|---------------------------------------|

| Name of related party | Relationship |   | Nine monthsendedSeptember 30, |   |   | Year endedSeptember 30, |   |
|--------------------------------------|--------------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                 |         |   | 2006                                    |   |   | 2007                              |   |   | 2008 |   |
|                                 |         |   | RMB                                     |   |   | RMB                               |   |   | RMB |   |
|                                 |         |   |                                    |   |   |                              |   |   |   |   |
| Jinong                               | (iii)        |   |                                    | -      |   |                              |   | 790 |   |   |   | - |   |

|  | (f)  | Interest      income |
|--|-----------|----------------------|

| Name of related party       | Relationship |   | Nine monthsendedSeptember 30, |   |   | Year endedSeptember 30, |   |
|--------------------------------------------|--------------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                       |         |   | 2006                                    |   |   | 2007                              |   |   | 2008 |   |
|                                       |         |   | RMB                                     |   |   | RMB                               |   |   | RMB |   |
|                                       |         |   |                                    |   |   |                              |   |   |   |   |
| Minority      shareholders of    Changrong | (v)          |   |                                    | -      |   |                              |   | 825 |   |   |   | 334 |   |

|  | (g)  | Rental      expense for plant and equipment |
|--|-----------|---------------------------------------------|

| Name of related party | Relationship |   | Nine monthsendedSeptember 30, |   |   | Year endedSeptember 30, |   |
|--------------------------------------|--------------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                 |         |   | 2006                                    |   |   | 2007                              |   |   | 2008 |   |
|                                 |         |   | RMB                                     |   |   | RMB                               |   |   | RMB |   |
|                                 |         |   |                                    |   |   |                              |   |   |   |   |
| Jinong                               | (iii)        |   |                                    | -      |   |                              |   | - |   |   |   | 1,928 |   |

|  | (4)  | Relationship      between the Company and related parties is as  follows: |
|--|-----------|---------------------------------------------------------------------------|

|   | (i) | Being      a principal shareholder and director of the  Company. |
|--------|-----|------------------------------------------------------------------|

|   | (ii) | Being      State Harvest Shareholders, other than Han Gengchen, Yuan      Liang and Yang Yasheng. |
|--------|------|---------------------------------------------------------------------------------------------------|

|   | (iii) | Being      equity investees of the Company. |
|--------|-------|---------------------------------------------|

|   | (iv) | Being      a minority shareholder of BeijingOrigin. |
|--------|------|-----------------------------------------------------|

|   | (v) | Being      minority shareholders of a subsidiary of the Company,      Changrong. |
|--------|-----|----------------------------------------------------------------------------------|

----

| 5. | ADVANCES      TO SUPPLIERS |
|----|----------------------------|

|                               |   | September 30, |   |
|------------------------------------|--------|--------------------|--------|
|                               |   | 2007               |   |   | 2008 |   |
|                               |   | RMB                |   |   | RMB |   |
|                               |   |               |   |   |   |   |
| Purchases      of materials        |   |               | 126    |   |   |   | 777 |   |
| Prepayments      for advertisement |   |               | 226    |   |   |   | 215 |   |
| Others                             |   |               | 677    |   |   |   | 945 |   |
|                               |   |               |   |   |   |   |   |   |
|                               |   |               | 1,029  |   |   |   | 1,937 |   |

| 6. | INVENTORIES |
|----|-------------|

|                               |   | September 30, |    |
|------------------------------------|--------|--------------------|---------|
|                               |   | 2007               |    |   | 2008 |   |
|                               |   | RMB                |    |   | RMB |   |
|                               |   |               |    |   |   |   |
| Work      in progress and supplies |   |               | 234,955 |   |   |   | 168,964 |   |
| Finished      goods                |   |               | 214,252 |   |   |   | 218,770 |   |
|                               |   |               |    |   |   |   |   |   |
|                               |   |               | 449,207 |   |   |   | 387,734 |   |

| 7. | PREPAID      EXPENSES AND OTHER CURRENT ASSETS |
|----|------------------------------------------------|

|                                           |   | September 30, |   |
|------------------------------------------------|--------|--------------------|--------|
|                                           |   | 2007               |   |   | 2008 |   |
|                                           |   | RMB                |   |   | RMB |   |
|                                           |   |               |   |   |   |   |
| Advances      to staff for business use        |   |               | 4,992  |   |   |   | 7,133 |   |
| Deposit      for technology usage fees         |   |               | 516    |   |   |   | - |   |
| Refundable      deposit for a canceled project |   |               | 1,841  |   |   |   | 841 |   |
| Prepaid      research and development expense  |   |               | 2,083  |   |   |   | 2,454 |   |
| Other      prepaid expenses                    |   |               | 2,027  |   |   |   | 2,851 |   |
|                                           |   |               |   |   |   |   |   |   |
|                                           |   |               | 11,459 |   |   |   | 13,279 |   |

----

| 8. | LAND      USE RIGHTS, NET |
|----|---------------------------|

|                          |   | September 30, |   |
|-------------------------------|--------|--------------------|--------|
|                          |   | 2007               |   |   | 2008 |   |
|                          |   | RMB                |   |   | RMB |   |
|                          |   |               |   |   |   |   |
| Land      use rights          |   |               | 23,058 |   |   |   | 23,058 |   |
| Accumulated      amortization |   |               | (1,504 | ) |   |   | (2,003 | ) |
|                          |   |               |   |   |   |   |   |   |
| Land      use rights, net     |   |               | 21,554 |   |   |   | 21,055 |   |

| 9. | PLANT      AND EQUIPMENT, NET |
|----|-------------------------------|

|                                           |   | September 30, |    |
|------------------------------------------------|--------|--------------------|---------|
|                                           |   | 2007               |    |   | 2008 |   |
|                                           |   | RMB                |    |   | RMB |   |
|                                           |   |               |    |   |   |   |
| Plant      and building                        |   |               | 103,075 |   |   |   | 119,392 |   |
| Machinery      and equipment                   |   |               | 32,165  |   |   |   | 30,357 |   |
| Furniture      and office equipment            |   |               | 12,398  |   |   |   | 12,643 |   |
| Motor      vehicles                            |   |               | 20,502  |   |   |   | 18,033 |   |
| Leasehold      improvements                    |   |               | 658     |   |   |   | 1,299 |   |
|                                           |   |               |    |   |   |   |   |   |
| Total                                          |   |               | 168,798 |   |   |   | 181,724 |   |
| Accumulated      depreciation and amortization |   |               | (35,688 | ) |   |   | (41,635 | ) |
| Construction      in progress                  |   |               | 9,933   |   |   |   | 6,283 |   |
|                                           |   |               |    |   |   |   |   |   |
| Plant      and equipment, net                  |   |               | 143,043 |   |   |   | 146,372 |   |

| 10. | EQUITY      INVESTMENTS |
|-----|-------------------------|

|                          |   | September 30, |   |
|-------------------------------|--------|--------------------|--------|
|                          |   | 2007               |   |   | 2008 |   |
|                          |   | RMB                |   |   | RMB |   |
|                          |   |               |   |   |   |   |
| Equity      method investment |   |               | 58,882 |   |   |   | 65,384 |   |

----

| 10. | EQUITY      INVESTMENTS - Continued |
|-----|-------------------------------------|

|                     |   | September 30, |    |
|--------------------------|--------|--------------------|---------|
|                     |   | 2006               |    |
|                     |   | RMB                |    |
|                     |   |               |    |
| Current      assets      |   |               | 85,469  |   |
| Non-current      assets  |   |               | 81      |   |
| Current      liabilities |   |               | (21,518 | ) |
|                     |   |               |    |   |
| Net      assets          |   |               | 64,032  |   |

|                          |   | Nine months   |    |
|-------------------------------|--------|--------------------|---------|
|                          |   | ended              |    |
|                          |   | September 30, |    |
|                          |   | 2006               |    |
|                          |   | RMB                |    |
|                          |   |               |    |
| Revenues                      |   |               | 109,182 |   |
| Cost      of revenues         |   |               | (68,175 | ) |
| Gross      profit             |   |               | 41,007  |   |
| Total      operating expenses |   |               | (5,126  | ) |
| Other      expenses, net      |   |               | (1,849  | ) |
| Income      before taxes      |   |               | 34,032  |   |
| Income      tax expense       |   |               | -       |   |
|                          |   |               |    |   |
| Net      income               |   |               | 34,032  |   |

----

| 10. | EQUITY      INVESTMENTS - Continued |
|-----|-------------------------------------|

| 11. | ACQUIRED      INTANGIBLE ASSETS, NET |
|-----|--------------------------------------|

|                                      |   | September 30, |    |
|-------------------------------------------|--------|--------------------|---------|
|                                      |   | 2007               |    |   | 2008 |   |
|                                      |   | RMB                |    |   | RMB |   |
|                                      |   |               |    |   |   |   |
| Technology      rights for licensed seeds |   |               | 51,217  |   |   |   | 53,104 |   |
| Distribution      network                 |   |               | 6,975   |   |   |   | 6,975 |   |
| Trademark                                 |   |               | 1,764   |   |   |   | 1,764 |   |
| Others                                    |   |               | 1,518   |   |   |   | 1,519 |   |
|                                      |   |               |    |   |   |   |   |   |
|                                      |   |               | 61,474  |   |   |   | 63,362 |   |
| Accumulated      amortization             |   |               | (16,066 | ) |   |   | (26,743 | ) |
| Impairment      provision                 |   |               | (2,351  | ) |   |   | (4,314 | ) |
|                                      |   |               |    |   |   |   |   |   |
| Acquired      intangible assets, net      |   |               | 43,057  |   |   |   | 32,305 |   |

| Year ending September 30, |   | RMB    |   |
|---------------------------|--------|--------|--------|
|                      |   |   |   |
| 2009                      |   |   | 10,700 |   |
| 2010                      |   |   | 8,929  |   |
| 2011                      |   |   | 6,440  |   |
| 2012                      |   |   | 2,831  |   |
| 2013                      |   |   | 1,049  |   |
|                      |   |   |   |   |
| Total                     |   |   | 29,949 |   |

----

| 12. | OTHER      ASSETS |
|-----|-------------------|

|                                                     |          |   | September 30, |   |
|----------------------------------------------------------|---------------|--------|--------------------|--------|
|                                                     |          |   | 2007               |   |   | 2008 |   |
|                                                     |          |   | RMB                |   |   | RMB |   |
|                                                     |          |   |               |   |   |   |   |
| Prepaid      lease                                       |          |   |               | 645    |   |   |   | 960 |   |
| Deposits      for purchase of acquired intangible assets | Note      (i) |   |               | 1,400  |   |   |   | 8,700 |   |
| Deposits      for purchase of plant and equipment        |          |   |               | 4,463  |   |   |   | 4,911 |   |
| Deposits      for leased properties and land use rights  |          |   |               | 6,718  |   |   |   | 6,150 |   |
| Others                                                   |          |   |               | 80     |   |   |   | 60 |   |
|                                                     |          |   |               |   |   |   |   |   |   |
|                                                     |          |   |               | 13,306 |   |   |   | 20,781 |   |

|   | Note (i): | The      Company entered into new technology transfer agreements with certain      investors of new seed products and paid  deposits. |
|--------|----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| 13. | BORROWINGS |
|-----|------------|

|                       |   | September 30, |    |
|----------------------------|--------|--------------------|---------|
|                       |   | 2007               |    |   | 2008 |   |
|                       |   | RMB                |    |   | RMB |   |
|                       |   |               |    |   |   |   |
| Short-term      borrowings |   |               | 268,400 |   |   |   | 163,940 |   |
|                       |   |               |    |   |   |   |   |   |
| Long-term      borrowings  |   |               | 1,880   |   |   |   | 940 |   |

----

| 14. | CONVERTIBLE      NOTES |
|-----|------------------------|

----

| 14. | CONVERTIBLE      NOTES - Continued |
|-----|------------------------------------|

|                          |   | As      ofJuly 25, 2007 |   |   | As ofSeptember 30,2007 |   |   | As ofJuly 28, 2008 |   |   | As ofSeptember 30,2008 |   |
|-------------------------------|--------|-----------------------------------|--------|--------|----------------------------------|--------|--------|-----------------------------------|--------|--------|----------------------------------|--------|
|                          |   |                              |   |   |                             |   |   |                              |   |   |                             |   |
| Risk-free      rate of return |   |                              | 4.78   | %      |                             |   | 4.24   | %                                 |   |   | 3.12                             | %      |   |   | 2.63 | % |
| Time      to expiration       |   | 5      years                      |   |   | 4.82      years                  |   |   | 4      years                      |   |   | 3.82      years                  |   |
| Volatility      rate          |   |                              | 49.12  | %      |                             |   | 49.12  | %                                 |   |   | 77.00                            | %      |   |   | 76.00 | % |
| Dividend      yield           |   |                              | -      |   |                             |   | -      |                              |   |   | -                                |   |   |   | - |   |

----

| 15.  | OTHER      PAYABLES AND ACCRUED EXPENSES |
|-----------|------------------------------------------|

|                                                                                          |            |   | September      30, |   |
|-----------------------------------------------------------------------------------------------|-----------------|--------|--------------------|--------|
|                                                                                          |            |   | 2007               |   |   | 2008 |   |
|                                                                                          |            |   | RMB                |   |   | RMB |   |
|                                                                                          |            |   |               |   |   |   |   |
| Payable      for purchase of plant and equipment                                              |            |   |               | 2,722  |   |   |   | 353 |   |
| Payable      for purchase of land use rights                                                  |            |   |               | -      |   |   |   | 620 |   |
| Professional      fee payable                                                                 |            |   |               | 8,180  |   |   |   | 6,734 |   |
| Salaries      payable                                                                         |            |   |               | 5,925  |   |   |   | 6,192 |   |
| Accrued      staff bonus                                                                      |            |   |               | 1,905  |   |   |   | 1,757 |   |
| Accrued      interest                                                                         |            |   |               | 2,534  |   |   |   | 2,073 |   |
| Accrued      compensation expenses                                                            |            |   |               | 995    |   |   |   | 550 |   |
| Other      taxes payable                                                                      |            |   |               | 1,422  |   |   |   | 480 |   |
| Deposits      from growers                                                                    |            |   |               | 5,398  |   |   |   | 2,674 |   |
| Due      to former shareholders of Denong                                                     |            |   |               | 7,396  |   |   |   | 7,386 |   |
| Payable      for labor union and education expenses                                           |            |   |               | 1,569  |   |   |   | 1,798 |   |
| Loans      from employees of Denong                                                           | Note      (i)   |   |               | 360    |   |   |   | 310 |   |
| Loans      from employees of Beijing                                                          | Note      (ii)  |   |               | 1,623  |   |   |   | 1,623 |   |
| Loans      from third parties                                                                 | Note      (iii) |   |               | 4,000  |   |   |   | 3,600 |   |
| Convertible      notes  and accrued interest – current portion (note      14) |            |   |               | -      |   |   |   | 34,092 |   |
| Others                                                                                        |            |   |               | 6,025  |   |   |   | 3,055 |   |
|                                                                                          |            |   |               |   |   |   |   |   |   |
|                                                                                          |            |   |               | 50,054 |   |   |   | 73,297 |   |

|   | Note      (i): | RMB360      and RMB310 were borrowed from employees of Denong with interest of 12.5%      per annum at the years ended September 30, 2007 and 2008      respectively. |
|--------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Note      (ii): | RMB1,623      was borrowed from employees of Beijing Origin with interest free,      unsecured and have no fixed repaymentterms. |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

|  | Note(iii): | RMB4,000      and RMB3,600 were borrowed from third party companies with interest free,      unsecured and have no fixed repayment terms at the years ended September      30, 2007 and 2008respectively. |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | OTHER      LONG-TERM LIABILITIES |
|-----|----------------------------------|

----

| 17. | SHARE      OPTION PLAN |
|-----|------------------------|

|                                                             |   | Tranche      1        |     |   | Tranche      2        |   |   | Tranche      3      |   |   | Tranche      4     |   |
|------------------------------------------------------------------|--------|-----------------------|----------|--------|-----------------------|--------|--------|---------------------|--------|--------|--------------------|--------|
|  Grant      date                                            |   | November      8, 2005 |     |   | October      22, 2007 |   |   | March      28, 2008 |   |   | June      16, 2008 |   |
|                                                             |   |                  |     |   |                  |   |   |                |   |   |               |   |
| Options      outstanding at October 1, 2006                      |   |                  | 974,000  |   |                  |   | -      |                |   |   | -                  |   |   |   | - |   |
| Options      granted                                             |   |                  | -        |   |                  |   | -      |                |   |   | -                  |   |   |   | - |   |
| Options      exercised                                           |   |                  | -        |   |                  |   | -      |                |   |   | -                  |   |   |   | - |   |
| Options      cancelled/forfeited/expired                         |   |                  | (45,000  | )      |                  |   | -      |                |   |   | -                  |   |   |   | - |   |
|                                                             |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
| Options      outstanding as of September      30, 2007           |   |                  | 929,000  |   |                  |   | -      |                |   |   | -                  |   |   |   | - |   |
| Number      of options granted                                   |   |                  | -        |   |                  |   | 20,000 |                |   |   | 381,000            |   |   |   | 10,000 |   |
| Options      exercised                                           |   |                  | -        |   |                  |   | -      |                |   |   | (39,633            | )      |   |   | - |   |
| Options      cancelled/forfeited/expired                         |   |                  | (180,252 | )      |                  |   | -      |                |   |   | (3,959             | )      |   |   | - |   |
|                                                             |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
| Option      outstanding as of  September      30, 2008 |   |                  | 748,748  |   |                  |   | 20,000 |                |   |   | 337,408            |   |   |   | 10,000 |   |
|                                                             |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
| Options      vested and exercisable                              |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
|    At      September 30, 2007                     |   |                  | 472,417  |   |                  |   | -      |                |   |   | -                  |   |   |   | - |   |
|                                                             |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
|    At      September 30, 2008                     |   |                  | 576,693  |   |                  |   | 7,667  |                |   |   | 248,806            |   |   |   | 7,500 |   |
|                                                             |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
| Weighted      average fair value at      the grant date (USD)    |   |                  | 2.69     |   |                  |   | 4.55   |                |   |   | 2.69               |   |   |   | 3.42 |   |

----

| 17. | SHARE      OPTION PLAN - Continued |
|-----|------------------------------------|

|                                 |   | Tranche 1 |   |   | Tranche 2 |   |   | Tranche 3* |   |   | Tranche 4 |   |
|--------------------------------------|--------|----------------|--------|--------|----------------|--------|--------|-----------------|--------|--------|----------------|--------|
|                                 |   |           |   |   |           |   |   |            |   |   |           |   |
| Exercise      price (USD)            |   |           | 8.75   |   |           |   | 9.27   |            |   |   | 5.30           |   |   |   | 6.64 |   |
| Average      risk-free interest rate |   |           | 4.47   | %      |           |   | 4.08   | %               |   |   | 2.51           | %      |   |   | 3.73 | % |
| Expected      option life (year)     |   |           | 3.5    |   |           |   | 3.8    |            |   |   | 2.7            |   |   |   | 2.9 |   |
| Volatility      rate                 |   |           | 30.79  | %      |           |   | 60.86  | %               |   |   | 78.17          | %      |   |   | 77.27 | % |
| Dividend      yield                  |   |           | -      |   |           |   | -      |            |   |   | -              |   |   |   | - |   |

| 18.  | TREASURY      STOCK |
|-----------|---------------------|

| 19. | INCOME      TAXES |
|-----|-------------------|

----

----

| 19. | INCOME      TAXES - Continued |
|-----|-------------------------------|

|     |   | Nine months endedSeptember 30, |   |   | Year endedSeptember 30, |   |
|----------|--------|-----------------------------------------------|--------|--------|-----------------------------------|--------|
|     |   | 2006                                          |   |   | 2007                              |   |   | 2008 |   |
|     |   | RMB                                           |   |   | RMB                               |   |   | RMB |   |
|     |   |                                          |   |   |                              |   |   |   |   |
| Current  |   |                                          | 1,428  |   |                              |   | 8,737 |   |   |   | 9,369 |   |
| Deferred |   |                                          | (1,061 | )      |                              |   | (8,786 | ) |   |   | (13,364 | ) |
|     |   |                                          |   |   |                              |   |   |   |   |   |   |   |
|     |   |                                          | 367    |   |                              |   | (49 | ) |   |   | (3,995 | ) |

|                                            |   | September 30, |    |
|-------------------------------------------------|--------|--------------------|---------|
|                                            |   | 2007               |    |   | 2008 |   |
|                                            |   | RMB                |    |   | RMB |   |
| Non-current      deferred tax assets:           |   |               |    |   |   |   |
| Net      operating loss carry forward           |   |               | 21,747  |   |   |   | 42,517 |   |
| Impairment      on inventory                    |   |               | 14,353  |   |   |   | 5,159 |   |
| Others                                          |   |               | 5,579   |   |   |   | 8,087 |   |
|                                            |   |               |    |   |   |   |   |   |
| Non-current      deferred income tax assets     |   |               | 41,679  |   |   |   | 55,763 |   |
| Valuation      allowances                       |   |               | (28,851 | ) |   |   | (29,571 | ) |
|                                            |   |               |    |   |   |   |   |   |
| Net      non-current deferred income tax assets |   |               | 12,828  |   |   |   | 26,192 |   |

----

| 19. | INCOME      TAXES - Continued |
|-----|-------------------------------|

|                                                     |   | Year ended September 30, |    |
|----------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                     |   | 2007                                    |    |   | 2008 |   |
|                                                     |   | RMB                                     |    |   | RMB |   |
| Calendar year ending,                                    |   |                                    |    |   |   |   |
| 2008                                                     |   |                                    | 4,526   |   |   |   | 4,526 |   |
| 2009                                                     |   |                                    | 11,227  |   |   |   | 11,227 |   |
| 2010                                                     |   |                                    | 1,225   |   |   |   | 1,225 |   |
| 2011                                                     |   |                                    | 30,402  |   |   |   | 30,402 |   |
| 2012                                                     |   |                                    | 74,983  |   |   |   | 59,494 |   |
| 2013                                                     |   |                                    | -       |   |   |   | 98,777 |   |
| Tax      losses that can be carried forward indefinitely |   |                                    | -       |   |   |   | - |   |
|                                                     |   |                                    |    |   |   |   |   |   |
|                                                     |   |                                    | 122,363 |   |   |   | 205,651 |   |

|                                          |   | Nine months endedSeptember 30, |   |   | Year endedSeptember 30, |   |
|-----------------------------------------------|--------|-----------------------------------------------|--------|--------|-----------------------------------|--------|
|                                          |   | 2006                                          |   |   | 2007                              |   |   | 2008 |   |
|                                          |   | %                                             |   |   | %                                 |   |   | % |   |
|                                          |   |                                          |   |   |                              |   |   |   |   |
| Statutory      rate                           |   |                                          | 33     |   |                              |   | 33 |   |   |   | 25 |   |
| Effect      of preferential tax treatment     |   |                                          | (24    | )      |                              |   | (15 | ) |   |   | (6 | ) |
| Effect      of different tax jurisdiction     |   |                                          | 3      |   |                              |   | (2 | ) |   |   | (16 | ) |
| Permanent      book-tax difference            |   |                                          | 1      |   |                              |   | 1 |   |   |   | 16 |   |
| Effect      of changes of applicable tax rate |   |                                          | -      |   |                              |   | - |   |   |   | (9 | ) |
| Change      in valuation allowance            |   |                                          | (13    | )      |                              |   | (14 | ) |   |   | (2 | ) |
| Under      (over) provision in prior year     |   |                                          | 1      |   |                              |   | (3 | ) |   |   | 1 |   |
|                                          |   |                                          |   |   |                              |   |   |   |   |   |   |   |
| Effective      income tax rate                |   |                                          | 1      |   |                              |   | - |   |   |   | 9 |   |

----

| 20. | INCOME      (LOSS) PER SHARE |
|-----|------------------------------|

|                                                                                           |   | Nine      months ended September      30, |       |   | Year      endedSeptember      30, |   |
|------------------------------------------------------------------------------------------------|--------|-------------------------------------------|------------|--------|-----------------------------------|--------|
|                                                                                           |   | 2006                                      |       |   | 2007                              |   |   | 2008 |   |
|                                                                                           |   | RMB                                       |       |   | RMB                               |   |   | RMB |   |
|                                                                                           |   |                                      |       |   |                              |   |   |   |   |
| Net      income (loss) (numerator), basic and diluted                                          |   |                                      | 76,331     |   |                              |   | (163,200 | ) |   |   | (43,286 | ) |
|                                                                                           |   |                                      |       |   |                              |   |   |   |   |   |   |   |
| Shares      (denominator), basic:                                                              |   |                                      |       |   |                              |   |   |   |   |   |   |   |
| Common      stock outstanding                                                                  |   |                                      | 23,472,910 |   |                              |   | 22,974,059 |   |   |   | 23,013,692 |   |
| Weighted      average common stock outstanding used in computing basic income per      share   |   |                                      | 23,472,910 |   |                              |   | 23,268,062 |   |   |   | 22,987,270 |   |
|                                                                                           |   |                                      |       |   |                              |   |   |   |   |   |   |   |
| Shares      (denominator), diluted:                                                            |   |                                      |       |   |                              |   |   |   |   |   |   |   |
| Weighted      average common stock outstanding                                                 |   |                                      | 23,472,910 |   |                              |   | 23,268,062 |   |   |   | 22,987,270 |   |
| Earnings      contingency (note 1)                                                             |   |                                      | 1,500,000  |   |                              |   | - |   |   |   | - |   |
| Share      options (note 17)                                                                   |   |                                      | 214,843    |   |                              |   | - |   |   |   | - |   |
| Weighted      average common stock outstanding used in computing diluted income per      share |   |                                      | 25,187,753 |   |                              |   | 23,268,062 |   |   |   | 22,987,270 |   |
|                                                                                           |   |                                      |       |   |                              |   |   |   |   |   |   |   |
| Net      income per share-basic                                                                |   | RMB                                       | 3.25       |   |                              | RMB    | (7.01) |   |   | RMB | (1.88) |   |
|                                                                                           |   |                                      |       |   |                              |   |   |   |   |   |   |   |
| Net      income per share-diluted                                                              |   | RMB                                       | 3.03       |   |                              | RMB    | (7.01) |   |   | RMB | (1.88) |   |

| 21. | WARRANTS      AND UNIT PURCHASE OPTIONS |
|-----|-----------------------------------------|

----

| 21. | WARRANTS      AND UNIT PURCHASE OPTIONS -Continued |
|-----|----------------------------------------------------|

| 22. | EMPLOYEE      BENEFIT PLAN AND PROFITAPPROPRIATION |
|-----|----------------------------------------------------|

----

| 23. | COMMITMENTS      AND CONTINGENCIES |
|-----|------------------------------------|

|  | (a) | Capital      commitments |
|--|-----|--------------------------|

|                       |   | RMB    |   |
|----------------------------|--------|--------|--------|
|                       |   |   |   |
| Equipment                  |   |   | 2,821  |   |
| Technology      use rights |   |   | 8,950  |   |
|                       |   |   |   |   |
|                       |   |   | 11,771 |   |

|  | (b) | Operating      lease |
|--|-----|----------------------|

|                      |   | RMB    |   |
|---------------------------|--------|--------|--------|
| Year ending September 30, |   |   |   |
| 2009                      |   |   | 2,148  |   |
| 2010                      |   |   | 840    |   |
| 2011                      |   |   | 833    |   |
| 2012                      |   |   | 424    |   |
| 2013                      |   |   | 909    |   |
| Thereafter                |   |   | 8,023  |   |
|                      |   |   |   |   |
|                      |   |   | 13,177 |   |

|   | (c) | On      March 6, 2006, Changrong entered into a contract with the Corn Research      Institution of Jilin Academy of Agricultural Science to pay RMB5,000 every      year from 2006 to 2016 for research and development      activities. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Contingent      tax liabilities |
|--------|-----|---------------------------------|

----

| 24.  | SUBSEQUENT      EVENT |
|-----------|-----------------------|

----

| 25.  | FAIR      VALUE OF FINANCIAL INSTRUMENTS |
|-----------|------------------------------------------|

| 26. | SEGMENT      AND GEOGRAPHIC INFORMATION |
|-----|-----------------------------------------|

| 27.  | OPERATING      RISK |
|-----------|---------------------|

----