----

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| o |   | 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 |
|---------------|--------|------------------------------------------------------------------------------------------------|

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

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

Securities registered or to be registered pursuant toSection 12(b) of the Act.

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

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| U.S.  GAAP      x | International      Financial Reporting Standard as    | Other      o |
|-----------------------------|-------------------------------------------------------|--------------|
|                        | Issued      by the International Accounting Standards |         |
|                        | Board      o                                          |         |

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----

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ORIGIN AGRITECH LIMITED

| INTRODUCTION                                           |   |
|--------------------------------------------------------|--------|
| PART      I                                            |   |   |   |
| Item      1.                                           |   | Identity      of Directors, Senior Management and Advisers | 7 |
| Item      2.                                           |   | Offer      Statistics and Expected Timetable | 7 |
| Item      3.                                           |   | Key      Information | 8 |
| Item      4.                                           |   | Information      on the Company | 53 |
| Item      5.                                           |   | Operating      and Financial Review and Prospects | 85 |
| Item      6.                                           |   | Directors,      Senior Management and Employees | 118 |
| Item      7.                                           |   | Major      Shareholders and Related Party Transactions | 132 |
| Item      8.                                           |   | Financial      Information | 136 |
| Item      9.                                           |   | The      Offer and Listing | 137 |
| Item      10.                                          |   | Additional      Information | 142 |
| Item      11.                                          |   | Quantitative      and Qualitative Disclosures About Market Risk | 153 |
| Item      12.                                          |   | Description      of Securities Other than Equity Securities | 154 |
|                                                   |   |   |   |
| PART      II                                           |   |   |   |
| Item      13.                                          |   | Defaults,      Dividend Arrearages and Delinquencies | 155 |
| Item      14.                                          |   | Material      Modifications to the Rights of Security Holders and Use of      Proceeds | 155 |
| Item      15.                                          |   | Controls      and Procedures | 155 |
| Item      16A.                          |   | Audit      Committee Financial Expert | 157 |
| Item      16B.                                         |   | Code      of Ethics | 158 |
| Item      16C.                                         |   | Principal      Accountant Fees and Services | 158 |
| Item      16D.                                         |   | Exemption      from the Listing Standards for Audit Committees | 159 |
| Item      16E.                                         |   | Purchases      of Equity Securities by the Issuer and Affiliated    Purchasers | 159 |
|                                                   |   |   |   |
| PART      III                                          |   |   |   |
| Item      17.                                          |   | Financial      Statements | 160 |
| Item      18.                                          |   | Financial      Statements | 160 |
| Item      19.                                          |   | Exhibits | 160 |
|                                                   |   |   |   |
| 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 five 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, Jilin      Changrong High-tech Seed Limited, or Jilin Changrong and Linze Origin Seed      Limited, or Linze Origin; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | “last      year,” “fiscal year 2009,” “the year ended September 30, 2009” and “the      fiscal year ended September 30, 2009” refer to the twelve months ended      September 30, 2009, 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 or  expenditures; |
|--------|--------|--------------------------------------------------------------------------|

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

|   | · | 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 seedproducts; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | the      future development of agricultural biotechnology as a whole and the impact      of genetically modified crop seeds in our  industry; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      scope and impact of the policies and regulations regarding genetically      modified seed products in China, and our ability to apply for and receive      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 or    impairments; |
|--------|--------|----------------------------------------------------------------------------|

|   | · | expected      changes in our sources of revenue 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 to accommodate growing company needs      under acceptable terms and at reasonable cost;  and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      adequacy of our facilities for our future  operations. |
|--------|--------|-----------------------------------------------------------------|

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

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

----

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

|   | · | 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 the growth of our business and introduction of genetically modified      products; |
|--------|--------|-------------------------------------------------------------------------------------------------------|

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

|   | · | general      economic conditions in the PRC and worldwide; and |
|--------|--------|----------------------------------------------------------------|
|   |   |                                                           |
|   | · | geopolitical      events and regulatory changes.               |

----

PART I

ITEM1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 

ITEM2. OFFER STATISTICS AND EXPECTED TIMETABLE  

----

ITEM3. KEY INFORMATION  

----

|                                                                     |   | For      the year |       |   | For      the nine  |   |       |                    |   |
|--------------------------------------------------------------------------|--------|-------------------|------------|--------|--------------------|--------|------------|-------------------------|--------|
| (in      thousands,                                                 |   | ended             |       |   | months      ended  |   |       | For      the year ended |   |
| except      share data)                                                  |   | December      31, |       |   | September      30, |   |       | September      30,      |   |
|                                                                     |   | 2005              |       |   | 2006               |   |       | 2007                    |   |   | 2008 |   |   | 2009 |   |
|                                                                     |   | RMB               |       |   | RMB                |   |       | RMB                     |   |   | RMB |   |   | RMB |   |   | US$(1) |   |
| Consolidated      statement of operations and comprehensive income data: |   |              |       |   |               |   |       |                    |   |   |   |   |   |   |   |   |   |   |
| Net      revenues                                                        |   |              | 207,291    |   |               |   | 522,999    |                    |   |   | 489,379 |   |   |   | 513,490 |   |   |   | 592,492 |   |   |   | 86,761 |   |
| Cost      of revenues                                                    |   |              | (129,162   | )      |               |   | (362,982   | )                       |   |   | (462,852 | ) |   |   | (404,795 | ) |   |   | (392,842 | ) |   |   | (57,526 | ) |
| Gross profit                                                        |   |              | 78,129     |   |               |   | 160,017    |                    |   |   | 26,527 |   |   |   | 108,695 |   |   |   | 199,650 |   |   |   | 29,235 |   |
| Selling      and marketing                                               |   |              | (27,037    | )      |               |   | (49,651    | )                       |   |   | (57,994 | ) |   |   | (53,203 | ) |   |   | (55,648 | ) |   |   | (8,149 | ) |
| General      and administrative                                          |   |              | (28,983    | )      |               |   | (40,933    | )                       |   |   | (92,246 | ) |   |   | (73,355 | ) |   |   | (64,833 | ) |   |   | (9,495 | ) |
| Research      and development                                            |   |              | (6,977     | )      |               |   | (13,144    | )                       |   |   | (28,441 | ) |   |   | (24,513 | ) |   |   | (33,473 | ) |   |   | (4,902 | ) |
| Total      operating expenses                                            |   |              | (62,997    | )      |               |   | (103,728   | )                       |   |   | (178,681 | ) |   |   | (151,071 | ) |   |   | (153,954 | ) |   |   | (22,546 | ) |
| Other      operating income                                              |   |              | 2,309      |   |               |   | -          |                    |   |   | - |   |   |   | - |   |   |   |   |   |   |   |   |   |
| Income      (loss) from operations                                       |   |              | 17,441     |   |               |   | 56,289     |                    |   |   | (152,154 | ) |   |   | (42,376 | ) |   |   | 45,696 |   |   |   | 6,689 |   |
| Interest      income                                                     |   |              | 886        |   |               |   | 8,783      |                    |   |   | 10,942 |   |   |   | 5,199 |   |   |   | 2,036 |   |   |   | 298 |   |
| Interest      expenses                                                   |   |              | (1,829     | )      |               |   | (5,005     | )                       |   |   | (21,697 | ) |   |   | (36,939 | ) |   |   | (16,784 | ) |   |   | (2,458 | ) |
| Other      income (expense)                                              |   |              | 300        |   |               |   | 2,893      |                    |   |   | 1,312 |   |   |   | 628 |   |   |   | (49,110 | ) |   |   | (7,192 | ) |
| Equity      in earnings of associated company                            |   |              | 879        |   |               |   | 12,828     |                    |   |   | (669 | ) |   |   | (7702 | ) |   |   | 4,669 |   |   |   | 684 |   |
| Changes      in the fair value of embedded derivatives                   |   |              | -          |   |               |   | -          |                    |   |   | 12,601 |   |   |   | 20,229 |   |   |   | 3,300 |   |   |   | 483 |   |
| Income      (loss) before income taxes                              |   |              | 17,677     |   |               |   | 75,788     |                    |   |   | (149,665 |   |   |   | (45,557 | ) |   |   | (10,193 | ) |   |   | (1,496 | ) |
| Income      benefit (tax)                                                |   |              | (1,405     | )      |               |   | (367       | )                       |   |   | (49 | ) |   |   | 3,995 |   |   |   | (11,732 | ) |   |   | (1,718 | ) |
| Income (loss)      before minority interests                        |   |              | 16,272     |   |               |   | 75,421     |                    |   |   | (149,616 | ) |   |   | (41,562 | ) |   |   | (21,925 | ) |   |   | (3,211 | ) |
| Minority      interests                                                  |   |              | (137       | )      |               |   | 910        |                    |   |   | (13,584 |   |   |   | (1,724 | ) |   |   | (18,892 | ) |   |   | (2,766 | ) |
| Net      income (loss)                                                   |   |              | 16,409     |   |               |   | 76,331     |                    |   |   | (163,200 |   |   |   | (43,286 | ) |   |   | (40,817 | ) |   |   | (5,977 | ) |
|                                                                     |   |              |       |   |               |   |       |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss)      attributable to ordinary shareholders            |   |              | 16,409     |   |               |   | 76,331     |                    |   |   | (163,200 | ) |   |   | (43,286 | ) |   |   | (40,817 | ) |   |   | (5,977 | ) |
| Net      income (loss) per share:                                        |   |              |       |   |               |   |       |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   |              | 1.52       |   |               |   | 3.25       |                    |   |   | (7.01 | ) |   |   | (1.88 | ) |   |   | (1.77 | ) |   |   | (0.26 | ) |
| Diluted                                                                  |   |              | 1.46       |   |               |   | 3.03       |                    |   |   | (7.01 | ) |   |   | (1.88 | ) |   |   | (1.77 | ) |   |   | (0.26 | ) |
| Shares      used in computation:                                         |   |              |       |   |               |   |       |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   |              | 10,786,719 |   |               |   | 23,472,910 |                    |   |   | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 23,013,692 |   |   |   | 23,013,692 |   |
| Diluted                                                                  |   |              | 11,220,157 |   |               |   | 25,187,753 |                    |   |   | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 23,013,692 |   |   |   | 23,013,692 |   |

----

| (in      thousands)                   |   | December      31, |    |   | September      30, |   |
|---------------------------------------|--------|-------------------|---------|--------|--------------------|--------|
|                                  |   | 2005              |    |   | 2006               |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
|                                  |   | RMB               |    |   | RMB                |   |   | RMB |   |   | RMB |   |   | RMB |   |   | US$ |   |
| Consolidated      balance sheet data: |   |              |    |   |               |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents        |   |              | 237,828 |   |               |   | 140,953 |   |   |   | 162,314 |   |   |   | 102,263 |   |   |   | 121,255 |   |   |   | 17,756 |   |
| Current      working capital(2)       |   |              | 149,610 |   |               |   | 208,809 |   |   |   | 294,976 |   |   |   | 77,966 |   |   |   | (33,533 | ) |   |   | (4,910 | ) |
| Total      assets                     |   |              | 798,769 |   |               |   | 984,126 |   |   |   | 1,110,983 |   |   |   | 894,296 |   |   |   | 824,544 |   |   |   | 120,742 |   |
| Deferred      revenue                 |   |              | 181,583 |   |               |   | 24,101 |   |   |   | 23,238 |   |   |   | 34,848 |   |   |   | 18,280 |   |   |   | 2,677 |   |
| Total      current liabilities        |   |              | 499,616 |   |               |   | 509,631 |   |   |   | 499,347 |   |   |   | 487,576 |   |   |   | 546,822 |   |   |   | 80,074 |   |
| Total      liabilities                |   |              | 504,368 |   |               |   | 512,511 |   |   |   | 765,291 |   |   |   | 591,048 |   |   |   | 546,822 |   |   |   | 80,074 |   |
| Minority      interests               |   |              | 3,234   |   |               |   | 13,049 |   |   |   | 48,775 |   |   |   | 39,224 |   |   |   | 51,389 |   |   |   | 7,525 |   |
| Total      shareholders’ equity |   |              | 291,167 |   |               |   | 458,566 |   |   |   | 296,917 |   |   |   | 264,024 |   |   |   | 226,333 |   |   |   | 33,143 |   |

| (1)      Translation of Renminbi amounts into United States dollar amounts has been      made for the convenience of the reader for the year ended September 30,      2009 and has been made at the exchange rate quoted by the middle rate by      the State Administration of Foreign Exchange in China on September 30,      2009 of RMB6.829 to US$1.00. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                         |
| (2)      Current working capital is the difference between total current assets and      total current liabilities.                                                                                                                                                                                                                                          |

----

----

|      |   | Average(1)           |   | High   |   | Low    |   | Period-end |
|-----------|--------|----------------------|--------|--------|--------|--------|--------|------------|
|      |   | (RMB      per $1.00) |
| 2005      |   |                 | 8.1940 |   | 8.2765 |   |   | 8.0702     |   | 8.0920 |
| 2006      |   |                 | 7.9723 |   | 8.0702 |   |   | 7.8041     |   | 7.9040 |
| 2007      |   |                 | 7.6947 |   | 7.9168 |   |   | 7.4928     |   | 7.4928 |
| 2008      |   |                 | 7.0578 |   | 7.5158 |   |   | 6.7800     |   | 6.7899 |
| 2009      |   |                 | 6.8328 |   | 6.8527 |   |   | 6.8201     |   | 6.8262 |
| July      |   |                 | 6.8320 |   | 6.8336 |   |   | 6.8307     |   | 6.8335 |
| August    |   |                 | 6.8322 |   | 6.8352 |   |   | 6.8303     |   | 6.8312 |
| September |   |                 | 6.8289 |   | 6.8316 |   |   | 6.8271     |   | 6.8262 |
| October   |   |                 | 6.8275 |   | 6.8285 |   |   | 6.8267     |   | 6.8281 |
| November  |   |                 | 6.8274 |   | 6.8282 |   |   | 6.8267     |   | 6.8272 |
| December  |   |                 | 6.8279 |   | 6.8287 |   |   | 6.8268     |   | 6.8282 |

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

----

----

----

----

There has been a worldwide increase in the development andapplication of genetically modified agricultural products to increase thequality and quantity of crop yields.  The production and commercialsale of genetically modified corn and rice seeds has just been allowed inChina.  Therefore, we still will rely primarily upon traditionalmethods of creating crop seed hybrids to develop new products.  Asgovernment policies change to allow more genetically modified corn seeds anddemand develops for these products, we expect that we will produce geneticallymodified products to meet customer demands to the extent we are able. There is arisk that our current steps to respond to the potential competitive threat posedby genetically modified agricultural products, including our research anddevelopment activities with respect to genetically modified crop seeds, may notenable us to compete successfully.

----

|                                                                                                        |   | YearEndedSeptember 30,2007 |       |   | YearEndedSeptember 30,2008 |   |       | Year EndedSeptember 30,2009 |   |
|-------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|---------------------------------|--------|------------|---------------------------------------|--------|
| Revenue      resulting from licensed hybrid seeds                                                           |   | $                               | 52,052,737 |   |                            | $      | 52,023,150 |                                  |   | $ | 50,513,090 |   |
| Percentage      of our total seed revenue resulting from licensed hybrid    seeds                           |   |                            | 79.7       | %      |                            |   | 68.79      | %                                     |   |   | 58.22 | % |
| Revenue      resulting from internally developed proprietary hybrid    seeds                                |   | $                               | 13,260,433 |   |                            | $      | 23,603,275 |                                  |   | $ | 36,248,141 |   |
| Percentage      of our total seed revenue resulting from internally developed proprietary      hybrid seeds |   |                            | 20.3       | %      |                            |   | 31.21      | %                                     |   |   | 41.78 | % |

----

|                                                                                                                                                               |   | YearEndedSeptember 30,2007 |       |   | YearEndedSeptember 30,2008 |   |       | YearEndedSeptember 30, 2009 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|---------------------------------|--------|------------|---------------------------------------|--------|
| Revenue      resulting from hybrid seeds developed and produced under our license      agreements with the significant licensors                                   |   | $                               | 17,101,856 |   |                            | $      | 24,938,593 |                                  |   | $ | 20,378,080 |   |
| Percentage      of our total seed revenue resulting from hybrid seeds developed and      produced under our license agreements with the significant      licensors |   |                            | 26.18      | %      |                            |   | 32.98      | %                                     |   |   | 23.49 | % |

|   | · | 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 may occur, leading to the formation of companies which may      be 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 orservices. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 thanus; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 for  expansion; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 theBoard; |
|--------|--------|--------------------------------------------------|

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

|   | · | Yasheng      Yang, our Vice Chairman. |
|--------|--------|---------------------------------------|

----

Efforts to protect our intellectual property rights and to defendagainst claims against us can increase our costs and will not always succeed.Any failures could adversely affect our sales and results of operations orrestrict our ability to conduct our business.

----

----

----

We may be exposed to product quality claims, which may cause usto incur substantial legal expenses and, if determined adversely against us, maycause us to pay significant damage awards.

----

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----

----

----

----

----

----

----

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----

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

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

|  | · | Yasheng      Yang, our Vice Chairman. |
|--|--------|---------------------------------------|

Risks relating to doing business in China

----

|   | · | 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. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

Under China’s New Enterprise Income Tax Law, we may be classifiedas a “resident enterprise” of China. Such classification could result inunfavorable tax consequences to us and our non-PRCshareholders.

----

A return to profit repatriation controls may limit our ability topay dividends and expand our business, and may reduce the attractiveness ofinvesting in PRC business opportunities.

----

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Restrictions on currency exchange may limit our ability toreceive and use our revenues effectively. 

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|   | · | 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. |
|--------|--------|---------------------------------------------------------------------------------------|

----

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|   | · | 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 twelve monthsended September 30, |   | For the year endedSeptember 30, |   | For the year ended September30, |   | For the year endedSeptember 30, |
|-------------------------------------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------------|
| 2006                                                              |   | 2007                                                |   | 2008                                                |   | 2009                                                |
| RMB                                                               |   | RMB                                                 |   | RMB                                                 |   | RMB                                                 |
| 27.64      million                                                |   | 36.53      million                                  |   | RMB19.66      million                               |   | 18.80million                                        |
| (US$3.50      million)                                            |   | (US$4.88      million)                              |   | (US$2.90million)                                    |   | (US$2.75      million)                              |

----

|                                                                                                        |   | Twelve MonthsEndedSeptember 30,2006 |       |   | Year EndedSeptember 30,2007 |   |       | Year EndedSeptember 30,2008 |   |   | Year EndedSeptember 30,2009 |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|--------|---------------------------------------|--------|------------|---------------------------------------|--------|--------|---------------------------------------|--------|
| Revenue      resulting from licensed hybrid seeds                                                           |   | $                                             | 58,572,673 |   |                                  | $      | 52,052,737 |                                  |   | $      | 52,023,150                            |   |   | $ | 50,513,090 |   |
| Percentage      of our total seed revenue resulting from licensed hybrid    seeds                           |   |                                          | 88.52      | %      |                                  |   | 79.7       | %                                     |   |   | 68.79                                 | %      |   |   | 58.22 | % |
| Revenue      resulting from internally developed proprietary hybrid    seeds                                |   | $                                             | 7,596,282  |   |                                  | $      | 13,260,433 |                                  |   | $      | 23,603,275                            |   |   | $ | 36,248,141 |   |
| Percentage      of our total seed revenue resulting from internally developed proprietary      hybrid seeds |   |                                          | 11.48      | %      |                                  |   | 20.3       | %                                     |   |   | 31.21                                 | %      |   |   | 41.78 | % |

----

| Year   |   | Varieties of Seed Products |   |
|--------|--------|-------------------------------------------|--------|
|   |   | Corn                                      |   | Cotton |   | Rice |   | Canola |   | Total |   |
| 2007   |   |                                      | 44     |   | 11 |   |   | 60 |   | 9 |   |   | 124 |   |
| 2008   |   |                                      | 47     |   | 16 |   |   | 57 |   | 15 |   |   | 127 |   |
| 2009   |   |                                      | 46     |   | 13 |   |   | 53 |   | 7 |   |   | 119 |   |

----

| Year                               |   | Revenues* |
|------------------------------------|--------|-----------|
|                               |   | Corn      |   | Cotton |   | Rice |   | Canola |
|                               |   | RMB       |   | RMB |   | RMB |   | RMB |
| 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 |
| Year      ended September 30, 2009 |   |      | 414,625,462 |   | 9,917,053 |   |   | 125,134,572 |   | 42,747,377 |

----

| For the nine months |       | For the twelve months |       |       | For the year ended |   |       | For the year ended |    |   | For the Year Ended |       |
|------------------------------------|------------|--------------------------------------|------------|------------|-----------------------------------|--------|------------|-----------------------------------|---------|--------|-----------------------------------|------------|
| ended September 30,      |       | ended September 30         |       |       | September 30,                |   |       | September 30,                |    |   | September 30,                |       |
|                               |       |                                 |       |       |                              |   |       |                              |    |   |                              |       |
| 2006                               |       | 2006      (unaudited)                |       |       | 2007                              |   |       | 2008                              |    |   | 2009                              |       |
| RMB                                |       | RMB                                  |       |       | RMB                               |   |       | RMB                               |    |   | RMB                               |       |
| 13,143,768                         |       |                                 | 14,157,671 |       |                              |   | 28,440,781 |                              |    |   | 24,512,551                        |       |   |   | 33,473,117 |   |
| US$                           | (1,662,926 | )                               | US$   | (1,791,203 | )                            |   | US$   | (3,795,748                        | )  |   | US$                          | (3,610,149 | )  |   | US$  | (4,901,613 | )  |

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| No. |   |   | Name of Variety |   |   | Name of SeedProduct |
|-----|--------|--------|---------------------------|--------|--------|-------------------------------|
| 1   |   |   | AoTian 8210          |   |   | Corn                          |
| 2   |   |   | Ao      Yu 1              |   |   | Corn                          |
| 3   |   |   | Ao      Yu 20             |   |   | Corn                          |
| 4   |   |   | Ao      Yu 2              |   |   | Corn                          |
| 5   |   |   | Ao      Yu 3007           |   |   | Corn                          |
| 6   |   |   | Ao      Yu 3101           |   |   | Corn                          |
| 7   |   |   | Ao      Yu 3102           |   |   | Corn                          |

----

| 8  |   |   | Ao      Yu 3111      |   |   | Corn |
|----|--------|--------|----------------------|--------|--------|------|
| 9  |   |   | Ao      Yu 3118      |   |   | Corn |
| 10 |   |   | Ao      Yu 3202      |   |   | Corn |
| 11 |   |   | Ao      Yu 3206      |   |   | Corn |
| 12 |   |   | Ao      Yu 3210      |   |   | Corn |
| 13 |   |   | Ao      Yu 3220      |   |   | Corn |
| 14 |   |   | Ao      Yu 4         |   |   | Corn |
| 15 |   |   | Ao      Yu 5102      |   |   | Corn |
| 16 |   |   | Ao      Yu 5         |   |   | Corn |
| 17 |   |   | Ji      Dan262       |   |   | Corn |
| 18 |   |   | Ji      Dan29        |   |   | Corn |
| 19 |   |   | Ji      Dan413       |   |   | Corn |
| 20 |   |   | Ji      Dan515       |   |   | Corn |
| 21 |   |   | Ji      Si 8         |   |   | Corn |
| 22 |   |   | Lin      Ao 1        |   |   | Corn |
| 23 |   |   | Yu      Ao 6         |   |   | Corn |
| 24 |   |   | Fei      You 98      |   |   | Rice |
| 25 |   |   | Gang      You 94-11  |   |   | Rice |
| 26 |   |   | Nei      Xiang You 9 |   |   | Rice |
| 27 |   |   | Zhong      You 456   |   |   | Rice |
| 28 |   |   | II      You 456      |   |   | Rice |
| 29 |   |   | Liang      You 456   |   |   | Rice |
| 30 |   |   | De      Xiang Zao 4  |   |   | Rice |
| 31 |   |   | De      Nong 108     |   |   | Rice |
| 32 |   |   | De      Nong 102     |   |   | Rice |
| 33 |   |   | De      Nong 88      |   |   | Rice |
| 34 |   |   | De      Nong 89      |   |   | Rice |
| 35 |   |   | De      Nong Zao 6   |   |   | Rice |
| 36 |   |   | De      Nong 90      |   |   | Rice |
| 37 |   |   | De      Nong 644     |   |   | Rice |
| 38 |   |   | Zheng      Cheng 644 |   |   | Rice |

----

| 39 |   |   | Nei      Xiang You 3618          |   |   | Rice   |
|----|--------|--------|----------------------------------|--------|--------|--------|
| 40 |   |   | Zhong  9      You 1254 |   |   | Rice   |
| 41 |   |   | Nei      Xiang You 3618          |   |   | Rice   |
| 42 |   |   | De      You 8                    |   |   | Canola |
| 43 |   |   | De      You 13                   |   |   | Canola |
| 44 |   |   | De      You 22-1                 |   |   | Canola |
| 45 |   |   | Ao      Mian 4                   |   |   | Cotton |
| 46 |   |   | Ao      Mian 6                   |   |   | Cotton |
| 47 |   |   | Ao      Mian 618                 |   |   | Cotton |

----

| Varietiesof CornSeeds |   | 2007 Sales |   |   | 2008 Sales |   |   | 2009 Sales |   |
|-----------------------|--------|------------|--------|--------|------------|--------|--------|------------|--------|
| LinAo1                |   |       | 6.36   | %      |       |   | 5.66   | %          |   |   | 3.79 | % |
| AoYu      17          |   |       | 1.35   | %      |       |   | 1.38   | %          |   |   | 1.11 | % |
| Liyu      16          |   |       | 13.97  | %      |       |   | 10.42  | %          |   |   | 12.99 | % |
| AoYu      19          |   |       | 0      | %      |       |   | 0.01   | %          |   |   | 0.00 | % |
| Liyu      26          |   |       | 0.12   | %      |       |   | 0.27   | %          |   |   | 0.30 | % |
| Liyu35                |   |       | 0.76   | %      |       |   | 7.14   | %          |   |   | 8.42 | % |
| Total                 |   |       | 22.56  | %      |       |   | 24.88  | %          |   |   | 26.61 | % |

----

----

|   | (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 activitiesinclude: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | a demonstration program that      provides technical assistance to customers regarding the correct seed      choice and proper cultivationmethods; |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 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. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | 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. |
|--------|--------|------------------------------------------------------------------------------------------------------------|

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| 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 Beijing Origin        |
| Linze      Origin               |   | Linze,      Gansu Province, PRC                              |   | 100%      owned by BeijingOrigin        |

----

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| 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  | % |

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----

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

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| ·  | 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. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                     |   | For the year ended |     |   | For the nine months |   |   | For the twelve months |   |   |                                                                   |   |   | For the year ended |   |
|--------------------------------------------------------------------------|--------|-----------------------------------|----------|--------|------------------------------------|--------|--------|--------------------------------------|--------|--------|------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
| Item                                                                     |   | Decmber 31                   |     |   | ended September 30       |   |   | ended September 30         |   |   | For the twelve months ended September 30 |   |   | 30-Sep                            |   |
|                                                                     |   | 2005                              |     |   | 2006                               |   |   | 2006 (unaudited)                |   |   | 2007                                                                   |   |   | 2008                              |   |   | 2009 |   |
|                                                                     |   | In                                |     |   | As %                          |   |   |                                 |   |   | As %                                                              |   |   |                              |   |   | As % |   |   |   |   |   | As % |   |   |   |   |   | As % |   |   |   |   |   | As % |   |
|                                                                     |   |  thousands RMB          |     |   | of netrevenue                 |   |   | In thousandsRMB                 |   |   | of netrevenue                                                     |   |   | In thousandsRMB              |   |   | of netrevenue |   |   | In thousandsRMB |   |   | of netrevenue |   |   | In thousandsRMB |   |   | of netrevenue |   |   | In thousandsRMB |   |   | of netrevenue |   |
| Consolidated      statement of operations and comprehensive income data: |   |                              |     |   |                               |   |   |                                 |   |   |                                                                   |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                                 |   |                              | 207,291  |   |                               |   | 100    |                                 |   |   | 522,999                                                                |   |   |                              | 100    |   |   |   | 521,910 |   |   |   | 100 |   |   |   | 489,379 |   |   |   | 100 |   |   |   | 513,490 |   |   |   | 100 |   |   |   | 592,492 |   |   |   | 100 |   |
| Cost      of revenues                                                    |   |                              | -129,162 |   |                               |   | -62.31 |                                 |   |   | -362,982                                                               |   |   |                              | -69    |   |   |   | -365,726 |   |   |   | -70.07 |   |   |   | -462,852 |   |   |   | -94.58 |   |   |   | -404,795 |   |   |   | -78.83 |   |   |   | -392,842 |   |   |   | -66.30 |   |
| Gross profit                                                        |   |                              | 78,129   |   |                               |   | 37.69  |                                 |   |   | 160,017                                                                |   |   |                              | 31     |   |   |   | 156,184 |   |   |   | 29.93 |   |   |   | 26,527 |   |   |   | 5.42 |   |   |   | 108,695 |   |   |   | 21.17 |   |   |   | 199,650 |   |   |   | 33.70 |   |
|                                                                     |   |                            |     |   |                             |   |   |                               |   |   |                                                                 |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling      and marketing                                               |   |                              | -27,037  |   |                               |   | -13.04 |                                 |   |   | -49,651                                                                |   |   |                              | -9     |   |   |   | -57,695 |   |   |   | -11.05 |   |   |   | -57,994 |   |   |   | -11.85 |   |   |   | -53,203 |   |   |   | -10.36 |   |   |   | -55,648 |   |   |   | -9.39 |   |
| General      and administrative                                          |   |                              | -28,983  |   |                               |   | -13.98 |                                 |   |   | -40,933                                                                |   |   |                              | -8     |   |   |   | -50,204 |   |   |   | -9.62 |   |   |   | -92,246 |   |   |   | -18.85 |   |   |   | -73,355 |   |   |   | -14.29 |   |   |   | -64,833 |   |   |   | -10.94 |   |
| Research      and development                                            |   |                              | -6,977   |   |                               |   | -3.37  |                                 |   |   | -13,144                                                                |   |   |                              | -3     |   |   |   | -14,158 |   |   |   | -2.71 |   |   |   | -28,441 |   |   |   | -5.81 |   |   |   | -24,513 |   |   |   | -4.77 |   |   |   | -33,473 |   |   |   | -5.65 |   |
| Total      operating expenses                                            |   |                              | -62,997  |   |                               |   | -30.39 |                                 |   |   | -103,728                                                               |   |   |                              | -20    |   |   |   | -122,057 |   |   |   | -23.39 |   |   |   | -178,681 |   |   |   | -36.51 |   |   |   | -151,071 |   |   |   | -29.42 |   |   |   | -153,954 |   |   |   | -25.98 |   |
|                                                                     |   |                            |     |   |                             |   |   |                               |   |   |                                                                 |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      operating income                                              |   |                              | 2,309    |   |                               |   | 1.11   |                                 |   |   | -                                                                      |   |   |                              | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                            |     |   |                             |   |   |                               |   |   |                                                                 |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      from operations                                              |   |                              | 17,441   |   |                               |   | 8.41   |                                 |   |   | 56,289                                                                 |   |   |                              | 11     |   |   |   | 34,127 |   |   |   | 6.54 |   |   |   | -152,154 |   |   |   | -31.09 |   |   |   | -42,376 |   |   |   | -8.25 |   |   |   | 45,696 |   |   |   | 7.71 |   |
|                                                                     |   |                            |     |   |                             |   |   |                               |   |   |                                                                 |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      income                                                     |   |                              | 886      |   |                               |   | 0.43   |                                 |   |   | 8,783                                                                  |   |   |                              | 2      |   |   |   | 9,294 |   |   |   | 1.77 |   |   |   | 10,942 |   |   |   | 2.24 |   |   |   | 5,199 |   |   |   | 1.01 |   |   |   | 2,036 |   |   |   | 0.34 |   |
| Interest      expenses                                                   |   |                              | -1,829   |   |                               |   | -0.88  |                                 |   |   | -5,005                                                                 |   |   |                              | -1     |   |   |   | -5,391 |   |   |   | -1.03 |   |   |   | -21,697 |   |   |   | -4.43 |   |   |   | -36,939 |   |   |   | -7.19 |   |   |   | -16,784 |   |   |   | -2.83 |   |
| Other      income                                                        |   |                              | 300      |   |                               |   | 0.14   |                                 |   |   | 2,893                                                                  |   |   |                              | 1      |   |   |   | 5,441 |   |   |   | 1.04 |   |   |   | 1,312 |   |   |   | 0.27 |   |   |   | 628 |   |   |   | 0.12 |   |   |   | 1,991 |   |   |   | 0.34 |   |
| Loss      on repurchase of convertible notes                             |   |                              | -        |   |                               |   | -      |                                 |   |   | -                                                                      |   |   |                              | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 51,101 |   |   |   | -8.62 |   |
| Equity      in earnings of associated company                            |   |                              | 879      |   |                               |   | 0.42   |                                 |   |   | 12,828                                                                 |   |   |                              | 2      |   |   |   | 13,400 |   |   |   | 2.57 |   |   |   | -669 |   |   |   | -0.14 |   |   |   | 7,702 |   |   |   | 1.50 |   |   |   | 4,669 |   |   |   | 0.79 |   |
| Changes      in the fair value of embedded derivatives                   |   |                              | -        |   |                               |   | -      |                                 |   |   | -                                                                      |   |   |                              | -      |   |   |   | - |   |   |   | - |   |   |   | 12,601 |   |   |   | 2.57 |   |   |   | 20.229 |   |   |   | 3.94 |   |   |   | 3,300 |   |   |   | 0.56 |   |
| Income      before income taxes                                          |   |                              | 17,677   |   |                               |   | 8.53   |                                 |   |   | 75,788                                                                 |   |   |                              | 14     |   |   |   | 56,862 |   |   |   | 10.89 |   |   |   | (149,665 | ) |   |   | (30.58 | ) |   |   | (45,557 | ) |   |   | (8.87 | ) |   |   | -10,193 |   |   |   | -1.72 |   |
| Income      tax                                                          |   |                              | (1,405   | )      |                               |   | (0.68  | )                                    |   |   | (367                                                                   | )      |   |                              | (0     | ) |   |   | (566 | ) |   |   | (0.11 | ) |   |   | 49 |   |   |   | 0.01 |   |   |   | 3,995 |   |   |   | 0.78 |   |   |   | (11,732 | ) |   |   | (1.98 | ) |
| Income      before minority interests                                    |   |                              | 16,272   |   |                               |   | 7.85   |                                 |   |   | 75,421                                                                 |   |   |                              | 14     |   |   |   | 56,260 |   |   |   | 10.78 |   |   |   | (149,616 | ) |   |   | (30.57 | ) |   |   | (41,562 | ) |   |   | (8.09 | ) |   |   | -21,925 |   |   |   | -3.70 |   |
| Minority      interests                                                  |   |                              | 137      |   |                               |   | 0.07   |                                 |   |   | 910                                                                    |   |   |                              | 0      |   |   |   | 1,558 |   |   |   | 0.30 |   |   |   | (13,584 | ) |   |   | (2.78 | ) |   |   | (1,724 | ) |   |   | (0.34 | ) |   |   | -18,892 |   |   |   | (3.19 | ) |
| Net      income                                                          |   |                              | 16,409   |   |                               |   | 7.92   |                                 |   |   | 76,331                                                                 |   |   |                              | 15     |   |   |   | 57,818 |   |   |   | 11.08 |   |   |   | (163,200 | ) |   |   | (33.35 | ) |   |   | (43,286 | ) |   |   | (8.43 | ) |   |   | (40,817 | ) |   |   | (6.89 | ) |

----

----

| Items                     |   | Revenues                              |    |   | Gross Margin                     |   |
|---------------------------|--------|---------------------------------------|---------|--------|---------------------------------------|--------|
|                      |   | Year endedSeptember30, 2009 |    |   | Year endedSeptember30, 2008 |   |   | Growth |   |   | Year endedSeptember30, 2009 |   |   | Year endedSeptember30, 2008 |   |   | Growth |   |
|                      |   | RMB’000                         |    |   | RMB’000                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hybrid      Corn seeds*   |   |                                  | 411,405 |   |                                  |   | 355,890 |   |   |   | 15.60 | % |   |   | 40.60 | % |   |   | 35.58 | % |   |   | 14.11 | % |
| Hybrid      Rice seeds*   |   |                                  | 125,135 |   |                                  |   | 95,083 |   |   |   | 31.61 | % |   |   | 16.5 | % |   |   | 16.93 | % |   |   | -2.54 | % |
| Hybrid      Cotton seeds* |   |                                  | 9,917   |   |                                  |   | 16,622 |   |   |   | -40.34 | % |   |   | 49.9 | % |   |   | 36.93 | % |   |   | 35.12 | % |
| Hybrid      Canola seeds* |   |                                  | 42,747  |   |                                  |   | 23,774 |   |   |   | 79.81 | % |   |   | 41.99 | % |   |   | 66.54 | % |   |   | -36.90 | % |
| Others**                  |   |                                  | 68      |   |                                  |   | 59 |   |   |   | 15.25 | % |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                  |    |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      normal sales*  |   |                                  | 589,272 |   |                                  |   | 491,428 |   |   |   | 19.91 | % |   |   | 35.60 | % |   |   | 31.56 | % |   |   | 12.80 | % |

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| Item                                                                   |   | Year endedDecember 31 |    |   | Nine months endedSeptember 30 |   |    | TwelveMonth endedSeptember 30 |   |   | Year ended September 30 |   |
|------------------------------------------------------------------------|--------|---------------------------------|---------|--------|----------------------------------------------|--------|---------|-----------------------------------------|--------|--------|----------------------------------------|--------|
| (In thousands)                                                    |   |                            |    |   | 2005                                         |   |    |                                    |   |   | 2006                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   | 2005                            |    |   | (unaudited)                                  |   |    | 2006                                    |   |   | (unaudited)                            |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2009 |   |
|                                                                   |   | RMB                             |    |   | RMB                                          |   |    | RMB                                     |   |   | RMB                                    |   |   | RMB |   |   | RMB |   |   | RMB |   |   | US$ |   |
|                                                                   |   |                            |    |   |                                         |   |    |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      cash (used in) provided by Operating activities               |   |                            | 24,387  |   |                                         |   | (19,900 | )                                       |   |   | (123,260                               | )      |   |   | (78,973 | ) |   |   | (169,242 | ) |   |   | 57,198 |   |   |   | 208,883 |   |   |   | 30,588 |   |
|                                                                   |   |                            |    |   |                                         |   |    |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      cash (used in) provided by investing activities               |   |                            | (62,722 | )      |                                         |   | (39,082 | )                                       |   |   | (244,972                               | )      |   |   | (268612 | ) |   |   | (90,948 | ) |   |   | 107,630 |   |   |   | (15,891 | ) |   |   | (2,328 | ) |
|                                                                   |   |                            |    |   |                                         |   |    |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      cash (used in) provided by financing activities               |   |                            | 207,706 |   |                                         |   | 6,740   |                                    |   |   | 275,006                                |   |   |   | 475,972 |   |   |   | 283,774 |   |   |   | (212,025 | ) |   |   | (175,933 | ) |   |   | (25,763 | ) |
|                                                                   |   |                            |    |   |                                         |   |    |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      increase(decrease) in cash and cash equivalents               |   |                            | 169,371 |   |                                         |   | (52,242 | )                                       |   |   | (93,226                                | )      |   |   | 128,387 |   |   |   | 23,584 |   |   |   | (47,197 | ) |   |   | 17,059 |   |   |   | 2,494 |   |
|                                                                   |   |                            |    |   |                                         |   |    |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents,  Beginning of year                |   |                            | 68,848  |   |                                         |   | 68,848  |                                    |   |   | 237,828                                |   |   |   | 237,828 |   |   |   | 140,953 |   |   |   | 162,314 |   |   |   | 102,263 |   |   |   | 14,975 |   |
|                                                                   |   |                            |    |   |                                         |   |    |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effect      of exchange rate changes on cash and cash equivalents |   |                            | (391    | )      |                                         |   | 45      |                                    |   |   | (3,649                                 | )      |   |   | (4,085 | ) |   |   | (2,223 | ) |   |   | 12,854 | ) |   |   | 1,933 |   |   |   | 287 |   |
|                                                                   |   |                            |    |   |                                         |   |    |                                    |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents, end of year                            |   |                            | 237,828 |   |                                         |   | 16,651  |                                    |   |   | 140,953                                |   |   |   | 362,130 |   |   |   | 162,314 |   |   |   | 102,263 |   |   |   | 121,255 |   |   |   | 17,756 |   |

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|                                 |   |   |    | Payments due by September 30, |    |
|--------------------------------------|--------|--------|---------|---------------------------------------------------|---------|
|                                 |   |   |    | Within                                            |    |   |   |   |   |   |   |   |   |   |   |
|                                 |   | Total  |    | 2010                                              |    | 2011 |   | 2012 |   | 2013 |   | 2014 |   | Thereafter |   |
|                                 |   | RMB000 |    | RMB000                                            |    | RMB000 |   | RMB000 |   | RMB000 |   | RMB000 |   | RMB000 |   |
|                                 |   |   |    |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Lease Obligations     |   |   | 12,630  |                                              | 1,292   |   |   | 965 |   | 491 |   |   | 976 |   | 490 |   |   | 8,416 |   |
| Capital      Commitments (1)         |   |   | 5,098   |                                              | 5,098   |   |   | - |   | - |   |   | - |   | - |   |   | - |   |
| Purchase      Obligations (4)        |   |   | 32,083  |                                              | 5,000   |   |   | 5,000 |   | 5,000 |   |   | 5,000 |   | 5,000 |   |   | 7,083 |   |
| Convertible      Notes (3)           |   |   | 117,896 |                                              | 117,896 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Short-Term      Debt Obligations (2) |   |   | 80,290  |                                              | 80,290  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                 |   |   |    |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                |   |   | 247,997 |                                              | 209,576 |   |   | 5,965 |   | 5,491 |   |   | 5,976 |   | 5,490 |   |   | 15,499 |   |

----

----

|  | (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 ZhengzhouBranch. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | 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 of which US$17.3 million      remained outstanding as of September 30,  2009. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | 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)   |   | 54     |   | Chairman      of the Board                           |
| Liang      Yuan (2)     |   | 52     |   | Director,      President and Chief Executive Officer |
| Yasheng      Yang (3)   |   | 47     |   | Vice      Chairman of the Board                      |
| Bailiang      Zhang     |   | 68     |   | Independent      Director                            |
| James      Kang (4)     |   | 50     |   | Independent      Director                            |
| Min      Tang (5)       |   | 56     |   | Independent      Director                            |
| Yingqi      Xia (6)     |   | 56     |   | Independent      Director                            |
| Michael      W. Trimble |   | 52     |   | Independent      Director                            |
| Remo      Richli        |   | 46     |   | Independent      Director                            |
| Irving      Kau (7)     |   | 35     |   | Acting      Chief FinancialOfficer                   |

----

----

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| Name                 |   | OrdinarySharesUnderlyingOutstandingOption |   | ExercisePrice |    | Grant Date |   | Expiration Date  |
|----------------------|--------|-------------------------------------------|--------|---------------|---------|-----------------|--------|-----------------------|
| Gengchen      Han    |   |                                      | 34,500 |          | $  | 4.00/Share      |   | November      8, 2005 |   | November      8, 2010 |
| Liang      Yuan      |   |                                      | 13,800 |          | $  | 4.00/Share      |   | November      8, 2005 |   | November      8, 2010 |
| Yasheng      Yang    |   |                                      | 27,600 |          | $  | 4.00/Share      |   | November      8, 2005 |   | November      8, 2010 |
| Remo      Richli     |   |                                      | 4,750  |          | $  | Res Stock       |   | November      8, 2005 |   | November      8, 2010 |
|                 |   |                                      | 15,000 |          | $  | 5.30/Share      |   | March      28, 2008   |   | March      27, 2013 |
| Bailiang      Zhang  |   |                                      | 2,850  |          | $  | Res      Stock  |   | 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 |

----

----

|  | · | 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. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------|

----

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| Areas      of Operations      |   | Number ofEmployees |   |   | Percentage ofTotal |   |
|-------------------------------|--------|-------------------------|--------|--------|-------------------------|--------|
| Research      and Development |   |                    | 136    |   |                    |   | 15.56 | % |
| Sales      and Marketing      |   |                    | 281    |   |                    |   | 32.15 | % |
| Production                    |   |                    | 251    |   |                    |   | 28.72 | % |
| Quality      Control          |   |                    | 58     |   |                    |   | 6.64 | % |
| Others                        |   |                    | 148    |   |                    |   | 16.93 | % |
| Total                         |   |                    | 874    |   |                    |   | 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)                   |   |                                               | 3,435,400 |   |   |   | 14.4 | % |
| Liang      YuanChief Executive Officer,      Director (1) (3)         |   |                                               | 3,336,400 |   |   |   | 14.2 | % |
| Yasheng      YangVice Chairman of the Board and      Director (1) (4) |   |                                               | 1,946,550 |   |   |   | 8.3 | % |
| Michael      W. TrimbleDirector      (6)                              |   |                                               | 9,332     |   |   |   | 0.04 | % |
| Bailing      ZhangDirector      (7)                                   |   |                                               | 12,850    |   |   |   | 0.05 | % |
| Remo      RichliDirector      (9)                                     |   |                                               | 19,750    |   |   |   | 0.08 | % |
| Principal      Shareholders:                                          |   |                                               |      |   |   |   |   |   |
| Heartland      Associates                                             |   |                                               | 3,838,787 |   |   |   | 16.33 | % |
| Claymore      Advisors                                                |   |                                               | 813,075   |   |   |   | 3.46 | % |
| Royce      and Associates                                             |   |                                               | 430,488   |   |   |   | 1.83 | % |

* Beneficial ownership and percentage is determined in accordancewith Rule 13d-3 under the Securities Exchange Act of 1934, asamended.

----

|  | (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. Includes      34,500 shares that may be acquired under exercisable stock      options. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (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.  Includes 13,800 shares that may be acquired under      exercisable stock options. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (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.  Includes 27,600 shares that may be acquired under      exercisable stock options. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | The business address of Mr.      Trimble is 6159 Brandywine Drive, Johnston, IA 50131. Represents 27,850      shares that may be acquired under exercisable stock      options. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | Represents      12,850 shares that may be acquired under exercisable stock      options. |
|--|-----|------------------------------------------------------------------------------------------|

|  | (7) | Represents 12,850 shares that may      be acquired under exercisable stock  options. |
|--|-----|--------------------------------------------------------------------------------------|

|  | (8) | The business address of Mr.      Richli is Centralbahnstr. 7, CH-4002,      Basel, Switzerland.  Represents 19,750      shares that may be acquired under exercisable stock    options. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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ITEM 7. MAJOR SHAREHOLDERS ANDRELATED PARTY TRANSACTIONS  

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Corn Inbred License Agreement

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Technology Transfer Agreement

ITEM 8. FINANCIAL INFORMATION 

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We have not experienced any significant changes sincethe date of our audited consolidated financial statements included in thisAnnual Report.

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|                                                                       |   | 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 (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 |   |
| Year      2009 (until September 30 2009)                                   |   |                                                | N/A    |   |                                |   | N/A    |                                   |   |   | N/A                                      |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 6.46 |   |   |   | 1.70 |   |
|                                                                       |   |                                                |   |   |                                |   |   |                                   |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Quarterly      Market Prices                                          |   |                                                |   |   |                                |   |   |                                   |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 |   |

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| 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 2008ended 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   |   |
| Second      Quarter 2009 ended March 31, 2009        |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 3.52   |   |   |   | 1.70   |   |
| Third      Quarter 2009ended June 30, 2009           |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 6.31   |   |   |   | 2.50   |   |
| Fourth Quarter 2009      ended September 30, 2009    |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 6.46   |   |   |   | 3.75   |   |
| First Quarter      2010ended December 31, 2009       |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   |   |   |   |   |   |   |

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| Monthly      Market Prices |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|----------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 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   |   |

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| 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   |   |
| March      2009             |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 3.52   |   |   |   | 1.70   |   |
| April      2009             |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 3.77   |   |   |   | 2.50   |   |
| May      2009               |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 5.99   |   |   |   | 3.26   |   |
| June      2009              |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 6.31   |   |   |   | 3.74   |   |
| July      2009              |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 5.11   |   |   |   | 3.75   |   |
| August      2009            |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 5.25   |   |   |   | 4.12   |   |
|  September 2009 |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 6.46   |   |   |   | 4.05   |   |
| October      2009           |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 5.59   |   |   |   | 4.46   |   |
| November      2009          |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 13.53  |   |   |   | 4.43   |   |
| December      2009          |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   |   |   |   |   |   |   |

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E.Dilution. 

ITEM 10. ADDITIONAL INFORMATION

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China’s government imposes control over the convertibility ofRenminbi into foreign currencies. Under the current unified floating exchangerate system, the China Foreign Exchange Transaction Center, authorized by thePeople’s Bank of China, publishes a daily exchange rate for Renminbi, or thePBOC Exchange Rate, based on the weighted average of quotations from all themarket makers in the inter-bank foreign exchange market before open quotation.Financial institutions authorized to deal in foreign currency may enter intoforeign exchange transactions at exchange rates within an authorized range aboveor below the PBOC Exchange Rate according to market conditions.

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The followingis a general summary of certain material British Virgin Islands and  U.S. federal income taxconsiderations. The discussion is not intended to be,   nor should it be construed as, legalor tax advice to any particular   prospective shareholder. Thediscussion is based on laws and relevant   interpretations thereof in effect asof the date hereof, all of which are   subject to change or differentinterpretations, possibly with retroactive   effect. The discussion does notaddress United States state or local tax laws,   or tax laws of jurisdictions otherthan the British Virgin Islands and the United   States.

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|   | · | 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. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

This discussion is based on the U.S. Internal Revenue Code of1986, as amended, which we refer to in this discussion as the Code, itslegislative history, existing and proposed regulations promulgated thereunder,published rulings and court decisions, all as currently in effect. These lawsare subject to change, possibly on a retroactive basis. In addition, thisdiscussion relies on our assumptions regarding the value of our shares and thenature of our business over time.

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|   | · | 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. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Subject to the “Passive Foreign Investment Company” discussionbelow, if we do make distributions and you are a U.S. Holder, the gross amountof any distributions you receive on your ordinary shares will generally betreated as dividend income if the distributions are made from our current oraccumulated earnings and profits, calculated according to U.S. federal incometax principles. Dividends will generally be subject to U.S. federal income taxas ordinary income on the day you actually or constructively receive suchincome. However, if you are an individual and have held your ordinary shares fora sufficient period of time, dividend distributions on our ordinary shares willgenerally constitute qualified dividend income taxed at a preferential rate(generally 15% for dividend distributions before January 1, 2011) as long as ourordinary shares continue to be readily tradable on the NASDAQ Global SelectMarket and certain other conditions apply. You should consult your own taxadviser as to the rate of tax that will apply to you with respect to dividenddistributions, if any, you receive from us.

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We believe that we were not a PFIC for the taxable year 2009.However, there can be no assurance that we will not be a PFIC for the taxableyear 2009 and/or later taxable years, as PFIC status is re-tested each year anddepends on the facts in such year. For example, we would be a PFIC for thetaxable year 2009 if the sum of our average market capitalization, which is ourshare price multiplied by the total number of our outstanding shares, and ourliabilities over that taxable year was not more than twice the value of ourcash, cash equivalents, and other assets producing passive income or held forproduction of passive income. We could also be a PFIC for any taxable year ifthe gross income that we and our subsidiaries earn from passive investments issubstantial in comparison with the gross income from our businessoperations.

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Non-U.S.Holders  

|   | · | 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. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

HOLDERS OF OUR ORDINARY SHARES SHOULD CONSULT WITH THEIR OWN TAXADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIRPARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES RESULTING FROM PURCHASING,HOLDING OR DISPOSING OF THE ORDINARY SHARES, INCLUDING THE APPLICABILITY ANDEFFECT OF THE TAX LAWS OF ANY STATE, LOCAL OR FOREIGN JURISDICTION AND INCLUDINGESTATE, GIFT, AND INHERITANCE LAWS.

----

ITEM 11. QUANTITATIVE AND QUALITATIVEDISCLOSURES ABOUT MARKET RISK   

----

ITEM 12. DESCRIPTION OF SECURITIESOTHER THAN EQUITY SECURITIES

----

PART II

|  | (a) | Disclosure Controls and      Procedures: As of September 30, 2009 (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.  We have determined those controls      are effective as of September 30,2009. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

All internal control systems, no matter how well designed, haveinherent limitations. Therefore, even those systems determined to be effectivemay not provide or detect misstatements and can only provide reasonableassurances with respect to financial statement preparation and presentation.Also, projections of any evaluation of effectiveness to future periods aresubject to the risk that controls may become inadequate because of changes inconditions, or that the degree of compliance with the policies or procedures maydeteriorate.

----

BDO Limited, our independent registered public accounting firm,has issued an attestation report which is included in Item 18 of this AnnualReport on Form 20-F.

----

agree-upon procedures for the quarterly financial statementsduring the year ended September 30, 2008 and 2009 were $0.105 million and$0.08 million respectively.

----

----

PART III

ITEM17. FINANCIAL STATEMENTS  

ITEM18. FINANCIAL STATEMENTS  

The consolidated financial statements for the Companyand its subsidiaries are included at the end of this AnnualReport.

| 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, Exhibit 99.2)                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                   |
| 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 CFR240.15d-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 Limited to incorporation of its report on the Registrant's      consolidated financial statements into Registrant's Registration      Statements on Form S-8 |

SIGNATURE

| Date:      January 14, 2010 | ORIGIN      AGRITECH LIMITED |
|-----------------------------|------------------------------|
|                        |                         |
|                        | /s/ Liang Yuan               |
|                        | Name:                        | Liang      Yuan |
|                        | Title:                       | Chief      Executive Officer |

----

----

ORIGIN AGRITECH LIMITED

| CONTENTS                                                                                                                                            |   | PAGE       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|
|                                                                                                                                                |   |       |
| REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                                                        |   | F -      1 |
|                                                                                                                                                |   |       |
| CONSOLIDATED      BALANCE SHEETS AS OF SEPTEMBER 30, 2008 AND 2009                                                                                  |   | F -      3 |
|                                                                                                                                                |   |       |
| CONSOLIDATED      STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2007, 2008 AND      2009                                               |   | F -      4 |
|                                                                                                                                                |   |       |
| CONSOLIDATED      STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE  INCOME FOR      THE YEARS ENDED SEPTEMBER 30, 2007, 2008 AND 2009 |   | F -      5 |
|                                                                                                                                                |   |       |
| CONSOLIDATED      STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2007, 2008 AND      2009                                               |   | F -      6 |
|                                                                                                                                                |   |       |
| NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS                                                                                                 |   | F -      8 |

----

----

----

|                                                                                                                                                            |   | September 30, |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                                                            |   | 2008               |    |   | 2009 |   |   | 2009 |   |
|                                                                                                                                                            |   | RMB                |    |   | RMB |   |   | US$ |   |
| Assets                                                                                                                                                          |   |               |    |   |   |   |   |   |   |
| Current      assets:                                                                                                                                            |   |               |    |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                                                  |   |               | 102,263 |   |   |   | 121,255 |   |   |   | 17,756 |   |
| Restricted      bank deposits (note 13)                                                                                                                         |   |               | -       |   |   |   | 500 |   |   |   | 73 |   |
| Accounts      receivable, less allowance for doubtful amounts of RMB842 as of September      30, 2008 and 2009                                                  |   |               | 4,686   |   |   |   | 5,692 |   |   |   | 834 |   |
| Due      from related parties (note 4)                                                                                                                          |   |               | 10,542  |   |   |   | 7,004 |   |   |   | 1,026 |   |
| Advances      to suppliers (note 5)                                                                                                                             |   |               | 1,937   |   |   |   | 1,937 |   |   |   | 284 |   |
| Advances      to growers                                                                                                                                        |   |               | 45,488  |   |   |   | 24,681 |   |   |   | 3,614 |   |
| Inventories      (note 6)                                                                                                                                       |   |               | 387,734 |   |   |   | 341,770 |   |   |   | 50,047 |   |
| Income      tax recoverable (note 19)                                                                                                                           |   |               | 1,697   |   |   |   | 1,725 |   |   |   | 253 |   |
| Prepaid      expenses and other current assets (note 7)                                                                                                         |   |               | 11,195  |   |   |   | 8,725 |   |   |   | 1,277 |   |
|                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Total      current assets                                                                                                                                       |   |               | 565,542 |   |   |   | 513,289 |   |   |   | 75,164 |   |
| Land      use rights, net (note 8)                                                                                                                              |   |               | 21,055  |   |   |   | 20,496 |   |   |   | 3,001 |   |
| Plant      and equipment, net (note 9)                                                                                                                          |   |               | 146,372 |   |   |   | 152,962 |   |   |   | 22,399 |   |
| Equity      investments (note 10)                                                                                                                               |   |               | 65,384  |   |   |   | 65,453 |   |   |   | 9,585 |   |
| Goodwill      (note 1)                                                                                                                                          |   |               | 16,665  |   |   |   | 16,665 |   |   |   | 2,440 |   |
| Acquired      intangible assets, net (note 11)                                                                                                                  |   |               | 32,305  |   |   |   | 36,648 |   |   |   | 5,367 |   |
| Deferred      income tax assets (note 19)                                                                                                                       |   |               | 26,192  |   |   |   | 15,040 |   |   |   | 2,202 |   |
| Other      assets (note 12)                                                                                                                                     |   |               | 20,781  |   |   |   | 3,991 |   |   |   | 584 |   |
|                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Total      assets                                                                                                                                               |   |               | 894,296 |   |   |   | 824,544 |   |   |   | 120,742 |   |
|                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Liabilities,      minority interests and shareholders’ equity                                                                                             |   |               |    |   |   |   |   |   |   |   |   |   |
| Current      liabilities:                                                                                                                                       |   |               |    |   |   |   |   |   |   |   |   |   |
| Short-term      borrowings (note 13)                                                                                                                            |   |               | 163,940 |   |   |   | 80,290 |   |   |   | 11,757 |   |
| Accounts      payable                                                                                                                                           |   |               | 7,924   |   |   |   | 13,938 |   |   |   | 2,041 |   |
| Note      payable (note 14)                                                                                                                                     |   |               | -       |   |   |   | 117,896 |   |   |   | 17,264 |   |
| Due      to growers                                                                                                                                             |   |               | 14,033  |   |   |   | 9,619 |   |   |   | 1,409 |   |
| Due      to related parties (note 4)                                                                                                                            |   |               | 15,671  |   |   |   | 15,699 |   |   |   | 2,299 |   |
| Advances      from customers                                                                                                                                    |   |               | 138,804 |   |   |   | 219,963 |   |   |   | 32,210 |   |
| Deferred      revenues                                                                                                                                          |   |               | 34,848  |   |   |   | 18,280 |   |   |   | 2,677 |   |
| Income      tax payable                                                                                                                                         |   |               | 39,059  |   |   |   | 39,661 |   |   |   | 5,808 |   |
| Other      payables and accrued expenses (note 15)                                                                                                              |   |               | 73,297  |   |   |   | 31,476 |   |   |   | 4,609 |   |
|                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Total      current liabilities                                                                                                                                  |   |               | 487,576 |   |   |   | 546,822 |   |   |   | 80,074 |   |
| Long-term      borrowings (note 13)                                                                                                                             |   |               | 940     |   |   |   | - |   |   |   | - |   |
| Convertible      notes, net of discount of RMB79,935 as of September 30, 2008 (note      14)                                                                    |   |               | 65,294  |   |   |   | - |   |   |   | - |   |
| Embedded      derivatives-redemption feature (note 14)                                                                                                          |   |               | 33,580  |   |   |   | - |   |   |   | - |   |
| Other      long-term liabilities (note 16)                                                                                                                      |   |               | 3,658   |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Total      liabilities                                                                                                                                          |   |               | 591,048 |   |   |   | 546,822 |   |   |   | 80,074 |   |
| Minority      interests                                                                                                                                         |   |               | 39,224  |   |   |   | 51,389 |   |   |   | 7,525 |   |
| 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, 23,013,692 shares      issued and outstanding as of September 30, 2008      and  2009) |   |               | -       |   |   |   | - |   |   |   | - |   |
| Additional      paid-in capital                                                                                                                                 |   |               | 388,860 |   |   |   | 391,620 |   |   |   | 57,347 |   |
| Retained      earnings (deficit)                                                                                                                                |   |               | (84,690 | ) |   |   | (125,507 | ) |   |   | (18,379 | ) |
| Treasury      stock at cost (498,851 shares) (note 18)                                                                                                          |   |               | (29,377 | ) |   |   | (29,377 | ) |   |   | (4,302 | ) |
| Accumulated      other comprehensive loss                                                                                                                       |   |               | (10,769 | ) |   |   | (10,403 | ) |   |   | (1,523 | ) |
|                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Total      shareholders’ equity                                                                                                                           |   |               | 264,024 |   |   |   | 226,333 |   |   |   | 33,143 |   |
|                                                                                                                                                            |   |               |    |   |   |   |   |   |   |   |   |   |
| Total      liabilities, minority interests and shareholders’ equity                                                                                       |   |               | 894,296 |   |   |   | 824,544 |   |   |   | 120,742 |   |

----

|                                                                |   | Year ended September 30, |       |
|---------------------------------------------------------------------|--------|-----------------------------------------|------------|
|                                                                |   | 2007                                    |       |   | 2008 |   |   | 2009 |   |   | 2009 |   |
|                                                                |   | RMB                                     |       |   | RMB |   |   | RMB |   |   | US$ |   |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |
| Revenues                                                            |   |                                    | 489,379    |   |   |   | 513,490 |   |   |   | 592,492 |   |   |   | 86,761 |   |
| Cost      of revenues                                               |   |                                    | (462,852   | ) |   |   | (404,795 | ) |   |   | (392,842 | ) |   |   | (57,526 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      profit                                                   |   |                                    | 26,527     |   |   |   | 108,695 |   |   |   | 199,650 |   |   |   | 29,235 |   |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                            |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling      and marketing                                          |   |                                    | (57,994    | ) |   |   | (53,203 | ) |   |   | (55,648 | ) |   |   | (8,149 | ) |
| General      and administrative                                     |   |                                    | (92,246    | ) |   |   | (73,355 | ) |   |   | (64,833 | ) |   |   | (9,495 | ) |
| Research      and development                                       |   |                                    | (28,441    | ) |   |   | (24,513 | ) |   |   | (33,473 | ) |   |   | (4,902 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      operating expenses                                       |   |                                    | (178,681   | ) |   |   | (151,071 | ) |   |   | (153,954 | ) |   |   | (22,546 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) from operations                                  |   |                                    | (152,154   | ) |   |   | (42,376 | ) |   |   | 45,696 |   |   |   | 6,689 |   |
| Interest      expense                                               |   |                                    | (21,697    | ) |   |   | (36,939 | ) |   |   | (16,784 | ) |   |   | (2,458 | ) |
| Share      of earnings (loss) in equity investee companies          |   |                                    | (669       | ) |   |   | 7,702 |   |   |   | 4,669 |   |   |   | 684 |   |
| Interest      income                                                |   |                                    | 10,942     |   |   |   | 5,199 |   |   |   | 2,036 |   |   |   | 298 |   |
| Loss      on repurchase of convertible notes (note 14)              |   |                                    | -          |   |   |   | - |   |   |   | (51,101 | ) |   |   | (7,483 | ) |
| Other      income                                                   |   |                                    | 1,312      |   |   |   | 628 |   |   |   | 1,991 |   |   |   | 291 |   |
| Changes      in the fair value of embedded derivatives              |   |                                    | 12,601     |   |   |   | 20,229 |   |   |   | 3,300 |   |   |   | 483 |   |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) before income taxes and minority interests       |   |                                    | (149,665   | ) |   |   | (45,557 | ) |   |   | (10,193 | ) |   |   | (1,496 | ) |
| Income      tax expense (note 19)                                   |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                                             |   |                                    | (8,737     | ) |   |   | (9,369 | ) |   |   | (580 | ) |   |   | (85 | ) |
| Deferred                                                            |   |                                    | 8,786      |   |   |   | 13,364 |   |   |   | (11,152 | ) |   |   | (1,633 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                                             |   |                                    | 49         |   |   |   | 3,995 |   |   |   | (11,732 | ) |   |   | (1,718 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) before minority interests                        |   |                                    | (149,616   | ) |   |   | (41,562 | ) |   |   | (21,      925 | ) |   |   | (3,214 | ) |
| Minority      interests                                             |   |                                    | (13,584    | ) |   |   | (1,724 | ) |   |   | (18,892 | ) |   |   | (2,766 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                              |   |                                    | (163,200   | ) |   |   | (43,286 | ) |   |   | (40,817 | ) |   |   | (5,980 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss) per share – basic (note 20)            |   | RMB                                     | (7.01      | ) |   | RMB | (1.88 | ) |   | RMB | (1.77 | ) |   | USD | (0.26 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss) per share – diluted (note 20)          |   | RMB                                     | (7.01      | )  |   | RMB | (1.88 | ) |   | RMB | (1.77 | ) |   | USD | (0.26 | ) |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares      used in calculating basic net income (loss) per share   |   |                                    | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 23,013,692 |   |   |   | 23,013,692 |   |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares      used in calculating diluted net income (loss) per share |   |                                    | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 23,013,692 |   |   |   | 23,013,692 |   |
|                                                                |   |                                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      dividend per share                                        |   |                                    | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |

----

|                                                          |   | Common      stock |       |   | AdditionalPaid-in |   |   | RetainedEarnings(Deficit) |   |   | AccumulatedOtherComprehensive |   |   | Treasury |     |   | TotalShareholders’ |   |    | Comprehensive |   |
|---------------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|--------|---------------------------|--------|--------|-------------------------------|--------|--------|----------|----------|--------|--------------------------|--------|---------|---------------|--------|
|                                                          |   | Shares            |       |   | Amount            |   |   | Capital                   |   |   | (Note      22)                |   |   | Loss     |     |   | Stock                    |   |    | Equity        |   |   | Income      (Loss) |   |
|                                                          |   |              |       |   |              |   |   |                      |   |   |                          |   |   |     |     |   |                     |   |    |          |   |   |   |   |
| Balance      as of October 1, 2007                            |   |              | 23,472,910 |   |              |   | -      |                      |   |   | 340,810                       |   |   |     | 121,796  |   |                     |   | (4,040  | )             |   |   | - |   |   |   | 458,566 |   |   |   |   |
|                                                          |   |              |       |   |              |   |   |                      |   |   |                          |   |   |     |     |   |                     |   |    |          |   |   |   |   |   |   |   |   |   |   |   |
| 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 | ) |
|                                                          |   |              |       |   |              |   |   |                      |   |   |                          |   |   |     |     |   |                     |   |    |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                                                 |   |              | -          |   |              |   | -      |                      |   |   | -                             |   |   |     | (40,817  | )      |                     |   | -       |          |   |   | - |   |   |   | (40,817 | ) |   |   | (40,817 | ) |
|                                                          |   |              |       |   |              |   |   |                      |   |   |                          |   |   |     |     |   |                     |   |    |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Share-based      compensation expense                         |   |              | -          |   |              |   | -      |                      |   |   | 2,760                         |   |   |     | -        |   |                     |   | -       |          |   |   | - |   |   |   | 2,760 |   |   |   | - |   |
| Cumulative      translation adjustment                        |   |              | -          |   |              |   | -      |                      |   |   | -                             |   |   |     | -        |   |                     |   | 366     |          |   |   | - |   |   |   | 366 |   |   |   | 366 |   |
|                                                          |   |              |       |   |              |   |   |                      |   |   |                          |   |   |     |     |   |                     |   |    |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      as of September 30, 2009                         |   |              | 23,013,692 |   |              |   | -      |                      |   |   | 391,620                       |   |   |     | (125,507 | )      |                     |   | 10,403  |          |   |   | (29,377 | ) |   |   | 226,333 |   |   |   |   |   |
| For      the year ended September 30, 2009                    |   |              |       |   |              |   |   |                      |   |   |                          |   |   |     |     |   |                     |   |    |          |   |   |   |   |   |   |   |   |   |   | (40,451 | ) |
|                                                          |   |              |       |   |              |   |   |                      |   |   |                          |   |   |     |     |   |                     |   |    |          |   |   |   |   |   |   |   |   |   |   |   |   |
| In      US$                                                   |   |              |       |   |              |   | -      |                      |   |   | 57,347                        |   |   |     | (18,379  | )      |                     |   | (1,523  | )             |   |   | (4,302 | ) |   |   | 33,143 |   |   |   | (5,980 | ) |

----

|                                                                                                |   | Year ended September 30, |     |
|-----------------------------------------------------------------------------------------------------|--------|-----------------------------------------|----------|
|                                                                                                |   | 2007                                    |     |   | 2008 |   |   | 2009 |   |   | 2009 |   |
|                                                                                                |   | RMB                                     |     |   | RMB |   |   | RMB |   |   | US$ |   |
|                                                                                                |   |                                    |     |   |   |   |   |   |   |   |   |   |
| Operating      activities:                                                                          |   |                                    |     |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                                       |   |                                    | (163,200 | ) |   |   | (43,286 | ) |   |   | (40,817 | ) |   |   | (5,980 | ) |
| Adjustments      to reconcile net loss to net cash provided by (used in) operating      activities: |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      and amortization                                                                  |   |                                    | 22,032   |   |   |   | 22,298 |   |   |   | 21,266 |   |   |   | 3,114 |   |
| Loss      on disposal of plant and equipment                                                        |   |                                    | 851      |   |   |   | 823 |   |   |   | 457 |   |   |   | 67 |   |
| Gain      on disposal of acquired intangible assets                                                 |   |                                    | (104     | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Gain      on disposal of debt securities                                                            |   |                                    | (3,339   | ) |   |   | (3,845 | ) |   |   | - |   |   |   | - |   |
| Change      in the fair value of embedded derivatives                                               |   |                                    | (12,601  | ) |   |   | (20,229 | ) |   |   | (3,300 | ) |   |   | (483 | ) |
| Impairment      on receivables                                                                      |   |                                    | 2,464    |   |   |   | (1,051 | ) |   |   | 26 |   |   |   | 4 |   |
| Inventory      write down                                                                           |   |                                    | 77,244   |   |   |   | 18,005 |   |   |   | 7,395 |   |   |   | 1,083 |   |
| Impairment      on intangible assets                                                                |   |                                    | 2,325    |   |   |   | 1,962 |   |   |   | - |   |   |   | - |   |
| Loss      on repurchase of convertible note                                                         |   |                                    | -        |   |   |   | - |   |   |   | 51,101 |   |   |   | 7,483 |   |
| Interest      expense and amortization of discount on convertible notes                             |   |                                    | 4,127    |   |   |   | 18,824 |   |   |   | 3,799 |   |   |   | 557 |   |
| Write-off      of acquired research and development expenses                                        |   |                                    | 2,196    |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Deferred      income tax assets                                                                     |   |                                    | (8,786   | ) |   |   | (13,364 | ) |   |   | 11,152 |   |   |   | 1,633 |   |
| Minority      interests                                                                             |   |                                    | 13,584   |   |   |   | 1,724 |   |   |   | 18,892 |   |   |   | 2,766 |   |
| Share-based      compensation expense                                                               |   |                                    | 5,284    |   |   |   | 10,104 |   |   |   | 2,760 |   |   |   | 404 |   |
| Share      of earnings in equity investee companies                                                 |   |                                    | 669      |   |   |   | (7,702 | ) |   |   | (4,669 | ) |   |   | (684 | ) |
| Changes      in operating assets and liabilities:                                                   |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      receivable, net                                                                       |   |                                    | 8,323    |   |   |   | (902 | ) |   |   | (1,006 | ) |   |   | (147 | ) |
| Due      from related parties                                                                       |   |                                    | (516     | ) |   |   | 3,251 |   |   |   | 3,538 |   |   |   | 518 |   |
| Advances      to growers                                                                            |   |                                    | 28,354   |   |   |   | (21,036 | ) |   |   | 20,807 |   |   |   | 3,047 |   |
| Advances      to suppliers                                                                          |   |                                    | 2,530    |   |   |   | (908 | ) |   |   | - |   |   |   | - |   |
| Inventories                                                                                         |   |                                    | (57,477  | ) |   |   | 43,468 |   |   |   | 38,569 |   |   |   | 5,648 |   |
| Income      tax recoverable                                                                         |   |                                    | 426      |   |   |   | 63 |   |   |   | (28 | ) |   |   | (4 | ) |
| Prepaid      expenses and other current assets                                                      |   |                                    | 7,510    |   |   |   | (1,803 | ) |   |   | 2,444 |   |   |   | 358 |   |
| Other      assets                                                                                   |   |                                    | 75       |   |   |   | (295 | ) |   |   | 10,182 |   |   |   | 1,491 |   |
| Accounts      payable                                                                               |   |                                    | (31,238  | ) |   |   | (6,441 | ) |   |   | 6,014 |   |   |   | 881 |   |
| Due      to growers                                                                                 |   |                                    | (20,983  | ) |   |   | (3,778 | ) |   |   | (4,414 | ) |   |   | (646 | ) |
| Due      to related parties                                                                         |   |                                    | (6,102   | ) |   |   | 11,438 |   |   |   | 16,856 |   |   |   | 2,468 |   |
| Advances      from customers                                                                        |   |                                    | (44,182  | ) |   |   | 56,617 |   |   |   | 81,159 |   |   |   | 11,884 |   |
| Deferred      revenues                                                                              |   |                                    | (863     | ) |   |   | 11,610 |   |   |   | (16,568 | ) |   |   | (2,426 | ) |
| Income      tax payable                                                                             |   |                                    | -        |   |   |   | - |   |   |   | 602 |   |   |   | 88 |   |
| Other      long-term liabilities                                                                    |   |                                    | 2,458    |   |   |   | 200 |   |   |   | (3,658 | ) |   |   | (536 | ) |
| Other      payables and accrued expenses                                                            |   |                                    | (303     | ) |   |   | (18,549 | ) |   |   | (13,676 | ) |   |   | (2,003 | ) |
|                                                                                                |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      cash provided by (used in) operating activities                                            |   |                                    | (169,242 | ) |   |   | 57,198 |   |   |   | 208,883 |   |   |   | 30,588 |   |

----

|                                                                  |   | Year ended September 30, |     |
|-----------------------------------------------------------------------|--------|-----------------------------------------|----------|
|                                                                  |   | 2007                                    |     |   | 2008 |   |   | 2009 |   |   | 2009 |   |
|                                                                  |   | RMB                                     |     |   | RMB |   |   | RMB |   |   | US$ |   |
|                                                                  |   |                                    |     |   |   |   |   |   |   |   |   |   |
| Investing      activities:                                            |   |                                    |     |   |   |   |   |   |   |   |   |   |
| Dividends      received                                               |   |                                    | 1,200    |   |   |   | 1,200 |   |   |   | 4,600 |   |   |   | 674 |   |
| Purchase      of plant and equipment                                  |   |                                    | (36,526  | ) |   |   | (19,662 | ) |   |   | (18,804 | ) |   |   | (2,754 | ) |
| Purchase      of debt securities                                      |   |                                    | (286,270 | ) |   |   | (215,907 | ) |   |   | - |   |   |   | - |   |
| Loan      to shareholders of a subsidiary                             |   |                                    | (825     | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Repayment      of loan from shareholders of a subsidiary              |   |                                    | -        |   |   |   | 3,000 |   |   |   | - |   |   |   | - |   |
| Proceeds      from disposal of plant and equipment                    |   |                                    | 8,002    |   |   |   | 2,019 |   |   |   | 1,395 |   |   |   | 204 |   |
| Proceeds      from disposal of acquired intangible assets             |   |                                    | 267      |   |   |   | 49 |   |   |   | - |   |   |   | - |   |
| Proceeds      from sale of debt securities                            |   |                                    | 297,020  |   |   |   | 346,048 |   |   |   | - |   |   |   | - |   |
| Purchase      of land use rights                                      |   |                                    | (5,458   | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Acquisition      of equity method investment                          |   |                                    | (30,330  | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Deposits      for purchase of acquired technology and land use rights |   |                                    | -        |   |   |   | (6,732 | ) |   |   | (2,650 | ) |   |   | (388 | ) |
| Deposits      for purchase of plant and equipment                     |   |                                    | (122     | ) |   |   | (448 | ) |   |   | (332 | ) |   |   | (49 | ) |
| Business      acquisition, net of cash acquired                       |   |                                    | (31,872  | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Purchase      of intangible assets                                    |   |                                    | (6,034   | ) |   |   | (1,937 | ) |   |   | (100 | ) |   |   | (15 | ) |
| Net      cash provided by/(used in) investing activities              |   |                                    | (90,948  | ) |   |   | 107,630 |   |   |   | (15,891 | ) |   |   | (2,328 | ) |
|                                                                  |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financing      activities:                                            |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted      bank deposits                                         |   |                                    | -        |   |   |   | - |   |   |   | (500 | ) |   |   | (73 | ) |
| Proceeds      from short-term borrowings                              |   |                                    | 361,400  |   |   |   | 283,000 |   |   |   | 134,850 |   |   |   | 19,747 |   |
| Repayment      of short-term borrowings                               |   |                                    | (346,000 | ) |   |   | (388,400 | ) |   |   | (219,440 | ) |   |   | (32,134 | ) |
| Repayment      of third party loans                                   |   |                                    | (6,256   | ) |   |   | (1,208 | ) |   |   | (4,560 | ) |   |   | (668 | ) |
| Repurchase      of convertible notes                                  |   |                                    | -        |   |   |   | (106,849 | ) |   |   | (68,290 | ) |   |   | (10,000 | ) |
| Proceeds      from issuance of convertible bonds                      |   |                                    | 302,384  |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dividends      paid to minority interest                              |   |                                    | -        |   |   |   | - |   |   |   | (17,993 | ) |   |   | (2,635 | ) |
| Advance      from a shareholder                                       |   |                                    | 1,623    |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Exercise      of staff options                                        |   |                                    | -        |   |   |   | 1,432 |   |   |   | - |   |   |   | - |   |
| Repurchase      of treasury stock                                     |   |                                    | (29,377  | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Net      cash provided by (used in) financing activities              |   |                                    | 283,774  |   |   |   | (212,025 | ) |   |   | (175,933 | ) |   |   | (25,763 | ) |
|                                                                  |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents             |   |                                    | 23,584   |   |   |   | (47,197 | ) |   |   | 17,059 |   |   |   | 2,494 |   |
| Cash      and cash equivalents, beginning of year                     |   |                                    | 140,953  |   |   |   | 162,314 |   |   |   | 102,263 |   |   |   | 14,975 |   |
| Effect      of exchange rate changes on cash and cash equivalents     |   |                                    | (2,223   | ) |   |   | (12,854 | ) |   |   | 1,933 |   |   |   | 287 |   |
| Cash      and cash equivalents, end of year                           |   |                                    | 162,314  |   |   |   | 102,263 |   |   |   | 121,255 |   |   |   | 17,756 |   |
|                                                                  |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental      disclosure of cash flow information:                |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      taxes paid                                                |   |                                    | 8,311    |   |   |   | 9,306 |   |   |   | 6 |   |   |   | 1 |   |
|                                                                  |   |                                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      paid                                                    |   |                                    | 18,280   |   |   |   | 18,566 |   |   |   | 11,574 |   |   |   | 1,695 |   |

----

| 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, 2009, 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      |
|                                                                                                       |   |                   |   |                                                           |   |              |   |                                                                |
| Linze      Origin Seed Limited (note (i))                                                                  |   | November      18, 2008 |   | PRC                                                            |   | 100%              |   | Hybrid      crop seed development, production and  distribution     |

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

|   | Note      (ii): | Previous      two subsidiaries, Guizhou Denong Seed Limited and Hunan Denong Seed      Limited, had been merged to Denong.  As of September 30, 2009,      Denong has no subsidiary. |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | 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-tax profit |   |
|-----------------------------|--------|-----------------------|--------|
|                        |   | US$                   |   |
| Twelve months ended June30, |   |                  |   |
| 2006                        |   |                  | 11,000 |   |
| 2007                        |   |                  | 16,000 |   |
| 2008                        |   |                  | 21,000 |   |
| 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 and development 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 |
|----|------------------------------------------------------------|

----

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

----

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

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

|   | (1) | Amounts      due from related parties as of September 30, 2008 and 2009 are as      follows: |
|--------|-----|----------------------------------------------------------------------------------------------|

| Name      of related party              |   | Relationship |   | September      30, |   |
|-----------------------------------------|--------|--------------|--------|--------------------|--------|
|                                    |   |         |   | 2008               |   |   | 2009 |   |
|                                    |   |         |   | RMB                |   |   | RMB |   |
|                                    |   |         |   |               |   |   |   |   |
| Jinong      (note a)                    |   | (iii)        |   |               | 3,799  |   |   |   | - |   |
| Holding      company of Jinong (note b) |   | (vi)         |   |               | 2,084  |   |   |   | 2,084 |   |
| Minority      shareholders of Changrong |   |         |   |               | 4,659  |   |   |   | 4,920 |   |
|                                    |   |         |   |               |   |   |   |   |   |   |
|                                    |   |         |   |               | 10,542 |   |   |   | 7,004 |   |

|  | Note      (a): | The      balance as of September 30, 2008 represented the temporary loan to Jinong,      which was payable on demand with interestfree. |
|--|----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | Note      (b): | The      balance represents repayment to the holding company of Jinong for research      and development activities to be carried out within one    year. |
|--|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Amounts      due to related parties as of September 30, 2008 and 2009 are as      follows: |
|--------|-----|--------------------------------------------------------------------------------------------|

| Name      of related party                                                    |   | Relationship |   | September      30, |   |
|-------------------------------------------------------------------------------|--------|--------------|--------|--------------------|--------|
|                                                                          |   |         |   | 2008               |   |   | 2009 |   |
|                                                                          |   |         |   | RMB                |   |   | RMB |   |
|                                                                          |   |         |   |               |   |   |   |   |
| Minority      shareholders of Denong (note c)                                 |   |         |   |               | 569    |   |   |   | 113 |   |
| Henan      Agriculture University                                             |   | (iv)         |   |               | 199    |   |   |   | 108 |   |
| Yuan      Liang                                                               |   | (i)          |   |               | 18     |   |   |   | 18 |   |
| Company      controlled by Han Gengchen                                       |   |         |   |               | 569    |   |   |   | 570 |   |
| Company      controlled by Yuan Liang                                         |   |         |   |               | 569    |   |   |   | 570 |   |
| Company      controlled by Yang Yasheng                                       |   |         |   |               | 332    |   |   |   | 332 |   |
| Other      shareholders of State Harvest                                      |   | (ii)         |   |               | 150    |   |   |   | 150 |   |
| Shenzhen      Biocentury Transgene (China) Limited (“Biocentury”) |   | (iii)        |   |               | 6      |   |   |   | 6 |   |
| Jinong                                                                        |   | (iii)        |   |               | 6,733  |   |   |   | 13,832 |   |
| Minority      shareholders of Changrong                                       |   |         |   |               | 4,533  |   |   |   | - |   |
| Shijiazhuang      Liyu Technology Development Limited. (“Liyu”)   |   | (iii)        |   |               | 1,993  |   |   |   | - |   |
|                                                                          |   |         |   |               |   |   |   |   |   |   |
|                                                                          |   |         |   |               | 15,671 |   |   |   | 15,699 |   |

|  | 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 years ended September 30, 2007, 2008 and 2009      are as follows: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

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

| Name      of related party |   | Relationship |   | Year      endedSeptember      30, |   |
|----------------------------|--------|--------------|--------|-----------------------------------|--------|
|                       |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                       |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                       |   |         |   |                              |   |   |   |   |   |   |   |
| Biocentury                 |   | (iii)        |   |                              | 1,992  |   |   |   | 448 |   |   |   | - |   |
| Jinong                     |   | (iii)        |   |                              | 398    |   |   |   | 409 |   |   |   | - |   |
|                       |   |         |   |                              |   |   |   |   |   |   |   |   |   |   |
|                       |   |         |   |                              | 2,390  |   |   |   | 857 |   |   |   | - |   |

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

| Name      of related party                              |   | Relationship |   | Year      endedSeptember      30, |   |
|---------------------------------------------------------|--------|--------------|--------|-----------------------------------|--------|
|                                                    |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                                                    |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                                                    |   |         |   |                              |   |   |   |   |   |   |   |
| Biocentury                                              |   | (iii)        |   |                              | 20,271 |   |   |   | 19,256 |   |   |   | 116 |   |
| Liyu                                                    |   | (iii)        |   |                              | 3      |   |   |   | - |   |   |   | - |   |
| Jilin      Changji Seed Limited (“Changji”) |   | (iii)        |   |                              | 2      |   |   |   | - |   |   |   | - |   |
| Jinong                                                  |   | (iii)        |   |                              | -      |   |   |   | 1,609 |   |   |   | - |   |
|                                                    |   |         |   |                              |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |         |   |                              | 20,276 |   |   |   | 20,865 |   |   |   | 116 |   |

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

| Name      of related party                    |   | Relationship |   | Year      endedSeptember      30, |   |
|-----------------------------------------------|--------|--------------|--------|-----------------------------------|--------|
|                                          |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                                          |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                                          |   |         |   |                              |   |   |   |   |   |   |   |
| Liyu                                          |   | (iii)        |   |                              | 5,776  |   |   |   | 9,573 |   |   |   | 5,752 |   |
| Henan      Agriculture University        |   | (iv)         |   |                              | 200    |   |   |   | 320 |   |   |   | 108 |   |
| Minority      shareholder of      Denong |   |         |   |                              | 1,024  |   |   |   | - |   |   |   | 566 |   |
| Biocentury                                    |   | (iii)        |   |                              | 975    |   |   |   | 300 |   |   |   | 300 |   |
|                                          |   |         |   |                              |   |   |   |   |   |   |   |   |   |   |
|                                          |   |         |   |                              | 7,975  |   |   |   | 10,193 |   |   |   | 6,726 |   |

----

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

|   | (3) | Transactions      with related parties for the years ended September 30, 2007, 2008 and 2009      are as follows – Continued: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| Name      of related party |   | Relationship |   | Year      endedSeptember      30, |   |
|----------------------------|--------|--------------|--------|-----------------------------------|--------|
|                       |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                       |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                       |   |         |   |                              |   |   |   |   |   |   |   |
| Liyu                       |   | (iii)        |   |                              | 1,000  |   |   |   | - |   |   |   | - |   |

| Name      of related party           |   | Relationship |   | Year      endedSeptember      30, |   |
|--------------------------------------|--------|--------------|--------|-----------------------------------|--------|
|                                 |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                                 |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                                 |   |         |   |                              |   |   |   |   |   |   |   |
| Minority      shareholders of Denong |   |         |   |                              | -      |   |   |   | - |   |   |   | 8 |   |
| Jinong                               |   | (iii)        |   |                              | -      |   |   |   | - |   |   |   | 640 |   |
|                                 |   |         |   |                              |   |   |   |   |   |   |   |   |   |   |
|                                 |   |         |   |                              | -      |   |   |   | - |   |   |   | 648 |   |

| Name      of related party |   | Relationship |   | Year      endedSeptember      30, |   |
|----------------------------|--------|--------------|--------|-----------------------------------|--------|
|                       |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                       |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                       |   |         |   |                              |   |   |   |   |   |   |   |
| Jinong                     |   | (iii)        |   |                              | 790    |   |   |   | - |   |   |   | - |   |

| Name      of related party                        |   |  Relationship |   | Year      endedSeptember      30, |   |
|---------------------------------------------------|--------|--------------------|--------|-----------------------------------|--------|
|                                              |   |               |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                                              |   |               |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                                              |   |               |   |                              |   |   |   |   |   |   |   |
| Minority      shareholders of      Changrong |   |               |   |                              | 825    |   |   |   | 334 |   |   |   | 261 |   |

| Name      of related party |   | Relationship |   | Year      endedSeptember      30, |   |
|----------------------------|--------|--------------|--------|-----------------------------------|--------|
|                       |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                       |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                       |   |         |   |                              |   |   |   |   |   |   |   |
| Jinong                     |   | (iii)        |   |                              | -      |   |   |   | 1,928 |   |   |   | 1,687 |   |

----

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

|   | (3) | Transactions      with related parties for the years ended September 30, 2007, 2008 and 2009      are as follows – Continued: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| Name      of related party     |   |  Relationship |   | Year      endedSeptember      30, |   |
|--------------------------------|--------|--------------------|--------|-----------------------------------|--------|
|                           |   |               |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                           |   |               |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                           |   |               |   |                              |   |   |   |   |   |   |   |
| Holding      company of Jinong |   | (v)                |   |                              | 5,000  |   |   |   | 5,000 |   |   |   | 5,000 |   |

| Name      of related party |   |  Relationship |   | Year      endedSeptember      30, |   |
|----------------------------|--------|--------------------|--------|-----------------------------------|--------|
|                       |   |               |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                       |   |               |   | RMB                               |   |   | RMB |   |   | RMB |   |
| Biocentury                 |   | (iii)              |   |                              | -      |   |   |   | - |   |   |   | 3,400 |   |
| Liyu                       |   | (iii)              |   |                              | 1,200  |   |   |   | 1,200 |   |   |   | 1,200 |   |
|                       |   |               |   |                              |   |   |   |   |   |   |   |   |   |   |
|                       |   |               |   |                              | 1,200  |   |   |   | 1,200 |   |   |   | 4,600 |   |

| Name      of related party |   | Relationship |   | Year      endedSeptember      30, |   |
|----------------------------|--------|--------------|--------|-----------------------------------|--------|
|                       |   |         |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                       |   |         |   | RMB                               |   |   | RMB |   |   | RMB |   |
|                       |   |         |   |                              |   |   |   |   |   |   |   |
| Jinong                     |   | (iii)        |   |                              | -      |   |   |   | - |   |   |   | 4,020 |   |

|  | (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      holding company of an equity investee of the  Company |
|--------|-----|------------------------------------------------------------------|

----

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

|                               |   | September      30, |   |
|------------------------------------|--------|--------------------|--------|
|                               |   | 2008               |   |   | 2009 |   |
|                               |   | RMB                |   |   | RMB |   |
|                               |   |               |   |   |   |   |
| Purchases      of materials        |   |               | 777    |   |   |   | 949 |   |
| Prepayments      for advertisement |   |               | 215    |   |   |   | 35 |   |
| Others                             |   |               | 945    |   |   |   | 953 |   |
|                               |   |               |   |   |   |   |   |   |
|                               |   |               | 1,937  |   |   |   | 1,937 |   |

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

|                               |   | September      30, |    |
|------------------------------------|--------|--------------------|---------|
|                               |   | 2008               |    |   | 2009 |   |
|                               |   | RMB                |    |   | RMB |   |
|                               |   |               |    |   |   |   |
| Work      in progress and supplies |   |               | 168,964 |   |   |   | 203,833 |   |
| Finished      goods                |   |               | 218,770 |   |   |   | 137,937 |   |
|                               |   |               |    |   |   |   |   |   |
|                               |   |               | 387,734 |   |   |   | 341,770 |   |

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

|                                           |   | September      30, |         |
|------------------------------------------------|--------|--------------------|--------------|
|                                           |   | 2008               |         |   | 2009 |   |
|                                           |   | RMB                |         |   | RMB |   |
|                                           |   |               |         |   |   |   |
| Advances      to staff for business use        |   |               | 7,133        |   |   |   | 5,512 |   |
| Refundable      deposit for a canceled project |   |               | 841          |   |   |   | 741 |   |
| Prepaid      research and development expense  |   |               | 370          |   |   |   | - |   |
| Other      prepaid expenses                    |   |               | 2,851        |   |   |   | 2,472 |   |
|                                           |   |               |         |   |   |   |   |   |
|                                           |   |               | 11,      195 |   |   |   | 8,725 |   |

----

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

|                          |   | September      30, |   |
|-------------------------------|--------|--------------------|--------|
|                          |   | 2008               |   |   | 2009 |   |
|                          |   | RMB                |   |   | RMB |   |
|                          |   |               |   |   |   |   |
| Land      use rights          |   |               | 23,058 |   |   |   | 22,980 |   |
| Accumulated      amortization |   |               | (2,003 | ) |   |   | (2,484 | ) |
|                          |   |               |   |   |   |   |   |   |
| Land      use rights, net     |   |               | 21,055 |   |   |   | 20,496 |   |

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

|                                |   | September      30, |    |
|-------------------------------------|--------|--------------------|---------|
|                                |   | 2008               |    |   | 2009 |   |
|                                |   | RMB                |    |   | RMB |   |
|                                |   |               |    |   |   |   |
| Plant      and building             |   |               | 119,392 |   |   |   | 125,310 |   |
| Machinery      and equipment        |   |               | 30,357  |   |   |   | 34,347 |   |
| Furniture      and office equipment |   |               | 12,643  |   |   |   | 12,662 |   |
| Motor      vehicles                 |   |               | 18,033  |   |   |   | 17,379 |   |
| Leasehold      improvements         |   |               | 1,299   |   |   |   | 1,299 |   |
|                                |   |               |    |   |   |   |   |   |
| Total                               |   |               | 181,724 |   |   |   | 190,997 |   |
| Accumulated      depreciation       |   |               | (41,635 | ) |   |   | (47,073 | ) |
| Construction      in progress       |   |               | 6,283   |   |   |   | 9,038 |   |
|                                |   |               |    |   |   |   |   |   |
| Plant      and equipment, net       |   |               | 146,372 |   |   |   | 152,962 |   |

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

|                          |   | September      30, |   |
|-------------------------------|--------|--------------------|--------|
|                          |   | 2008               |   |   | 2009 |   |
|                          |   | RMB                |   |   | RMB |   |
|                          |   |               |   |   |   |   |
| Equity      method investment |   |               | 65,384 |   |   |   | 65,453 |   |

----

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

|   | Biocentury |
|--------|------------|

|   | Jinong |
|--------|--------|

|   | Changji |
|--------|---------|

----

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

|                                      |   | September      30, |    |
|-------------------------------------------|--------|--------------------|---------|
|                                      |   | 2008               |    |   | 2009 |   |
|                                      |   | RMB                |    |   | RMB |   |
|                                      |   |               |    |   |   |   |
| Technology      rights for licensed seeds |   |               | 53,104  |   |   |   | 68,854 |   |
| Distribution      network                 |   |               | 6,975   |   |   |   | 6,975 |   |
| Trademark                                 |   |               | 1,764   |   |   |   | 1,764 |   |
| Others                                    |   |               | 1,519   |   |   |   | 1,519 |   |
|                                      |   |               |    |   |   |   |   |   |
|                                      |   |               | 63,362  |   |   |   | 79,112 |   |
| Accumulated      amortization             |   |               | (26,743 | ) |   |   | (38,150 | ) |
| Impairment      provision                 |   |               | (4,314  | ) |   |   | (4,314 | ) |
|                                      |   |               |    |   |   |   |   |   |
| Acquired      intangible assets, net      |   |               | 32,305  |   |   |   | 36,648 |   |

| Year ending September 30, |   | RMB    |   |
|---------------------------|--------|--------|--------|
|                      |   |   |   |
| 2010                      |   |   | 10,589 |   |
| 2011                      |   |   | 8,092  |   |
| 2012                      |   |   | 4,481  |   |
| 2013                      |   |   | 2,424  |   |
| 2014                      |   |   | 1,273  |   |
|                      |   |   |   |   |
| Total                     |   |   | 26,859 |   |

----

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

|                                                                   |   |          |   | September      30, |   |
|------------------------------------------------------------------------|--------|---------------|--------|--------------------|--------|
|                                                                   |   |          |   | 2008               |   |   | 2009 |   |
|                                                                   |   |          |   | RMB                |   |   | RMB |   |
|                                                                   |   |          |   |               |   |   |   |   |
| Prepaid      lease                                                     |   |          |   |               | 960    |   |   |   | 951 |   |
| Deposits      for purchase of acquired intangible assets               |   | Note      (i) |   |               | 8,700  |   |   |   | 2,350 |   |
| Deposits      for purchase of plant and equipment                      |   |          |   |               | 4,911  |   |   |   | 650 |   |
| Deposits      for acquisition of leased properties and land use rights |   |          |   |               | 6,150  |   |   |   | - |   |
| Others                                                                 |   |          |   |               | 60     |   |   |   | 40 |   |
|                                                                   |   |          |   |               |   |   |   |   |   |   |
|                                                                   |   |          |   |               | 20,781 |   |   |   | 3,991 |   |

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

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

|                       |   | September      30, |    |
|----------------------------|--------|--------------------|---------|
|                       |   | 2008               |    |   | 2009 |   |
|                       |   | RMB                |    |   | RMB |   |
|                       |   |               |    |   |   |   |
| Short-term      borrowings |   |               | 163,940 |   |   |   | 80,290 |   |
|                       |   |               |    |   |   |   |   |   |
| Long-term      borrowings  |   |               | 940     |   |   |   | - |   |

|   | Long-term      borrowings |
|--------|---------------------------|

----

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

----

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

|                                                                                                                                                                                                     |   | Derivative      Liabilities –Redemption      Feature |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------|---------|
|                                                                                                                                                                                                     |   | As      of September 30,                                   |    |
|                                                                                                                                                                                                     |   | 2008                                                       |    |   | 2009 |   |
|                                                                                                                                                                                                     |   |                                                       |    |   |   |   |
| Balance,      beginning of year                                                                                                                                                                          |   |                                                       | 86,937  |   |   |   | 33,580 |   |
| Total      realized and unrealized (gains) or losses                                                                                                                                                     |   |                                                       |    |   |   |   |   |   |
|   Included      in earnings                                                                                                                                                                    |   |                                                       | (20,229 | ) |   |   | (3,300 | ) |
|   Included      in other comprehensive income                                                                                                                                                  |   |                                                       | -       |   |   |   | - |   |
| Purchases,      issuances, and (settlements)                                                                                                                                                             |   |                                                       | (26,090 | ) |   |   | (30,334 | ) |
| Exchange      difference recognized                                                                                                                                                                      |   |                                                       | (7,038  | ) |   |   | 54 |   |
| Balance,      end of year                                                                                                                                                                                |   |                                                       | 33,580  |   |   |   | - |   |
|                                                                                                                                                                                                     |   |                                                       |    |   |   |   |   |   |
| Total      amount of total gains or losses for the year included in earnings      attributable to the change in unrealized gains or losses relating to      liabilities still held at the reporting date |   |                                                       | 20,229  |   |   |   | - |   |

|                          |   | As      ofJuly      25,2007 |   |   | As      ofSeptember      30,      2007 |   | As      ofJuly      28,2008 |   |   | As      ofSeptember      30,      2008 |   |   | As      ofJanuary      19,2009 |   |
|-------------------------------|--------|-----------------------------|--------|--------|----------------------------------------|--------|-----------------------------|--------|--------|----------------------------------------|--------|--------|--------------------------------|--------|
|                          |   |                        |   |   |                                   |   |                        |   |   |                                   |   |   |                           |   |
| Risk-free      rate of return |   | 4.78%                       |   |   | 4.24%                                  |   | 3.12%                       |   |   | 2.63%                                  |   |   | 1.28%                          |   |
| Time      to expiration       |   | 5      years                |   |   | 4.82      years                        |   | 3.49      years             |   |   | 3.82      years                        |   |   | 3.57      years                |   |
| Volatility      rate          |   | 49.12%                      |   |   | 49.12%                                 |   | 77.00%                      |   |   | 76.00%                                 |   |   | 82.20%                         |   |
| Dividend      yield           |   | -                           |   |   | -                                      |   | -                           |   |   | -                                      |   |   | -                              |   |

----

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

----

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

|                                                                                          |   |            |   | September      30, |   |
|-----------------------------------------------------------------------------------------------|--------|-----------------|--------|--------------------|--------|
|                                                                                          |   |            |   | 2008               |   |   | 2009 |   |
|                                                                                          |   |            |   | RMB                |   |   | RMB |   |
|                                                                                          |   |            |   |               |   |   |   |   |
| Payable      for purchase of plant and equipment                                              |   |            |   |               | 353    |   |   |   | 437 |   |
| Payable      for purchase of land use rights                                                  |   |            |   |               | 620    |   |   |   | 620 |   |
| Payable      for purchase of construction-in-progress                                         |   |            |   |               | -      |   |   |   | 2,635 |   |
| Professional      fee payable                                                                 |   |            |   |               | 6,734  |   |   |   | 4,108 |   |
| Salaries      payable                                                                         |   |            |   |               | 6,192  |   |   |   | 7,725 |   |
| Accrued      staff bonus                                                                      |   |            |   |               | 1,757  |   |   |   | 1,757 |   |
| Accrued      interest                                                                         |   |            |   |               | 2,073  |   |   |   | 2,071 |   |
| Accrued      compensation expenses                                                            |   |            |   |               | 550    |   |   |   | 296 |   |
| Accrued      other expenses                                                                   |   |            |   |               | 1,860  |   |   |   | 2,123 |   |
| Other      taxes payable                                                                      |   |            |   |               | 480    |   |   |   | 635 |   |
| Deposits      from growers                                                                    |   |            |   |               | 2,674  |   |   |   | 2,199 |   |
| Due      to former shareholders of Denong                                                     |   |            |   |               | 7,386  |   |   |   | - |   |
| Payable      for labor union and education expenses                                           |   |            |   |               | 1,798  |   |   |   | 1,490 |   |
| Loans      from employees of Denong                                                           |   | Note      (i)   |   |               | 310    |   |   |   | 310 |   |
| Loans      from employees of Beijing                                                          |   | Note      (ii)  |   |               | 1,623  |   |   |   | - |   |
| Loans      from third parties                                                                 |   | Note      (iii) |   |               | 3,600  |   |   |   | 3,600 |   |
| Convertible      notes  and accrued interest – current portion (note      14) |   |            |   |               | 34,092 |   |   |   | - |   |
| Others                                                                                        |   |            |   |               | 1,195  |   |   |   | 1,470 |   |
|                                                                                          |   |            |   |               |   |   |   |   |   |   |
|                                                                                          |   |            |   |               | 73,297 |   |   |   | 31,476 |   |

|   | Note      (i): | RMB310      was borrowed from employees of Denong with interest of 12.5% per annum at      the years ended September 30, 2008 and2009. |
|--------|----------------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | Note      (ii): | RMB1,632      was borrowed from employees of Beijing Origin with interest free,      unsecured and have no fixed repayment terms at the year ended September      30, 2008. |
|--------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Note      (iii): | RMB3,600      was borrowed from third party companies with interest free, unsecured and      have no fixed repayment terms at the years ended September 30, 2008 and      2009. |
|--------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

----

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

|                                                                     |   | Tranche      1#       |     |   | Tranche      2        |   |   | Tranche      3      |   |   | Tranche      4     |   |
|--------------------------------------------------------------------------|--------|-----------------------|----------|--------|-----------------------|--------|--------|---------------------|--------|--------|--------------------|--------|
|                                                                     |   |                  |     |   |                  |   |   |                |   |   |               |   |
| Grant      date                                                          |   | November      8, 2005 |     |   | October      22, 2007 |   |   | March      28, 2008 |   |   | June      16, 2008 |   |
|                                                                     |   |                  |     |   |                  |   |   |                |   |   |               |   |
| Options      outstanding as of  October      1, 2008           |   |                  | 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      cancelled/forfeited/expired                                 |   |                  | (36,749  | )      |                  |   | -      |                |   |   | (22,241            | )      |   |   | - |   |
| Options      modified on September 14, 2009                              |   |                  | (497,879 | )      |                  |   | -      |                |   |   | -                  |   |   |   | - |   |
|                                                                     |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
| Outstanding      as of   September      30, 2009          |   |                  | 214,120  |   |                  |   | 20,000 |                |   |   | 315,167            |   |   |   | 10,000 |   |
|                                                                     |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
| Options      vested and exercisable                                      |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
|    At      September 30, 2008                             |   |                  | 576,693  |   |                  |   | 7,667  |                |   |   | 248,806            |   |   |   | 7,500 |   |
|                                                                     |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
|    At      September 30, 2009                             |   |                  | 177,387  |   |                  |   | 11,667 |                |   |   | 315,167            |   |   |   | 10,000 |   |
|                                                                     |   |                  |     |   |                  |   |   |                |   |   |               |   |   |   |   |   |
| Weighted      average fair value  at      the grant date (USD) |   |                  | 2.69     |   |                  |   | 4.55   |                |   |   | 2.69               |   |   |   | 3.42 |   |

|                                 |   | 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 |
|-----|-------------------------------|

|     |   | Year      endedSeptember      30, |   |
|----------|--------|-----------------------------------|--------|
|     |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|     |   | RMB                               |   |   | RMB |   |   | RMB |   |
|     |   |                              |   |   |   |   |   |   |   |
| Current  |   |                              | 8,737  |   |   |   | 9,369 |   |   |   | 580 |   |
| Deferred |   |                              | (8,786 | ) |   |   | (13,364 | ) |   |   | 11,152 |   |
|     |   |                              |   |   |   |   |   |   |   |   |   |   |
|     |   |                              | (49    | ) |   |   | (3,995 | ) |   |   | 11,732 |   |

|                                            |   | September      30, |    |
|-------------------------------------------------|--------|--------------------|---------|
|                                            |   | 2008               |    |   | 2009 |   |
|                                            |   | RMB                |    |   | RMB |   |
| Non-current      deferred tax assets:           |   |               |    |   |   |   |
| Net      operating loss carry forward           |   |               | 42,517  |   |   |   | 38,269 |   |
| Impairment      on inventory                    |   |               | 5,159   |   |   |   | 5,865 |   |
| Others                                          |   |               | 8,087   |   |   |   | 3,975 |   |
|                                            |   |               |    |   |   |   |   |   |
| Non-current      deferred income tax assets     |   |               | 55,763  |   |   |   | 48,109 |   |
| Valuation      allowances                       |   |               | (29,571 | ) |   |   | (33,069 | ) |
|                                            |   |               |    |   |   |   |   |   |
| Net      non-current deferred income tax assets |   |               | 26,192  |   |   |   | 15,040 |   |

----

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

|                                                     |   | Year      ended September 30, |    |
|----------------------------------------------------------|--------|-------------------------------|---------|
|                                                     |   | 2008                          |    |   | 2009 |   |
|                                                     |   | RMB                           |    |   | RMB |   |
| Calendar year ending,                                    |   |                          |    |   |   |   |
|                                                     |   |                          |    |   |   |   |
| 2009                                                     |   |                          | 11,227  |   |   |   | 7,076 |   |
| 2010                                                     |   |                          | 1,225   |   |   |   | - |   |
| 2011                                                     |   |                          | 30,402  |   |   |   | 7,935 |   |
| 2012                                                     |   |                          | 59,494  |   |   |   | 58,674 |   |
| 2013                                                     |   |                          | 98,777  |   |   |   | 79,326 |   |
| 2014                                                     |   |                          | -       |   |   |   | 18,516 |   |
| Tax      losses that can be carried forward indefinitely |   |                          | -       |   |   |   | - |   |
|                                                     |   |                          |    |   |   |   |   |   |
|                                                     |   |                          | 205,651 |   |   |   | 171,527 |   |

|                                          |   | Year      endedSeptember      30, |   |
|-----------------------------------------------|--------|-----------------------------------|--------|
|                                          |   | 2007                              |   |   | 2008 |   |   | 2009 |   |
|                                          |   | %                                 |   |   | % |   |   | % |   |
|                                          |   |                              |   |   |   |   |   |   |   |
| Statutory      rate                           |   |                              | 33     |   |   |   | 25 |   |   |   | 25 |   |
| Effect      of preferential tax treatment     |   |                              | (15    | ) |   |   | (6 | ) |   |   | 34 |   |
| Effect      of different tax jurisdiction     |   |                              | (2     | ) |   |   | (16 | ) |   |   | (157 | ) |
| Permanent      book-tax difference            |   |                              | 1      |   |   |   | 16 |   |   |   | 25 |   |
| Effect      of changes of applicable tax rate |   |                              | -      |   |   |   | (9 | ) |   |   | - |   |
| Change      in valuation allowance            |   |                              | (14    | ) |   |   | (2 | ) |   |   | (80 | ) |
| Under      (over) provision in prior year     |   |                              | (3     | ) |   |   | 1 |   |   |   | 38 |   |
|                                          |   |                              |   |   |   |   |   |   |   |   |   |   |
| Effective      income tax rate                |   |                              | -      |   |   |   | 9 |   |   |   | (115 | ) |

----

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

|                                                                                                                       |   | Year      endedSeptember      30, |       |
|----------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|
|                                                                                                                       |   | 2007                              |       |   | 2008 |   |   | 2009 |   |
|                                                                                                                       |   | RMB                               |       |   | RMB |   |   | RMB |   |
|                                                                                                                       |   |                              |       |   |   |   |   |   |   |
| Net      income (loss) (numerator), basic and diluted                                                                      |   |                              | (163,200   | ) |   |   | (43,286 | ) |   |   | (40,817 | ) |
|                                                                                                                       |   |                              |       |   |   |   |   |   |   |   |   |   |
| Shares      (denominator), basic:                                                                                          |   |                              |       |   |   |   |   |   |   |   |   |   |
| Common      stock outstanding                                                                                              |   |                              | 22,974,059 |   |   |   | 23,013,692 |   |   |   | 23,013,692 |   |
| Weighted      average common stock  outstanding used in      computing   basic income per share   |   |                              | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 23,013,692 |   |
|                                                                                                                       |   |                              |       |   |   |   |   |   |   |   |   |   |
| Shares      (denominator), diluted:                                                                                        |   |                              |       |   |   |   |   |   |   |   |   |   |
| Weighted      average common stock  outstanding used in      computing   diluted income per share |   |                              | 23,268,062 |   |   |   | 22,987,270 |   |   |   | 23,013,692 |   |
|                                                                                                                       |   |                              |       |   |   |   |   |   |   |   |   |   |
| Net      income per share-basic                                                                                            |   | RMB(7.01                          | )     |   | RMB(1.88 | )  |   | RMB(1.77 | )  |
|                                                                                                                       |   |                              |       |   |   |   |   |   |   |   |   |   |
| Net      income per share-diluted                                                                                          |   | RMB(7.01                          | )     |   | RMB(1.88 | )  |   | RMB(1.77 | )  |

| 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 |
|--|-----|--------------------------|

|   | As      of September 30, 2009, capital commitments for the purchase of long-term      assets are as follows: |
|--------|--------------------------------------------------------------------------------------------------------------|

|                                 |   | RMB    |   |
|--------------------------------------|--------|--------|--------|
|                                 |   |   |   |
| Equipment                            |   |   | 231    |   |
| Plant      and building construction |   |   | 167    |   |
| Technology      use rights           |   |   | 1,700  |   |
| Projects      of gene modification   |   |   | 3,000  |   |
|                                 |   |   |   |   |
|                                 |   |   | 5,098  |   |

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

|                      |   | RMB    |   |
|---------------------------|--------|--------|--------|
| Year ending September 30, |   |   |   |
|                      |   |   |   |
| 2010                      |   |   | 1,292  |   |
| 2011                      |   |   | 965    |   |
| 2012                      |   |   | 491    |   |
| 2013                      |   |   | 976    |   |
| 2014                      |   |   | 490    |   |
| Thereafter                |   |   | 8,416  |   |
|                      |   |   |   |   |
|                      |   |   | 12,630 |   |

|   | (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 |
|-----|---------------------|

----