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    002385   CNE100000N61

BEIJING DABEINONG TECHNOLOGY GROUP CO.,LTD.

(002385)
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End-of-day quote Shenzhen Stock Exchange  -  2022-08-15
7.500 CNY   +2.18%
08/15Animal Feed Producer Dabeinong Turns to $75 Million Loss in H1
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08/15Beijing Dabeinong Technology Group Co.,Ltd. Reports Earnings Results for the Half Year Ended June 30, 2022
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China to approve further domestic GMO corn, soy crop varieties

01/11/2021 | 05:52am EDT
FILE PHOTO: Photo of a researcher using a pipette to develop assay to detect specific gene of corn at a lab in Syngenta Biotech Center in Beijing

BEIJING (Reuters) - China said on Monday it was set to approve the safety of another genetically modified (GMO) corn variety and a GMO soybean, both produced by Beijing Dabeinong Technology Group Co Ltd.

The move comes after China last year approved three domestically designed GMO crops as safe, the first in a decade, in a fresh push towards commercial planting of GMO crops in the world's top soybean importer and a major corn buyer.

Beijing has never permitted planting of GMO soybean or corn varieties but it permits their import for use in animal feed.

The government has said recently, however, that it wants to support biotech breeding to boost food security, leading the industry to expect progress towards commercialisation in the coming year.

The Ministry of Agriculture and Rural Affairs has opened its plan for safety approval for public comment until Feb. 1.

One of the new products, a glufosate and glufosinate-resistant soybean known as DBN9004, has already been approved as safe in Argentina, where Dabeinong is also seeking commercial production.

The other, known as DBN9501, is a corn resistant to the fall armyworm pest, which last year reached China's cornbelt region.

Dabeinong could not be reached for comment.

Though several further steps must be taken before farmers in China are allowed to plant the crops, the approval is seen as timely given a growing corn deficit in the world's top grain grower.

"The arrival of GMOs can bring an increase in production efficiency," said Mao Yifan, analyst at Industrial Securities.

The ministry also said on Monday it had approved two new GMO corn varieties for import, the glyphosate-resistant and insect-resistant MON87411 sold by Bayer's Crop Science unit and MZIR098 produced by Syngenta.

"We appreciate the approval of an existing product," said Holger Elfes, a spokesman for Bayer.

Syngenta, a unit of China's state-owned ChemChina, could not immediately be reached for comment.

(Reporting by Dominique Patton and Hallie Gu; Editing by Himani Sarkar, Mark Potter, Kirsten Donovan)

By Dominique Patton and Hallie Gu


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BAYER AG 1.38% 54.3 Delayed Quote.13.96%
BEIJING DABEINONG TECHNOLOGY GROUP CO.,LTD. 2.18% 7.5 End-of-day quote.-28.50%
CORN FUTURES (ZC) - CBE (ELECTRONIC)/C1 -2.11% 626.25 End-of-day quote.5.65%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
EURO / ARGENTINE PESO (EUR/ARS) 0.76% 137.753 Delayed Quote.18.26%
INDUSTRIAL SECURITIES CO.,LTD. -1.25% 6.31 End-of-day quote.-36.13%
S&P GSCI CORN INDEX -2.87% 503.6119 Real-time Quote.5.90%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.63% 135.38 Delayed Quote.31.07%
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Financials
Sales 2022 36 914 M 5 450 M 5 450 M
Net income 2022 - - -
Net Debt 2022 3 502 M 517 M 517 M
P/E ratio 2022 375x
Yield 2022 0,04%
Capitalization 31 060 M 4 586 M 4 586 M
EV / Sales 2022 0,94x
EV / Sales 2023 0,76x
Nbr of Employees 20 067
Free-Float 68,4%
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Last Close Price 7,50 CNY
Average target price 10,20 CNY
Spread / Average Target 36,0%
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Managers and Directors
Li Zhong Zhang President & Director
Gen Huo Shao Chairman
Xuan Li Independent Director
Wei Ping Song Director & Vice President
Jie Zhang Member-Supervisory Board