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    000998   CNE000001360

YUAN LONG PING HIGH-TECH AGRICULTURE CO., LTD.

(000998)
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End-of-day quote Shenzhen Stock Exchange  -  05-16
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China to give safety approval to more domestic GMO corn types

12/28/2021 | 01:11am EDT

BEIJING, Dec 28 (Reuters) - China plans to approve the safety of more genetically modified (GMO) corn varieties produced by domestic companies, the agriculture ministry said late on Monday.

The move comes after Beijing last month proposed an overhaul of regulatory seed rules to pave the way for approval of GMO crops and as top policy makers urged progress in biotech breeding, seen as key to ensuring food security.

The three new corn products include ND207 produced by China National Tree Seed Corp and China Agricultural University, Zheda Ruifeng 8 made by Hangzhou Ruifeng Biotech Co and DBN3601T from Beijing Dabeinong Biotechnology Co, according to the notice posted on the website of the Ministry of Agriculture and Rural Affairs.

The plan to approve the new corn varieties, along with seven new GMO cotton products, will be open for public comment until Jan. 17, the ministry said.

The DBN3601T corn is an upgraded variety from DBN9501 and DBN9936, two corn traits owned by Dabeinong Biotech, parent company Dabeinong Technology Group Co said in a statement.

Dabeinong will work with partners to get ready for the commercialization of the product, and prepare inventories of the variety, Dabeinong Technology said.

The new variety, combining traits from both DBN9501 and DBN9936, will have stronger resistance to a wider range of insects, especially the fall armyworm, according to a statement released on the company's website.

Safety approval is seen as a major step towards commercialization of GMO crops, but it is still unclear when the new products will be ready for a market launch.

Beijing has so far not permitted the planting of GMO soybean or corn varieties, but it allows their import for use in animal feed.

Both Hangzhou Ruifeng, in which Yuan Longping High-Tech Agriculture Co Ltd owns 41.8%, and Beijing Dabeinong already own GMO corn traits approved as safe by the government. (Reporting by Hallie Gu and Emily Chow; Editing by Richard Pullin and Christian Schmollinger)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEIJING DABEINONG TECHNOLOGY GROUP CO.,LTD. -2.24% 7.41 End-of-day quote.-29.36%
CORN FUTURES (C) - CBR (FLOOR)/C1 -4.52% 781.25 End-of-day quote.31.69%
S&P GSCI CORN INDEX -1.65% 649.9484 Real-time Quote.34.98%
TREE HOLDINGS LIMITED -1.20% 0.82 Delayed Quote.-4.60%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.28% 6.7543 Delayed Quote.6.91%
YUAN LONG PING HIGH-TECH AGRICULTURE CO., LTD. -2.31% 17.31 End-of-day quote.-25.58%
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Sales 2022 4 030 M 598 M 598 M
Net income 2022 276 M 40,9 M 40,9 M
Net Debt 2022 3 296 M 489 M 489 M
P/E ratio 2022 83,0x
Yield 2022 0,44%
Capitalization 22 114 M 3 282 M 3 282 M
EV / Sales 2022 6,31x
EV / Sales 2023 5,33x
Nbr of Employees 2 763
Free-Float 66,4%
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Last Close Price 17,31 CNY
Average target price 21,94 CNY
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Zhen Yu Zou Chief Financial Officer
Hong Tang Independent Director
Chao Chen Independent Director
Shou Lin Pang Independent Director
Ding Jiang Yuan Vice Chairman