Origin Agritech, China’s third-largest seed producer, won approval from China’s Ministry of Agriculture (MoA) to sell the first genetically modified corn seeds in the country, Bloomberg reported. Origin stock more than doubled in NASDAQ trading yesterday following the announcement, reaching US$10.45 yesterday, the biggest intra-day gain since the company publicly listed its shares in 2004. Origin shares have increased five times in value this year. The corn seeds are engineered to produce phytase, which helps animals absorb phosphorous more efficiently, thereby reducing pollution runoff from fields into waterways.
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