Ag biotech company Origin Agritech Ltd. (NASDAQ: SEED) is seeing its shares shoot up this morning following a report from boutique investment firm Moness Crespi Hardt that the company’s genetically modified (GMO) corn will soon be approved for use in China. Origin Agritech is based in Beijing.
Less than a month ago, the company’s chairman was cited by Caixin Online claiming that Origin’s GMO corn would be approved for use in China by 2013. Soon thereafter, though, the government said that using GMO crops to produce staples (including corn and rice in China), would not be allowed.
Origin’s shares are up more than 63% at $4.10 in a 52-week range of $2.10-$8.43.