Davis Polk is advising the special committee of the board of directors of Origin Agritech Limited in connection with the sale of its commercial corn seed production and distribution assets located in the PRC to Beijing Shihui Agricultural Development Co., Limited, a company controlled by the brother of the chairman of Origin’s board of directors. Origin will retain the current seed breeding and biotech operations as well as the seed intellectual property assets, and will remain listed on the NASDAQ Global Selected Market.
The transaction is subject to customary closing conditions, including approval by Origin’s shareholders, and is expected to close in the first quarter of 2017.
Headquartered in Beijing, China, Origin is China’s leading agricultural biotechnology company, specializing in crop seed breeding and genetic improvement, seed production, processing, distribution and related technical services. Shihui is an Internet agricultural enterprise that provides agricultural products and technology services to farmers, suppliers and agriculture-related enterprises in China.
The Davis Polk corporate team includes partner Howard Zhang (Picture), counsel Terrence R. O’Donnell and registered foreign lawyer Brian J. Snyder.
Law Firms: Davis Polk & Wardwell;
Clients: Origin Agritech Limited;