July 15, 2011
Origin Agritech Announces Management Change
Irving Kau, Acting Chief Financial Officer (CFO) of Origin Agritech Ltd, has decided to join Global Hunter Securities LLC, after six years in Origin and two years as Acting CFO.
Origin, a technology-focused supplier of crop seeds and agricultural products in China, is in the process of selecting a suitable candidate to serve as CFO. Irving will remain as the Interim CFO during the transition period.
Kau spearheaded the international licensing program for domestic technology, and led the due diligence process for cross-border merger and acquisition (M&A) transactions. Kau played a critical role in capital raises with strategic investors, which enabled Origin's subsequent expansion.
"Irving has provided significant contributions to Origin's success over the past six years and we wish him all the best in his new position," said Dr Gengchen Han, Chairman of Origin. "We are also very excited about the potential CFO candidates. As the premium brand and an emerging leader in the genetically modified organism (GMO) Chinese seed market, we remain fully committed to the highest-quality seed and agricultural products. As a US listed company, we remain committed to the highest levels of transparency and corporate governance."
Kau commented, "I am very proud to have participated in the growth of Origin where we are developing unique genetically modified crop seed technologies and supporting China's roadmap to achieve a higher quality, long-term food supply. After almost six years of valuable corporate management experience, I look forward to bringing my experience to help more companies in China by returning to my industry roots."
Origin reiterated its revenue guidance for the 2011 financial year in the range of RMB600-650 million (US$93-101 million).