Chinese seed company Yuan Longping High - Tech Agriculture has announced a partnership with ChemChina unit China National Agrochemical to develop and support the commercialisation of new varieties of corn seed for the Chinese market . The joint venture , which will be called Xianlong Biotechnology , will also produce domestic biotech corn . Chinese yuan Reporting by Dominique Patton, Editing by Sherry Jacob-Phillips The two companies are each contributing CNY50 m ( $ 7.9 million ) to the project .
Chinese seed company Yuan Longping High - Tech Agriculture has announced a partnership with ChemChina unit China National Agrochemical to develop and support the commercialisation of new varieties of corn seed for the Chinese market . The joint venture , which will be called Xianlong Biotechnology , will also produce domestic biotech corn . The two companies are each contributing CNY50 m ( $ 7.9 million ) to the project .