China auctions crop variety right for the first time

At the 17th Beijing Seed Expo, the organizer firstly held a crop varieties right auction, a corn seed called "Huayu 15" was bought with 5 million RMB by a company in Beijing, and it had shock waves.

The seeds joined in the auction were all from the 11 kinds of exhibited seeds at the Seed Expo, the experts expressed that, transferring the seed varieties rights by auction was for the first time in China, it is important for China to develop the seed business efficiently. 21 firms with seed business joined in the auctions, and after success auction, the bidder will gain the exclusive production and operation right of the seed. There were also other three kinds of corn seeds were auctioned with a total value of 8 million RMB.