March 11 (Reuters) - Asia Bio-Chem Group Corp ABC.CD :
* Announces insolvency
* Says does not expect to be in a position to complete its year-end audit
* Due to continued high cost of corn in China and economic downturn experienced
over past 3 years the company has become insolvent
* Says has received financial support from beidahuang state farm group
* Says Ontario securities commission may issue a cease trade order
* Says has been unable to finalize the ongoing negotiations regarding a
strategic transaction with beidahuang
* Source text for Eikon Further company coverage ABC.CD