TechBank Food’s pig subsidiary Hangzhou Fuyang Nongfa entered court-accepted reorganisation after a construction dispute. Zhejiang Construction Investment was picked as investor with CNY 169 million (USD 23.54 million) planned, while the Tongwu Farm is still operating and seen as worth rescuing.
TechBank has disclosed that the Hangzhou Intermediate People’s Court has accepted a bankruptcy reorganisation filing by its subsidiary, Hangzhou Fuyang Nongfa Ecological Breeding Co., Ltd. After an earlier pre-restructuring process, Zhejiang Construction Investment Group Co., Ltd. has signalled its intention to participate in the restructuring.
Founded in November 2019, Hangzhou Fuyang Nongfa Ecological Breeding is 85% owned by Hangzhou Hanshiwei Food Co., Ltd., with the remaining 15% held by local state-owned Hangzhou Fuchun Shanju Group. As of February 2025, the subsidiary reported total assets of about CNY 364 million (USD 50.70 million), while total liabilities had reached CNY 447 million (USD 62.26 million).
From construction dispute to court-led restructuring
The dispute traces back to a construction contract case. In March 2024, Zhejiang Construction Investment filed an arbitration application with the Hangzhou Arbitration Commission against Hangzhou Fuyang Nongfa Ecological Breeding and four wholly owned subsidiaries under Hangzhou Hanshiwei Food:
- Huzhou Wuxing Agricultural Development Animal Husbandry Co., Ltd.
- Quzhou Yihai Agricultural Development Co., Ltd.
- Huzhou Nanxun Agricultural Development Animal Husbandry Co., Ltd.
- Jiande Agricultural Development and Animal Husbandry Technology Co., Ltd.
In July 2024, the commission ruled that the respondents should pay CNY 1.15 billion (USD 160.31 million) in project payments, plus capital occupation fees, liquidated damages, arbitration fees, legal fees, and other related costs.
Zhejiang Construction Investment then applied to the Hangzhou Intermediate People’s Court for compulsory enforcement. During the enforcement process, the court adopted measures including seizure and freezing, and completed asset valuations covering the pig farms of the five subsidiaries involved, as well as the equity held by Hangzhou Hanshiwei Food.
Under pressure, the five subsidiaries applied in December 2024 to convert enforcement into bankruptcy proceedings. Hangzhou Fuyang Nongfa Ecological Breeding was the first to move forward, with its pre-restructuring application accepted in June 2025. Following a public recruitment process, Zhejiang Construction Investment was selected as the restructuring investor. It proposed an investment of CNY 169 million (USD 23.54 million) and paid an intention deposit of CNY 10 million (USD 1.39 million).
Negative equity, but a pig farm still running
The Hangzhou Intermediate People’s Court said Hangzhou Fuyang Nongfa Ecological Breeding has negative net assets, is unable to repay debts as they fall due, and clearly lacks repayment capacity — meeting the conditions for bankruptcy. At the same time, it noted that the company’s Tongwu Farm is a pig production site in Fuyang district and the surrounding area’s main pork supplier. The farm is still maintaining relatively solid operations, the court said, giving the business some restructuring value and potential.
A construction heavyweight steps into pig-sector trouble
According to publicly available information cited in the report, Zhejiang Construction Investment is also an A-share listed company. Its operations span five segments: construction, engineering design, construction industry investment, industrial manufacturing for construction, and specialised construction services. It is described as Zhejiang’s earliest established state-owned construction enterprise.
In the first three quarters of 2025, the company recorded revenue of about CNY 60.4 billion (USD 8.41 billion) and net profit of about CNY 150 million (USD 20.89 million).
Hanshiwei’s earlier identity — and lingering legal exposure
AgriPost also reported that Hangzhou Hanshiwei Food previously operated under the name Zhejiang Xingnongfa Animal Husbandry Co., Ltd. Established in September 2018, the business was originally a joint venture involving Zhejiang Rural Development Group Co., Ltd. and Zhejiang Jiahua Breeding Pig Co., Ltd., among others. Those two major shareholders later had large pig farms under their control linked to African swine fever incidents that were cited as negative examples in notices from the Ministry of Agriculture and Rural Affairs.
After Zhejiang Jiahua Breeding Pig, which held 34%, exited the company, Zhejiang Rural Development began cooperating with TechBank. At the time, the parties planned to build the business into Zhejiang’s pig industry investment and operating platform, aiming to establish a production base capable of marketing 5 million hogs annually within five years.
In July 2022, Zhejiang Rural Development and other shareholders also exited, leaving the business as a wholly owned TechBank subsidiary and leading to its name change to Hangzhou Hanshiwei Food.
Beyond the five subsidiaries involved in the current case, Hangzhou Hanshiwei Food also has two wholly owned subsidiaries — Zhejiang Jiahao Agriculture Co., Ltd. and Shaoxing Shangyu Agricultural Development Animal Husbandry Co., Ltd. — which are also linked to multiple legal disputes.
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