A consortium led by major Chinese pig feed producer Twins Group will lead the restructuring of Jiangxi Zhengbang Technology, previously one of the country's top pig breeders, Reuters reported, citing Zhengbang on Monday.

The investor group, named Twins Xinda Consortium, was selected from 10 applicants involved in a court-led restructuring of Zhengbang, according to the announcement filed to the Shenzhen Stock Exchange.

Privately-owned Twins Group, also headquartered in southern China's Jiangxi province, declined Reuters' request for comment.

Zhengbang, previously China's No. 2 hog producer, embarked on a rapid expansion during 2020, leaving it vulnerable to a dramatic plunge in hog prices the following year.

It reported annual losses of almost 19 billion yuan ($2.64 billion) for 2021, the worst performance among all of its listed peers, and began restructuring last year.

Twins Xinda Consortium has not yet signed a restructuring protocol with Zhengbang Technology, the announcement on Shenzhen Stock Exchange said.

Twins Group sold 11 million metric tons of feed in 2021, according to the company's post published on its official website.

($1 = 7.1926 Chinese yuan renminbi)