ZheJiang AoKang Shoes (SHA:603001) terminated its plan to purchase a controlling stake in memory chip producer Lianhe Storage Technology (Jiangsu), according to a Wednesday filing with the Shanghai Stock Exchange.
Negotiations between the two companies did not materialize, leading to the termination of the purchase, Aokang said in its filing.
Lianhe Storage Technology has research and development facilities in Shanghai and Shenzhen, China, and in Seoul, according to a separate Yicai Global report.
Shares in Aokang plunged 10% in Shanghai during Thursday's morning trading.
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