Ningbo Marine has announced that it has cancelled a major restructuring deal after it failed to get approval from authorities.

The company announced in August that controlling shareholder Zhejiang Energy Group planned to transfer a 51% share in Ningbo Marine to Zhejiang Port Investment Operation Group (ZPIO).

However, Zhejiang SASAC has decided to make ZPIO into the operating platform for port assets in Zhejiang including Ningbo Port, Zhoushan Port, Taizhou Port, Wenzhou Port and Jiaxing Port, and didn’t approval the deal. A merger between Ningbo Port and Zhoushan Port is still ongoing.

Ningbo Marine reported a net profit of RMB4.4m ($691k) for the first half of 2015, up 185.5% year-on-year.