China's Tengzhong Heavy Industrial Machinery Company has pulled out of a deal to buy the Hummer brand from General Motors, after failing to get regulatory approval before a required deadline.

China's ministry of commerce said on Wednesday it had never received an application from Tengzhong regarding the proposed purchase which would have given Tengzhong an 80 percent stake. Precise financial terms have not been officially revealed, but the deal had been valued at 150 million US dollars.

General Motors has been trying to sell the loss-making brand last year as part of restructuring after emerging from bankruptcy protection.