Shares of China Energy Storage Technology Development (HKG:1143) fell 1.5% in Friday afternoon trade after the company said its proposed major transaction and rights issue had both lapsed, according to a late Thursday filing.

The planned assignment agreement was terminated by mutual consent after conditions precedent were not met by the long stop date, the company said.

Separately, the rights issue will not proceed as its conditions were also not fulfilled by the deadline. No securities had been issued under the proposed offering.

The board said the lapses would not have any material adverse impact on the company's financial position or operations, the filing said.