First Tractor (HKG:0038, SHA:601038) said its controlling shareholder, YTO Group, has terminated a previously announced share transfer agreement after a condition precedent could not be fulfilled, according to a Monday Hong Kong bourse filing.

Shares of the tractor company were up more than 1% in Tuesday morning trade in Hong Kong and Shanghai.

YTO remains the controlling shareholder of First Tractor, holding about 548.5 million A shares, or roughly 48.81% of the company's issued share capital.

First Tractor said the termination of the agreements will not have a material impact on its business or financial position.