Will they or won't they? Great Wall Motors (GWLLY) has played down its interest in Fiat Chrysler's (FCAU) - Get Report Jeep brand, sending its Shanghai listed shares down after trading was halted.

In a regulatory filing clarifying Monday reports that it was interested in acquiring Fiat or the Jeep brand, Great Wall said that it has paid attention to and conducted studies on Fiat, "but there has been no concrete progress so far."

On Monday, the SUV maker told media that it had plans to acquire Jeep, and was contacting Fiat to begin negotiations.

"There is substantial uncertainty as to whether the Company will proceed with such project, which should not affect the financial results of the Company," Great Wall said in a Tuesday regulatory filing with the Hong Kong Stock Exchange where it is also listed. "Besides, the Company has not built any relationship with the directors of FCA nor has the Company entered into any discussion or signed any agreements with any officer of FCA so far."

The company asked both the Shanghai and Hong Kong Stock exchanges to halt trading on Tuesday pending the release of the clarification.

Great Wall shares fell 1.58% in Shanghai, to close at 13.04 Chinese yuan. Markets in Hong Kong were closed Wednesday as Typhoon Hato bears down on the island.

Fiat shares were up 0.44% in morning trading in Italy, changing hands at €11.52, shares in the carmaker have gained 13.3% since rumors of a possible takeover surfaced on Aug. 14.

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