Cooperation with Saab's owner, Spyker Cars NV, remains a "top priority" for Hawtai and partnership options are still being explored, the Beijing-based company said in a statement.

On May 3, Hawtai agreed to invest 120 million euros (1.1 billion yuan) for a stake of as much as 29.9 percent in Spyker in a transaction that would have eased a cash shortage that halted output at Saab on March 29.

Hawtai also planned to lend 30 million euros to Spyker, which said Thursday that the deal had failed to win approval from the Chinese authorities.

"Saab needs help and we strongly believe we are the best partner in this regard," said Richard Zhang, Hawtai's vice president, said in Friday's statement.

Hawtai spokesman Tom Grimmer declined to elaborate on the failure of Hawtai's proposed alliance with Netherlands-based Spyker, which would have seen Saab make a comeback in China after being absent since 2008.

Under that agreement, Hawtai would have made Saab vehicles locally for the Chinese market, starting in 2013 with the Swedish carmaker's upgraded 9-3 model.

Saab said Thursday that it was continuing to work on securing short- and medium-term funding, including talking with "various" Chinese partners.

The company can still draw on a 30 million-euro loan arranged last week and is seeking further funding from the European Investment Bank, while Russian banker Vladimir Antonov has said he'd like to take a stake.

General Motors Co., Saab's former owner, tentatively agreed on April 28 to allow Antonov's investment.