NXP shares spiked more than 10 percent in after-hours trading Thursday following reports from South China Morning Post and Bloomberg, both citing sources, that China's Ministry of Commerce approved the deal.
But the stock pared gains after Reuters, citing three sources, said China has not yet approved the acquisition.
By midday Friday, NXP shares were trading only slightly higher, and Qualcomm shares were flat.
Eight of nine required global regulators have approved Qualcomm's proposed $44 billion acquisition of NXP. China remains the only holdout, amid trade tensions with the U.S. over the deficit and intellectual property rights.