There is actually a program with a Chinese Senior Colonel explaining the WZ-111 for World of Tanks... PLA is really upping the PR game.
[video=youtube;2qwmhOw2uAA]http://www.youtube.com/watch?v=2qwmhOw2uAA[/video]
Basically WZ-111 got canceled because it was behind the times, and the resources went to Type 69 and WZ-122 instead.
Here is the semi official info from china.com about WZ-122
120mm Main Gun
4xATGM (became HJ-8)
12.7mm machine gun
7.62mm machine gun
700HP engine
WZ122 (failed in 1970, too much for the deign team to take on. Many sub-systems failed)
WZ122-1 (Stopped in 1973)
WZ122-3 (essentially WZ122 Turret with modified type 69 chassis. Evolved to Type-80, after western tech improvements)
WZ122-4 (New turret design,project started in 1978. formed basis for Type-88/Type 96)
By 1978, the project is transformed into the familiar Type 80 and HJ-8 projects. And I would say WZ-122 project really ends at Type 96, as it's only then all the design objective are met. (take out the T-72/T-64/M60, and able to launch ATGM) Though in the 1980s, the Chinese tank industry was side tracked by the Jaguar Tank project. Lots of wasted effort and money with essentially nothing to show for.