George Robinson was one of two men accused of killing Mr Tang, who was beaten and robbed outside his takeaway in Carrickfergus in June 1996.
The 28-year-old's watch was stolen, along with the night's takings. Mr Tang, a father of two, later died in hospital from his injuries.
Mr Robinson, from The Hollies in Carrick, was arrested last year in connection with the murder and granted bail in June. He always denied the charges.
At Belfast Magistrates' Court on Wednesday, the Public Prosecution Service said the case against him would no longer proceed.
Mr Robinson's solicitor, Andrew Russell said: "My client has denied any involvement in this murder from the outset and feels now that his position has been entirely vindicated by this decision."
Paul Allen, 38, of Drumhoy Drive in the same seaside town, is accused of murdering Mr Tang but denies the charge.
Two women who were alleged to have supplied false alibis in connection with the murder investigation also had their charges withdrawn.
Jacqueline Scanlon, 34, of Woodburn Drive and Leanne Wilson, 35, from The Cherry Walk, both in Carrickfergus, had been accused of attempting to pervert the course of justice.
No one has ever been convicted of the killing, but police are expected to continue their investigation into his death.