重大资产重组告吹，群兴玩具跌停 宣布收购计划时曾收获3个涨停

Core Viewpoint - The company, Qunxing Toys, faced a significant stock price drop after announcing the termination of its major asset restructuring plan to acquire a controlling stake in Hangzhou Tiankuan Technology Co., Ltd. This decision was influenced by the inability to reach an agreement on key terms of the transaction after eight months of negotiations [1][2]. Group 1: Acquisition Details - Qunxing Toys initially proposed to acquire at least 51% of Tiankuan Technology for approximately 4.08 billion yuan, based on the company's overall valuation of around 8 billion yuan [2][5]. - Tiankuan Technology is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, specializing in AI computing center construction and operation, digital services, and intelligent security [2][3]. - The acquisition was expected to position Qunxing Toys among the top players in the domestic intelligent computing center sector, as stated by the company's chairman [3][6]. Group 2: Financial Position - As of mid-2025, Qunxing Toys reported current assets of only 1.63 billion yuan, with cash and cash equivalents amounting to approximately 210 million yuan, which is insufficient to fund the proposed acquisition [1][5]. - The company's revenue from its intelligent computing business was only 18.11 million yuan, accounting for 10.32% of total revenue, indicating limited scale in this new business area [5][6]. Group 3: Historical Context - Qunxing Toys has a history of attempting cross-industry acquisitions since 2014, including failed attempts to acquire companies in nuclear power equipment and new energy vehicle batteries [4][5]. - The termination of the acquisition reflects ongoing challenges in the company's efforts to diversify beyond its traditional toy business, which has been underperforming [4][5].