跨界常客又失败！公司股价跌停，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 following the announcement of the termination of its major asset restructuring plan, which involved acquiring a controlling stake in Hangzhou Tiankuan Technology Co., Ltd. [1][2] Group 1: Acquisition Details - Qunxing Toys announced plans to acquire at least 51% of Tiankuan Technology in late February, which initially generated positive market sentiment and led to a series of stock price increases [1][2] - The acquisition was valued at approximately 8 billion yuan, with the 51% stake corresponding to about 4.08 billion yuan [2] - The termination of the acquisition was due to a lack of agreement on key terms such as transaction price and scheme, leading to a sharp decline in stock price [1][2] 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 just over 210 million yuan, indicating a significant funding gap for the proposed acquisition [1][4] - The company's cash flow situation raises concerns about its ability to finance the acquisition, as the required funds for the 51% stake in Tiankuan Technology were estimated at around 4 billion yuan [4][5] Group 3: Business Strategy and Performance - Qunxing Toys has attempted multiple cross-industry acquisitions since 2014, including ventures into nuclear power equipment and new energy vehicle batteries, but many of these attempts have ended in termination [3][4] - The company has recently ventured into the intelligent computing business, but this segment currently contributes only 10.32% of total revenue, indicating limited success in diversifying its business model [4][5] - The CEO expressed that the acquisition was aimed at leveraging Tiankuan Technology's strengths in artificial intelligence to expand Qunxing Toys' computing business, but the current outcome suggests challenges in executing this strategy [5]