Core Viewpoint - The company, Qunxing Toys, has attempted five mergers and acquisitions over the past decade, all of which have failed, with the latest attempt to acquire Tian Kuan Technology officially terminated due to disagreements on key terms [1][7]. Group 1: Mergers and Acquisitions Attempts - Qunxing Toys announced on October 20 that it would terminate its plan to acquire at least 51% of Tian Kuan Technology due to a lack of consensus on core issues [1]. - The company has a history of pursuing acquisitions in various sectors, including gaming, nuclear power, military, power batteries, and consumer electronics, but has not succeeded in any of these attempts since its listing in 2011 [1][2]. - The latest acquisition attempt was part of a strategy to enter the computing power leasing industry, which the company began exploring last year [2]. Group 2: Financial Performance and Business Transition - After its listing, Qunxing Toys experienced a decline in net profit from 52 million yuan in its first year to 14.87 million yuan in 2014, prompting a search for quality assets to enhance its business [3]. - The company has gradually shifted away from toy manufacturing to focus on other sectors, including alcohol sales, property leasing, and smart computing power leasing, as indicated in its 2024 annual report [8][9]. - The transition has led to periods where the company had zero revenue from its original toy business, highlighting the challenges of maintaining a coherent business strategy [9]. Group 3: Current Ownership and Control - Following multiple failed acquisitions, the original controlling shareholders, Lin Weizhang and Huang Shiqun, sought to transfer control to strategic investors, ultimately resulting in a change of control to Wang Sanshou in 2018 [6]. - As of September 2024, Qunxing Toys has no controlling shareholder or actual controller, with ownership highly dispersed among individual shareholders [9].