On the evening of November 18, Mengtian Home Furnishings released a statement revealing its decision to abandon plans for acquiring a controlling stake in Shanghai Chuantu Microelectronics Co., Ltd. The proposed acquisition was to be executed through a combination of share issuance and cash payment. In a parallel move, the company's actual controller, Yu Jingyuan, also backed out of plans to transfer control rights.

Following an application, trading in the company's stock is set to resume on the morning of November 19 (Wednesday). During the trading halt, Mengtian Home Furnishings and its actual controller engaged in in-depth discussions regarding the acquisition. Nevertheless, due to the complexity and multitude of issues at hand, the parties involved in the transaction couldn't bridge their differences on the core terms, even after several rounds of consultations and negotiations. Consequently, they jointly decided to pull the plug on the aforementioned plans.