Based on my understanding, $\frac{\sqrt{x^{2}-3}-2}{\sqrt{x^{2}+5}+2x}$ is $\frac{\sqrt{1-\frac{3}{x^{2}}}-\frac{2}{x}}{\sqrt{1+\frac{5}{x^{2}}}+2}$ multiply by $\frac{x}{x}$, which is 1. However, when I tried to graph them, they are different when x is approaching negative infinity.
I have failed to understand the reason behind it.
You are assuming that $$\frac{\sqrt{x^2+5}}x=\sqrt{1+\frac5{x^2}}.$$ But that's not true when $x<0$. In that case, $$\frac{\sqrt{x^2+5}}x=-\sqrt{1+\frac5{x^2}}.$$