ST Lingnan: "Lingnan convertible bonds" cannot be repaid, the company faces multiple risks.

ST Lingnan announced that it is unable to repay the principal and interest of "Lingnan Convertible Bonds" on time, and the company's credit rating has been downgraded to C. In 2025, the revenue was 112 million yuan, a year-on-year decrease of 86.99%, with a net loss of 2.336 billion yuan, an increase of 137.29% in losses; in Q1 of 2026, the revenue was 40 million yuan, a year-on-year decrease of 41.27%, with a net loss of 134 million yuan, an increase of 101.10% in losses. In addition, risks such as the realization of pledged assets under the credit enhancement plan, delisting of company stocks, and litigation still exist. As of July 14, 2026, the amount involved in new lawsuits and arbitrations is 196 million yuan, totaling 14.53% of the net asset value. The company will convene the first bondholders' meeting of "Lingnan Convertible Bonds" in 2026 on August 3rd.