ST Lingnan: "Lingnan Convertible Bonds" unable to be redeemed on time, company faces multiple risks.

ST Lingnan announced that "Lingnan Convertible Bonds" cannot be redeemed on time, and United Credit has downgraded the company and the bond credit rating to C. The company's business has been impacted in recent years, with poor performance. In 2024, the revenue was 862 million yuan, a year-on-year decrease of 59.55%, with a net loss of 984 million yuan, a loss narrowing by 9.86% year-on-year; from January to September 2025, the revenue was 253 million yuan, a year-on-year decrease of 68.75%, with a net loss of 206 million yuan, a loss narrowing by 23.34% year-on-year. In addition, risks such as the realization of pledged assets under the credit enhancement plan, the delisting of the company's stock, and litigation still exist. The company will hold the 2025 second bondholders meeting of "Lingnan Convertible Bonds" on December 29th.