ST Lingnan: "Lingnan Convertible Bonds" unable to be redeemed, company facing multiple risks

ST Lingnan announced that the "Lingnan Convertible Bonds" cannot be redeemed on time, and the credit rating has been downgraded to C. The company's business has been impacted in recent years, with revenue of 862 million yuan in 2024, a year-on-year decrease of 59.55%, and a net loss of 984 million yuan; revenue in January-September 2025 was 253 million yuan, a year-on-year decrease of 68.75%, with a net loss of 206 million yuan. 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 March 19, 2026, the amount of new litigation and arbitration cases reached 110 million yuan, accounting for 10.29% of the latest audited net assets attributable to the parent company.