ST Lingnan announced that “Lingnan Convertible Bonds” is unable to pay principal and interest on schedule, and United Credit has downgraded the credit rating of the company and the bond to C. The company's business has been impacted in recent years, with poor performance. Revenue for 2024 was 862 million yuan, down 59.55% year on year, net loss was 984 million yuan, and the scale of loss narrowed 9.86% year on year; revenue from January to September 2025 was 253 million yuan, down 68.75% year on year, net loss was 206 million yuan, and loss narrowed 23.34% year on year. In addition, risks such as monetization of pledged assets, delisting of company shares, and lawsuits still exist in credit enhancement plans. The company will hold the second “Lingnan Bonds Exchange” 2025 bondholders' meeting on December 29.

ST Lingnan announced that “Lingnan Convertible Bonds” is unable to pay principal and interest on schedule, and United Credit has downgraded the credit rating of the company and the bond to C. The company's business has been impacted in recent years, with poor performance. Revenue for 2024 was 862 million yuan, down 59.55% year on year, net loss was 984 million yuan, and the scale of loss narrowed 9.86% year on year; revenue from January to September 2025 was 253 million yuan, down 68.75% year on year, net loss was 206 million yuan, and loss narrowed 23.34% year on year. In addition, risks such as monetization of pledged assets, delisting of company shares, and lawsuits still exist in credit enhancement plans. The company will hold the second “Lingnan Bonds Exchange” 2025 bondholders' meeting on December 29.