*ST Lingnan announced that the company's “Lingnan Convertible Bonds” is unable to pay principal and interest on schedule. Both the principal and debt have a C credit rating, and there are many risks such as continued operation, delisting, and litigation. Revenue in 2025 was 112 million yuan, down 86.99% year on year, net loss was 2,336 million yuan, and loss increased 137.29% year on year; revenue for the first half of 2026 was 58 million yuan, down 67.44% year on year, net loss was 284 million yuan, and loss increased 121.35% year on year. The company's non-independent director and president Liu Yong, independent director Huang Lei, and director Zhou Jin have resigned. Directors have been re-elected and new executives have been appointed. As of September 14, 2026, the company added 209 million yuan in lawsuits for 12 consecutive months, totaling 15.50% of the absolute value of net assets attributable to the mother in the latest installment. The “Lingnan Debt Transfer” breach lawsuit has completed the second trial in the first instance, and no verdict has yet been handed down.

*ST Lingnan announced that the company's “Lingnan Convertible Bonds” is unable to pay principal and interest on schedule. Both the principal and debt have a C credit rating, and there are many risks such as continued operation, delisting, and litigation. Revenue in 2025 was 112 million yuan, down 86.99% year on year, net loss was 2,336 million yuan, and loss increased 137.29% year on year; revenue for the first half of 2026 was 58 million yuan, down 67.44% year on year, net loss was 284 million yuan, and loss increased 121.35% year on year. The company's non-independent director and president Liu Yong, independent director Huang Lei, and director Zhou Jin have resigned. Directors have been re-elected and new executives have been appointed. As of September 14, 2026, the company added 209 million yuan in lawsuits for 12 consecutive months, totaling 15.50% of the absolute value of net assets attributable to the mother in the latest installment. The “Lingnan Debt Transfer” breach lawsuit has completed the second trial in the first instance, and no verdict has yet been handed down.