*ST Lingnan announced that “Lingnan Convertible Bonds” is unable to pay principal and interest on schedule, and that the credit ratings of the company's entities and “Lingnan Convertible Bonds” have all been downgraded to C. In 2025, the company's revenue was 112 million yuan, down 86.99% year on year; net loss was 2,336 million yuan, and loss increased by 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 by 121.35% year on year. As of September 23, 2026, the closing price of the company's stock was below 1 yuan for 13 consecutive trading days, and there is a risk of face value delisting; the company's stock has been subject to delisting risk warnings and other risk warnings, and there are also many risks such as continued operation and litigation.

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