*ST Lingnan announced that “Lingnan Convertible Bonds” is no longer able 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 October 9, 2026, the closing price of the company's shares was less than 1 yuan for 19 consecutive trading days, and there is a risk of face value delisting. Delisting risk warnings and a number of other risk warnings have been implemented for the company's shares. There is uncertainty about the realizable value of credit-enhanced collateral assets, and the amount involved is high.

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