ST Lingnan: Decline in revenue, overdue convertible bonds, facing multiple risks.

ST Lingnan announced that the company's "Lingnan Convertible Bonds" were unable to be redeemed on time, and the credit rating was downgraded to C, which may affect financing and performance, and even lead to delisting. In recent years, the business has been impacted, with revenue in 2024 reaching 862 million yuan, a year-on-year decrease of 59.55%, and a net loss of 984 million yuan, a decrease of 9.86% year-on-year; from January to September 2025, revenue was 253 million yuan, a year-on-year decrease of 68.75%, and a net loss of 206 million yuan, narrowing the loss by 23.34%. The uncertainty of the realization of pledged assets under the credit enhancement plan, the company also faces risks of delisting, lawsuits, and recently has been sued for allegedly colluding in bidding.