LNGF(SZ:002717) Zheng Quan Shi Bao·2025-07-29 09:16Core Viewpoint - ST Lingnan has announced the second phase of repayment for its convertible bonds, following the completion of the first phase in January 2025, with a repayment amount exceeding 31 million yuan [1][2]. Group 1: Repayment Details - The second phase repayment will be based on the remaining bond quantity after the first phase, with a standard of repaying 1 bond for every 13 held, and any remaining bonds less than 13 will also be repaid as 1 bond [2][3]. - The company has transferred 31.68 million yuan to the China Securities Depository and Clearing Corporation for the second phase repayment [2][3]. - The total remaining bond principal after the first phase is 41071.92 million yuan, with 410.72 million bonds available for partial repayment [2][3]. Group 2: Company Financial Performance - ST Lingnan's main business includes ecological environment construction, water environment governance, and cultural tourism, but it is facing significant financial losses, with expected net losses of 130 million to 195 million yuan for the first half of 2025 [5][6]. - The company has experienced delays in project payments due to financial difficulties faced by clients, impacting cash flow and project progress [6][7]. - The company has attempted multiple self-rescue measures, including lowering the conversion price of bonds, but these efforts have not yielded significant results [7]. Group 3: Market Context - The Lingnan convertible bond has previously caused market volatility, being the first state-owned enterprise bond to default, which heightened market risk aversion [4]. - The bond was issued in August 2018 with a total amount of 660 million yuan, and prior to the default, the remaining amount was 645 million yuan, with a high non-conversion ratio of 97.77% [4].