Core 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].

在今年1月完成第一期偿付的基础上，ST岭南近期公布了第二期偿付方案。 公司将以每13张偿付1张，不足13张的偿付1张为准。债券实际面额保持不变，并按偿付数量扣减持有人所持仓 的债券数量。公司已将超3100万元资金划转至中国证券登记结算有限责任公司深圳分公司，用于岭南转债第二 期偿付。 第二期偿付金额超3100万元 7月28日晚间，ST岭南公告称，公司在今年1月22日召开了岭南转债2025年第一次债券持有人会议，审议通过 了《关于岭南转债偿债方案的议案》。 根据岭南转债偿债方案，公司已于2025年1月27日完成了岭南转债第一期偿付，第一期偿付后剩余债券本金为 41072.13万元，扣除第一期因处于司法/质押冻结状态而未偿付的0.21万元本金后，剩余债券本金为41071.92万 元。 对于第二期偿付，公告称，在2025年7月31日前，公司将以岭南转债剩余债券数量扣除第一期因司法/质押冻结 而暂未偿付的债券数量为基础（即410.72万张）进行部分偿付。具体偿付标准为，每13张偿付1张，不足13张 的偿付1张。债券实际面额保持不变，并按偿付数量扣减持有人所持仓的债券数量。公司已将3168.24万元划转 至中国证券登记 ...