岭南转债

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ST岭南: 岭南生态文旅股份有限公司向不特定对象发行可转换公司债券2025年度第二十九次临时受托管理事务报告
Zheng Quan Zhi Xing· 2025-09-05 12:19
Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][4][6]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to the parent company for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first half of 2025, the net profit attributable to the parent company was -128.27 million yuan, a 50.02% improvement from the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the company's convertible bonds, "Lingnan Convertible Bonds," has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high debt levels, which may affect its ability to secure future financing [2][4]. Legal and Regulatory Issues - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [7]. - A recent court ruling has been made against the company in a loan dispute, which may further complicate its financial situation [8]. Asset Pledge and Collateral Risks - The company has pledged its assets as collateral for the convertible bonds, but the realizable value of these assets is uncertain due to the nature of the receivables and the need for internal approvals [5][6]. - There is a risk that if the company faces bankruptcy within a year of the collateral establishment, the pledge may be revoked [5]. Stock Market Risks - The company's stock is at risk of being delisted if its share price remains below 1 yuan for 20 consecutive trading days, which could further erode investor confidence [6].
ST岭南: 岭南生态文旅股份有限公司向不特定对象发行可转换公司债券2025年度第二十八次临时受托管理事务报告
Zheng Quan Zhi Xing· 2025-08-29 18:21
Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][4][6]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in loss compared to the previous year [3]. - For the first half of 2025, the company reported a net profit of -128.27 million yuan, a 50.02% improvement from the same period in 2024 [3][8]. Debt and Credit Rating - The credit rating for the "Lingnan Convertible Bond" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to overdue debts, which may lead to lawsuits and further financial strain [2][4]. Risk Factors - The company faces ongoing operational risks due to delays in project bidding and construction, resulting in poor cash flow and high asset-liability ratios [2][4]. - There is a risk of stock delisting if the share price remains below 1 yuan for 20 consecutive trading days [6]. - The company has 251 pending lawsuits with a total claim amount of 2.95 billion yuan, which may further impact its financial stability [7]. Management and Oversight - GF Securities has been appointed as the trustee for the convertible bonds and is monitoring the situation closely to protect the interests of bondholders [8]. - The company is required to establish a joint bank account for managing pledged assets related to the bonds, but this process is still incomplete [5][8].
ST岭南: 岭南生态文旅股份有限公司向不特定对象发行可转换公司债券2025年度第二十七次临时受托管理事务报告
Zheng Quan Zhi Xing· 2025-08-22 16:36
Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][3][4]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease of 26.36% in losses compared to the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the "Lingnan Convertible Bonds" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high debt levels, which may affect its ability to secure future financing [2][4]. Legal and Regulatory Issues - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [7]. - There is a risk of stock delisting if the company's share price remains below 1 yuan for 20 consecutive trading days [6]. Asset Management and Pledge Risks - The company has pledged assets to secure the convertible bonds, but the realizable value of these assets is uncertain due to long repayment cycles and the need for cooperation from various parties [5][6]. - The company has not yet received written consent from project owners regarding the pledge of accounts receivable and equity, which complicates the situation [5]. Management and Oversight - GF Securities has been appointed as the trustee for the convertible bonds and is monitoring the situation closely to protect the interests of bondholders [8].
ST岭南: 岭南生态文旅股份有限公司向不特定对象发行可转换公司债券2025年度第二十六次临时受托管理事务报告
Zheng Quan Zhi Xing· 2025-08-08 11:14
Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][3][4]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease of 26.36% compared to the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the "Lingnan Convertible Bond" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high asset-liability ratios, which may further weaken its financing capabilities [2][4]. Legal and Regulatory Issues - As of December 31, 2024, the company had 251 pending lawsuits with a total amount involved of 2.95 billion yuan, which is 13.02% of the latest audited net assets [7]. - The company is facing increased litigation risks due to payment delays to suppliers, which may further complicate its financial situation [6][7]. Asset Pledge and Collateral Risks - The company has pledged assets to secure the "Lingnan Convertible Bond," but the realizable value of these assets is uncertain due to the nature of the receivables and the need for cooperation from various parties [5][6]. - There is a risk that if the company files for bankruptcy within a year of the pledge, the collateral may be revoked [5]. Stock Market Risks - The company's stock is at risk of being delisted if the closing price remains below 1 yuan for 20 consecutive trading days, as per Shenzhen Stock Exchange regulations [6]. Management and Oversight - GF Securities has been appointed as the trustee for the "Lingnan Convertible Bond" and is monitoring the situation closely to protect the interests of bondholders [10].
岭南生态文旅股份有限公司关于 “岭南转债”第二期偿付完成的公告
Zhong Guo Zheng Quan Bao - Zhong Zheng Wang· 2025-07-31 23:25
登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码:002717 证券简称:ST岭南 公告编号:2025-086 债券代码:128044 债券简称:岭南转债 岭南生态文旅股份有限公司关于 "岭南转债"第二期偿付完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整,没有虚假记载、误导性陈述或重大遗 漏。 岭南生态文旅股份有限公司(以下简称"公司")于2025年1月22日召开"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》。公司于2025年7月29日披露了《关于"岭南 转债"第二期偿付的公告》。 "岭南转债"第二期偿付资金发放日为2025年7月31日(周四)。截至本公告披露日,本公司已完成了"岭 南转债"第二期偿付工作,现作如下提醒: 1、公司已知悉可转债持有人合计4户共计210张债券处于司法/质押冻结状态,公司会将相应的偿付资金 暂存于公司的偿债账户中。对于存在质押、冻结等权利受限情况的债券,待其权利受限情况解除后可予 以偿付,具体偿付方式及要求,须符合相关法律法规的要求。 岭南生态文旅股份有限公司董事会 2025年8月1日 证券代码:00271 ...
ST岭南: 关于岭南转债第二期偿付完成的公告
Zheng Quan Zhi Xing· 2025-07-31 16:38
岭南生态文旅股份有限公司(以下简称"公司")于2025年1月22日召开"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》。公司于2025年7月29日披露了《关于"岭南转债"第二期偿付的公告》。 "岭南转债"第二期偿付资金发放日为2025年7月31日(周四)。截至本公告披 露日,本公司已完成了"岭南转债"第二期偿付工作,现作如下提醒: 司会将相应的偿付资金暂存于公司的偿债账户中。对于存在质押、冻结等权利受限情 况的债券,待其权利受限情况解除后可予以偿付,具体偿付方式及要求,须符合相关 法律法规的要求。 证券代码:002717 证券简称:ST 岭南 公告编号:2025-086 关于"岭南转债"第二期偿付完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整,没有虚假 记载、误导性陈述或重大遗漏。 债券代码:128044 债券简称:岭南转债 岭南生态文旅股份有限公司 不足或债权人变更等情形,从而导致偿付失败的,或其他原因未收到该偿付款项的, 公司会将相应的偿付资金暂存在偿债账户中。请债券持有人不晚于2025年8月18日 (含)将持有"岭南转债"的相关资料(身份 ...
股市必读:ST岭南(002717)7月29日主力资金净流出3367.49万元
Sou Hu Cai Jing· 2025-07-29 17:49
Group 1 - The stock price of ST Lingnan (002717) closed at 1.74 yuan on July 29, 2025, down 2.79% with a turnover rate of 4.82% and a trading volume of 771,100 shares, amounting to a transaction value of 134 million yuan [1] - On July 29, 2025, the net outflow of main funds from ST Lingnan was 33.67 million yuan, while retail investors saw a net inflow of 24.89 million yuan [2][4] - The company announced that it would issue convertible bonds, with the second phase of repayment scheduled for July 31, 2025, based on the remaining bond quantity of 4,107,192 units, with a repayment ratio of 1 bond for every 13 held [2] Group 2 - The company reported a significant decline in revenue for 2024, with total operating income of 861.84 million yuan, down 59.55% year-on-year, and a net loss of 984.33 million yuan, although the loss scale decreased by 9.86% [2] - In Q1 2025, the operating income was 67.60 million yuan, a year-on-year decrease of 77.85%, with a net loss of 66.40 million yuan, representing a reduction in loss scale by 26.36% [2] - Due to the inability to repay the "Lingnan Convertible Bonds," the company's credit rating has been downgraded to C level, indicating ongoing operational risks and potential delisting [2][4]
岭南转债第二期偿付方案出炉
Zheng Quan Shi Bao· 2025-07-29 09:16
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].
岭南转债第二期偿付方案出炉
证券时报· 2025-07-29 09:15
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 ...
ST岭南: 岭南生态文旅股份有限公司向不特定对象发行可转换公司债券2025年度第二十五次临时受托管理事务报告
Zheng Quan Zhi Xing· 2025-07-28 16:26
Core Viewpoint - The company is facing significant financial challenges, including a substantial decline in revenue and net profit, which may impact its ability to meet obligations related to the "Lingnan Convertible Bond" [4][5][6]. Group 1: Bond Payment and Management - The second phase of repayment for the "Lingnan Convertible Bond" is scheduled for July 31, 2025, with partial repayment based on the number of bonds held [2][10]. - The actual face value of the bonds will remain unchanged, and the number of bonds held by investors will be adjusted according to the repayment [9][10]. - The bond trustee, GF Securities, is closely monitoring the situation and will ensure that the interests of bondholders are protected [10]. Group 2: Financial Performance - In 2024, the company's revenue was 861.84 million yuan, a decrease of 59.55% compared to 2023 [4]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to the previous year [4]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a 26.36% decrease in losses compared to the same period in 2024 [4]. Group 3: Operational Risks - The company is experiencing operational difficulties due to delays in project bidding and construction, leading to liquidity pressures and a high debt-to-asset ratio [3][5]. - There is a risk of litigation and arbitration due to payment delays to suppliers, with 251 pending lawsuits amounting to approximately 294.64 million yuan [8]. Group 4: Market and Regulatory Risks - The company's stock is at risk of delisting if the closing price remains below 1 yuan for 20 consecutive trading days [7]. - The company has not yet secured written consent for pledging accounts receivable and equity from project companies as collateral for the convertible bonds, which adds uncertainty to the asset's realizable value [6][5].