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Cai Yuekun, reporter of Economic Observer The first convertible bond default of a state-owned enterprise ushered in a "turnaround".

On August 19, Lingnan Shares (002717.SZ) opened at the daily limit, and the stock price closed at 1.02 yuan per share, with a total market value of only 1.7 billion yuan. On the news front, on the afternoon of August 17, Lingnan Shares announced that the company received a notice from Zhongshan Talent Innovation and Entrepreneurship Ecological Park Service Co., Ltd. (hereinafter referred to as "Zhongshan Talent Service Company") on August 16, which plans to acquire part of Lingnan's convertible bonds. According to the relevant information of the iFinD enterprise database, the controlling shareholder of Zhongshan Talent Innovation and Entrepreneurship Ecological Park Service Co., Ltd. is Zhongshan Financial Investment Holding Co., Ltd., and the actual controller is Zhongshan State-owned Assets Supervision and Administration Commission.

On August 14, Lingnan Shares announced that as of August 13, the remaining amount of "Lingnan Convertible Bonds" was 490 million yuan, and the company's existing cash is unable to repay the "Lingnan Convertible Bonds", and the "Lingnan Convertible Bonds" cannot be redeemed on schedule.

Previously, in May, Souyute (002503.SZ) was unable to repay the principal and interest due to insufficient liquidity, and the "Souyute Refund Bond" issued by the company became the first convertible bond to default substantially. This was like a thunderclap, breaking the "zero default" myth that had lasted for more than 30 years in the convertible bond market.