Lingnan Shares' Par Value Delisting and Cultural Tourism Transformation Dilemma

On October 17, 2026, Lingnan Ecological Cultural Tourism Co., Ltd. received a prior notice of termination of listing from the Shenzhen Stock Exchange, as its share price had been below 1 yuan for 20 consecutive trading days, triggering the par value delisting rule. According to an October 21, 2026 report, the company entered digital cultural tourism starting in 2015 through the acquisitions of Hengrun Technology and Demage; in 2018 cultural tourism revenue was 1.33 billion yuan, accounting for more than 15%; however, its high-leverage PPP model triggered a liquidity crisis after the 2018 course correction, with a loss of 984 million yuan in 2024 and a loss of 2.336 billion yuan in 2025, and year-end net assets of negative 1.35 billion yuan. The report attributes the cultural tourism transformation dilemma to the conflict between engineering thinking and operational logic.