Bankruptcy means that the company disappears after liquidation. According to the principle of liquidation, ordinary shareholders are the final liquidators. Bankrupt companies are insolvent, so ordinary shareholders basically receive no compensation, and neither do their stocks. .

Delisting means that a company that has suffered losses for three consecutive years has been suspended from listing. The company has not gone bankrupt and the shares are still there. Investors who hold them after delisting can still trade on the third board. There are many companies. After delisting, it can turn losses into profits and relist after asset restructuring or changes in production and operations.

Delisting can be divided into active delisting and passive delisting:

Active delisting means that the company actively applies to the regulatory authorities to cancel the "License" in accordance with the resolutions of the shareholders' meeting and the board of directors. 》, generally for the following reasons: the business period expires and the shareholders’ meeting decides not to continue; the shareholders’ meeting decides to dissolve; the company needs to be dissolved due to merger or division; bankruptcy; the structure and layout are adjusted according to market needs.

Passive delisting means that a futures institution is forcibly revoked of its "License" by the regulatory authorities, usually due to major violations of laws and regulations or major risks caused by poor operation and management.