The trading period of delisting consolidation period is 30 trading days. After the listed company is decided by the exchange to terminate its listing, it will enter the delisting period. During the delisting consolidation period, the stocks enter the delisting consolidation plate and are not disclosed on the main board, small and medium-sized board and growth enterprise market. It refers to the situation that a listed company actively or passively terminates its listing because it cannot meet other listing standards of the exchange, such as finance, that is, it is changed from a listed company to a non-listed company. Delisting can be divided into active delisting and passive delisting, and there are complicated delisting procedures. Extended data A-share companies' delisting criteria due to performance factors are to suspend listing after three consecutive years of losses (temporarily retaining codes and qualifications). If the company continues to lose money within 6 months, it will face delisting. Another situation of delisting occurs when the company is privatized. After the major shareholders or strategic investors buy back all the outstanding shares, they can announce that the company will be changed from a public listed company to a private company again. For example, after Sinopec (600028) privatizes many of its listed subsidiaries, these subsidiaries will be delisted one by one. So far, there are 12 companies * * * delisted in Shanghai and Shenzhen stock markets, namely PT Narcissus, PT Zhonghao, PT Guangdong Jin Man, PT Jintian, ST Zhongqiao, PT Nanyang, ST Kyushu, ST Ocean Shipping, ST Yinshan, ST Hongye, ST Ecology and ST Anyi Palace (all referred to as pre-delisted stocks). Voluntary delisting means that the company voluntarily applies to the regulatory authorities for cancellation of the license according to the resolutions of the shareholders' meeting and the board of directors. Generally, there are the following reasons: when the operating period expires, the shareholders' meeting decides not to extend it; Decided to dissolve the shareholders' meeting; Dissolution due to merger or division; Bankruptcy; Adjust the structure and layout according to market demand. Passive delisting means that futures institutions are forced to revoke their licenses by the regulatory authorities, usually because of major illegal acts or poor management, which leads to major risks. Generally speaking, exchanges have greater autonomy in delisting listed companies. According to Rule 604 of the Listing Rules of the Hong Kong Stock Exchange, the Stock Exchange has the right to terminate the listing of companies that it considers do not meet the listing criteria.