Delisted stocks will first be delisted to the third board market. At this time, retail investors must go to the securities company to open the three-board trading authority, so as to ensure that you can trade. In the third board market, it can still be listed for transfer. As long as someone is willing to accept your shares, you can also transfer your shares for money. However, after the stock enters the third board, the transfer will be very difficult and the liquidity will be poor, so it may not be transferable. As long as the company is not liquidated, you are still a shareholder, but delisting will still bring greater losses.

Stock market generally refers to the stock market. The stock market is the place where issued stocks are transferred, traded and circulated, including exchange market and OTC market. Because it is based on the distribution market, it is also called the secondary market. The structure and trading activities of the stock market are more complicated than the issuance market (primary market), and its role and influence are also greater.

The stock market is generally divided into two parts: the stock issuance market and the stock trading market. There are differences and connections between the two markets.

Distribution market

Also called primary market or primary market. Stock issuance is an activity that the issuing company promotes the newly issued shares to investors by itself or through securities underwriters (trust and investment companies or securities companies). Most of the stock issuance has no fixed place, but is carried out in securities, commodity counters or through trading networks. The transaction scale of the issuance market reflects the scale of a country's capital formation. The purpose of stock issuance:

One is to raise funds for the newly established company; The second is to expand capital for existing companies.

There are two distribution methods:

Issued by newly-built enterprises themselves, or requiring underwriters such as investment companies and trust companies to give appropriate assistance;

Contract sales by securities underwriters. These two methods have their own advantages and disadvantages. The former has lower issuance cost but longer financing time. The latter has a short time to raise funds, but the cost is high, and it needs to pay a certain handling fee to the investment company, trust company or underwriter.

Trading market

Also known as the secondary market or circulation market, including:

The stock exchange market is an organized market specializing in stock and bond trading. According to the regulations, only exchange members, brokers and brokers are eligible to enter the trading hall for trading. The stocks to be traded must be those registered in the stock exchange and approved for listing.

OTC market, also known as OTC market or OTC market of securities firms. The main trading object is stocks that are not listed on the exchange. The market price of stocks in the OTC market shall be determined by both parties through consultation. The OTC market has a fixed place, and generally only does spot trading, not futures trading.