1. First, enter the three-board trading market. After the stock is delisted, it will enter the agency equity trading system, referred to as the third board market. Investors holding convertible bonds can enter the tertiary market for trading after the equity change.
2. Second, the company repurchases. Convertible bonds are different from stocks. Convertible bonds require an agreement. Once the repurchase clause is triggered, the company will buy back unconditionally. Therefore, even if the company's shares are delisted, even if they cannot be transferred, our bonds still exist. We can ask the company to fulfill the contract. If the company refuses to perform, we can bring a lawsuit to the court according to law and ask the company to compensate us for the losses caused by the company's breach of contract.
3.3. Waiting for listing again. If the company reorganizes its assets after delisting, and the reorganization is smooth, it can still be listed again after three years. If the convertible bonds we hold are still within the term, we can still convert them into equity at any time when the company is re-listed.
4. Bankruptcy liquidation. If the company withdraws from the market and declares bankruptcy, we can't redeem it before the bankruptcy liquidation procedure. At this time, convertible bonds will become creditor's rights. In the order of liquidation, except the tax payable and personnel placement expenses, the liquidation of creditor's rights comes before the equity, and the liquidation of convertible bonds comes after the ordinary creditor's rights.