Legal analysis: bankruptcy liquidation is the first step for listed companies to go bankrupt. Liquidation of assets generally requires payment of liquidation expenses, state taxes, employee salaries, etc. Only consider the interests of shareholders. Generally, bankrupt companies are insolvent and few assets are distributed to shareholders. The order of settlement in bankruptcy liquidation is: first, the bankruptcy expenses of the enterprise, then the wages owed by the enterprise, then the national taxes owed, and then the settlement of general creditor's rights. If the bankruptcy property is insufficient to pay off the debts in the current order, the creditor's rights in the latter order cannot be paid off. If it is not enough to pay off the debts in the same order, it shall be paid off in proportion to the creditor's rights. Common shareholders are the last to pay off. But if the company can be reorganized or other companies can take over the bankrupt company, then your stock is still there, just renamed. The average company will be reorganized, and you won't lose everything. However, ST stocks should pay attention to risks, and it is possible to withdraw from the market, which is very risky. However, you can also transfer shares in the third board market. At present, few listed companies in China go bankrupt. Even if they go bankrupt, they will go bankrupt and reorganize, and their shares will not be worthless. For investors, it is really rare for listed companies to suddenly close down and then lose all their money. At most, the stock price fell to 1.
Legal basis: According to Article 185 of the Company Law of People's Republic of China (PRC), the liquidation group shall notify creditors within 10 days from the date of its establishment and make an announcement in the newspaper within 60 days. Creditors shall, within 30 days from the date of receiving the notice, and within 45 days from the date of announcement if they have not received the notice, declare their claims to the liquidation group. When a creditor declares its creditor's rights, it shall explain the relevant matters of the creditor's rights and provide supporting materials. The liquidation group shall register the creditor's rights. During the declaration of creditor's rights, the liquidation group shall not pay off the creditors.