This article combines the theoretical analysis and practical experience of the bankruptcy reorganization case of five companies, including Harbin Gongda High-tech Industrial Development Co., Ltd..undertaken by Lawyer Nafisa Nihmat's team in 2023, one of the “national bankruptcy classic cases” in 2023, and approximately 50 delisted companies in recent years. It discusses the unique reorganization value, reorganization paths, and common controversial and difficult issues in the practice of delisted companies under Chinese law.

I. Introduction