I'm unsure, but when my holdings in the past have been delisted,...

I'm unsure, but when my holdings in the past have been delisted, I normally got nothing. Being delisted is normally a very bad sign, like management not caring at all, or it's the end of the line.

It's possible for a company to be delisted and still be worth something, but I expect it's the minority of cases, and the majority are worth roughly nothing soon after delisting.

I got money back once from a delisted company (if I remember right) - it was after the GFC and it was split off from a larger property company (REIT) (with reputation/ethics on the line). It took years, but I finally received some money in my bank account when they shut the doors in a controlled manner.

The more common case is - management say all is fine or there's a problem that's soon being fixed, then one day they get suspended from ASX, then delisted, then administrators are called in, investors get nothing and never hear from them again. How do management get away with the positive statements days/weeks/months before suspension? Lying (or extreme exaggeration) seems permissible on ASX.

In the case of XPD, if it was delisted, I expect it would be up to shareholders to sue the Chinese entity or directors to get any money back, unless the directors are moral and return money to shareholders freely. I imagine the likely case would be a majority holder attempting to do it on holders' behalf.

That is not to say I expect to see XPD delisted or in administration or in any bad light. I'm neutrally waiting to see what comes of this. Within the month we'll hear more news about the dividend or not (since ASX has asked and Mejority will be on the case). If they have some excuse to not announce a dividend, then we'll be waiting a year in the doldrums to see if the excuse is legitimate or a sham, and that would give ASX more reason to delist or require more Q&A etc.