If a put option is delisted before its price drops, can I still profit?

Question

Presuppose that I buy put options on a Chinese company, for I think its price will drop. What happens if the it gets delisted before its price drops?

1. After the option is delisted, can its price still drop?

2. Even if I can profit from any price drop, won't it be difficult for you to buy the stock, to sell it to the put seller?

I'm addled by the mixed messages on Quora and Reddit. CBOE:

What happens when a class of options is "delisted"?

If a stock fails to maintain the minimum exchange standards for being optionable, that class of options may be "delisted." In this case, no new option series will be added at expiration, but those series already listed will continue to trade until they expire. If trading on an underlying stock is suspended by its primary market for an extraordinary reason the options exchanges will specify a procedure for the orderly liquidation of option open interest in a special bulletin.

Answer 1

The delivery and settlement of every stock option is guaranteed by the OCC. Whenever there is a corporate event (such as delisting), the OCC puts out a bulletin explaining it. For additional details, you can contact them at 1-888-OPTIONS or email [email protected].

You can also contact the Cboe Operations Support Center at 312.786.7950 or via [email protected]

From The Options Industry Council:

What happens to the options on an equity if that company files for bankruptcy? Do the options keep trading until expiration date?

If a company files for bankruptcy and the shares still trade or are halted from trading but continue to exist, the options will settle for the underlying shares. If trading in the underlying stock has been halted, trading on the options will be halted as well. Quite often, the shares begin trading on the Pink Sheets or over-the-counter if delisted from the national stock exchange where they are listed. When they do, the options exchanges usually announce that the options are eligible for closing only transactions and prohibit opening positions. Generally, there are no exercise restrictions.

However, if the courts cancel the shares, whereby common shareholders receive nothing, calls will become worthless and an investor who exercises a put would receive 100 times the strike price and deliver nothing.