Here is my 2c experience from holding another dual listed company. I didn’t enter it in the early days so I cannot comment on the behaviour. However after a few years, when the US stock (ADS/ ADR) moved, let’s say 5% in a day, the ASX listed entity moved may be 3-7% depending on how the ASX SH reacted to the news originally announced on the ASX. So this was like a catch-up rally. However there was not always a 1:1 coordinated move.
Given the global eyes on the US market, more competition, more sophisticated investors, more risk taking etc., I expect that initially (for a few weeks/ months) we will have a run up but after that slow down a bit. For every trial result or other significant announcements we would expect a move in the US more than ASX, and after getting confirmation from US investors, ASX investors may respond with a catch-up raply.
My 2c based on limited experience. No advice.
IHL Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held