Hi primaus72,
the ADR‘s or rather the shares issued to have the ADR’s listed on Nasdaq defenitely are part of the 1.2B shares outstanding. So no need to add the ADR’s extra on top in your considerations when it comes to float.
Check out #23 in the Notes to the Financial Statements in the AR2021 on page #54 / slide #58 (=> click here <=):
Back in October 2020, 68,506,400 shares were issued for the 8,563,300 ADR‘s listed on Nasdaq at an IPO price of US$13.50/ADR.
Those newly issued 68M shares are part of the „normal“ ordinary shares outstanding - 351M back then, 1.23B today. Of course plus options as you said.
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