Well JP Morgan as the ADR custodian can buy MSB to hold as collateral to sell more ADRs on NASDAQ. They are supposed to do this to help keep equilibrium in the markets. They seem, however, to use their position to their advantage in conducting arbitrage, and shorting as well as lending to shorters. It is a nasty business. There is a way for ADR holders to ask to have their ADRs converted to MSB shares, so I assume the opposite could be done, but it is cumbersome...
Individuals wanting to engage in arbitrage should have accounts with plenty of cash and hold both MSB shares and ADRs. Then they can buy and sell whichever they wish, depending on the current price advantage. There is always some risk with this due to the possibility of announcements occuring after NASDAQ close and also with variability in exchange rates. Still possible to make a few $ this way. Have done it myself on a few occasions.
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