News: NVX Novonix Commences Process For Nasdaq Listing, page-77

This is one of ASX shares having an ADR program. it is not relevant what this stock is, but for your reference, 1 ADR= 40 ASX shares in this case. And HSBC is the registered bank for this stock and as you can see 44.62% of total shares are purchased as ADRs, meaning US ADR holders own 44.62%.


I can't know exactly how the trading of ADRs works but have noticed that those percentages remain quite stable over time. Nevertheless, I guess if there are more US investors willing to pay higher than AUS investors, the bank will increase the amount of ADRs and if there are fewer US investors, then reduce that. Yet I have a feeling that that doesn't happen overnight, as two markets will see each other's SP and adjust their prices without much necessity to adjust volumes first.

To be honest, I don't know whether we need to understand the nuts and bolts of ADRs. And there must be some people in our forum who are much better positioned to explain these things than me...but this is how I understand these things.