In theory any insto could have converted to ADRs prior to the de-listing if not just bought heaps of ADRs over a long term, I think conversion would make most sense because you'd think we would realize if volumes that big were being traded on the NASDAQ when they were just ADRs.
I know it's difficult for one of us retail investors to convert ordinary shares into ADRs but it would be easier for instos that have the resources and know how, probably helps if they are an international organization, such as Susquehanna
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