It is indeed possible to convert ADS to normal shares, but for us lowly plebs investors, it's a costly process (3 figure) that takes multiple days, which makes it impossible for arbitrage.
But it is possible that a bank or a fund is doing this right now or has been doing this for a while, because I bet does not take days for them.
Another example of how markets are rigged.
It is indeed possible to convert ADS to normal shares, but for...
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