Agent skill

ADR and H-Share Premium Analysis

by HKUDS in HKUDS/Vibe-Trading

Frameworks for comparing the A-share, H-share and US ADR prices of one Chinese company: AH premium, arbitrage signals, dual-listing valuation and delisting risk.

MITAuto-check passedBusiness, Finance & HR

Install ADR and H-Share Premium Analysis

skills CLI
$ npx skills add HKUDS/Vibe-Trading --skill adr-hshare -a claude-code

Project install by default; add -g for ~/.claude/skills/.

GitHub CLI
$ gh skill install HKUDS/Vibe-Trading adr-hshare --agent claude-code

Project scope by default; add --scope user for a personal install. Needs GitHub CLI 2.90.0 or later (public preview).

Manual copy
$ git clone --depth 1 https://github.com/HKUDS/Vibe-Trading.git skills-src && mkdir -p .claude/skills && cp -r skills-src/agent/src/skills/adr-hshare .claude/skills/adr-hshare && rm -rf skills-src

Use ~/.claude/skills/ instead of .claude/skills for a personal install. The folder must contain SKILL.md.

Claude Code skills documentation · loads skills from .claude/skills/

Facts

Skill name
adr-hshare
GitHub stars
35k
Token cost
~2.5k tokens
SKILL.md length
692 words
Files
1
Skills in repo
89
Repo updated
First seen
Licence
MIT

At a glance

Frameworks for comparing the A-share, H-share and US ADR prices of one Chinese company: AH premium, arbitrage signals, dual-listing valuation and delisting risk.

  • Works in 5 steps: Cross-Listing Structures → AH Premium Analysis → ADR Premium/Discount Analysis → …
  • Comparing the A-share and H-share prices of a dual-listed company
  • SKILL.md covers Overview, Core Concepts, Data Access and Output Format, plus 1 more section
  • Instructions only: no scripts, shell commands, URLs or credentials in SKILL.md

What it does

Many Chinese companies trade on several exchanges: A-shares in Shanghai or Shenzhen, H-shares in Hong Kong and ADRs in the US. This skill gives the agent a framework for comparing those listings. It sorts companies into structures such as A plus H, H plus ADR, triple-listed, Hong Kong primary with a US secondary and US primary with a later Hong Kong listing, and gives example tickers for each.

The central measure is the AH premium, the A-share price relative to the H-share price converted to CNY, shown with a short Python function that handles the currency conversion. A table maps premium bands, from above 50% down to below zero, to an interpretation and a typical stance, and the structural drivers are listed, such as liquidity, historic access limits and currency expectations. The skill also covers delisting risk for US-listed Chinese ADRs.

When your agent uses it

  • Comparing the A-share and H-share prices of a dual-listed company
  • Checking an ADR's price against its Hong Kong listing
  • Assessing delisting risk for a US-listed Chinese company
  • Understanding why A-shares often trade at a premium to H-shares

Example prompts

  • “Calculate the AH premium for PetroChina from today's A-share and H-share prices.”
  • “Compare Alibaba's ADR with its Hong Kong listing and explain any gap.”
  • “Which of these Chinese companies are triple-listed, and how should I compare them?”
  • “What drives a high AH premium, and what does a negative premium usually mean?”

Requirements

  • Prices for each listing of the company
  • USD/CNY and USD/HKD exchange rates

Workflow steps

5 steps, taken from the step headings in SKILL.md.

  1. Cross-Listing Structures
  2. AH Premium Analysis
  3. ADR Premium/Discount Analysis
  4. Delisting Risk Assessment
  5. Cross-Listing Arbitrage Strategies

What it can do on your machine

Read from SKILL.md and the folder at commit b1f6ce7. It shows what the files ask for, not the result of running them.

  • Tool permissions

    Pre-approves nothing: there is no allowed-tools line, so your agent's usual permission prompts apply.

    From allowed-tools in the SKILL.md frontmatter.

  • Runs code

    No scripts in the folder and no shell commands in SKILL.md (its code samples are python).

    From the folder's file list and the shell code blocks in SKILL.md.

  • Network

    No URLs in SKILL.md.

    From URLs in SKILL.md, links to its own repository left out.

  • Credentials

    Names no API keys, tokens, secrets or passwords.

    From names ending in _API_KEY, _TOKEN, _SECRET, _KEY or _PASSWORD in SKILL.md.

Context cost

ADR and H-Share Premium Analysis loads about 2.5k tokens when it runs. Until then it costs about 54 tokens; SKILL.md has 692 words of instructions outside code blocks.

Always · name and description, kept in context so the agent knows when to use it
~54
When it runs · the whole SKILL.md, loaded when a task matches
~2.5k

Estimates: characters ÷ 4, the usual rule of thumb; real counts depend on the model's tokenizer. Scripts and assets cost tokens only if the agent reads them.

Safety

Auto-check passed

The automated check found no risky patterns in SKILL.md.

Automated static check — not a guarantee. Review scripts before installing. It scans the text of SKILL.md for risky patterns (piping downloads into a shell, reading credential files, hidden Unicode, destructive commands); files beside SKILL.md are not scanned.

SKILL.md

The full file from HKUDS/Vibe-Trading at commit b1f6ce7, republished under its MIT licence (© HKUDS). 692 words, ~2,488 tokens.

Download SKILL.mdSave it as .claude/skills/adr-hshare/SKILL.md (or your agent's skills folder).
name
adr-hshare
description
ADR/H-share/A-share cross-listing premium analysis — track pricing gaps between US-listed ADRs, HK-listed H-shares, and A-shares for arbitrage signals, dual-listing valuation, and delisting risk assessment.
category
flow

ADR / H-Share / A-Share Cross-Listing Analysis

Overview

Many Chinese companies are listed on multiple exchanges — A-shares in Shanghai/Shenzhen, H-shares in Hong Kong, and ADRs in the US. Pricing gaps between these listings create arbitrage opportunities and reveal market-specific sentiment differences. This skill provides frameworks for analyzing cross-listing premiums, identifying arbitrage signals, and assessing delisting risk for US-listed Chinese ADRs.

Core Concepts

1. Cross-Listing Structures
StructureDescriptionExamples
A + H dual-listedSame company listed on both A-share and HK exchangePetroChina (601857.SH / 0857.HK), ICBC (601398.SH / 1398.HK)
H + ADR dual-listedHK-listed with US ADRAlibaba (9988.HK / BABA), JD.com (9618.HK / JD)
A + H + ADR triple-listedAll three marketsChina Life (601628.SH / 2628.HK / LFC)
HK primary + US secondaryPrimary listing in HK, secondary ADRTencent (0700.HK / TCEHY OTC)
US primary → HK secondaryOriginally US, added HK listingAlibaba (BABA → 9988.HK), Baidu (BIDU → 9888.HK)
2. AH Premium Analysis

AH Premium = (A-share price / H-share price in CNY terms - 1) × 100%

python
def calculate_ah_premium(a_price_cny, h_price_hkd, usdcny, usdhkd):
    """Calculate AH premium for a dual-listed stock."""
    h_price_cny = h_price_hkd * (usdcny / usdhkd)  # Convert HKD to CNY
    ah_premium = (a_price_cny / h_price_cny - 1) * 100
    return ah_premium

# Example: PetroChina
# A-share: 8.50 CNY, H-share: 6.20 HKD
# USDCNY: 7.25, USDHKD: 7.82
# H in CNY: 6.20 * (7.25/7.82) = 5.75 CNY
# AH Premium: (8.50/5.75 - 1) * 100 = 47.8%

AH Premium signal interpretation:

Premium LevelInterpretationAction
>50%Extreme A-share premium; A-share speculative bubble or H-share extreme undervaluationStrong: buy H, sell/avoid A
30-50%Elevated premium; normal for high-retail-participation namesModerate: favor H if fundamentals same
10-30%Normal range for most AH pairsNeutral; no strong arbitrage signal
0-10%Compressed premium; A-shares relatively cheapUnusual; investigate catalyst
<0%H-share premium over A-shareVery rare; usually near-term event-driven

Structural drivers of AH premium:

  1. Liquidity premium: A-shares have much higher retail participation and turnover → liquidity premium
  2. Access premium: A-shares were historically hard for foreigners to access → scarcity premium
  3. Currency expectations: CNY depreciation expectations widen the premium
  4. Regulatory arbitrage: different trading rules (T+1 in A-shares vs T+0 in HK)
  5. Investor composition: A-share retail speculative premium vs HK institutional valuation discipline
3. ADR Premium/Discount Analysis

ADR premium = (ADR price in USD / HK equivalent in USD - 1) × 100%

python
def calculate_adr_premium(adr_price_usd, hk_price_hkd, adr_ratio, usdhkd):
    """
    Calculate ADR premium over HK listing.
    adr_ratio: number of HK shares per 1 ADR (e.g., BABA: 1 ADR = 8 HK shares)
    """
    hk_equivalent_usd = (hk_price_hkd * adr_ratio) / usdhkd
    premium = (adr_price_usd / hk_equivalent_usd - 1) * 100
    return premium

# Example: Alibaba
# BABA ADR: $85.00, 9988.HK: HKD 82.50
# ADR ratio: 1 ADR = 8 HK shares
# HK equivalent: (82.50 * 8) / 7.82 = $84.40
# ADR premium: (85.00/84.40 - 1) * 100 = 0.71%

Key ADR conversion ratios:

CompanyADR TickerHK TickerADR Ratio (HK:ADR)ADR Exchange
AlibabaBABA9988.HK8:1NYSE
JD.comJD9618.HK2:1NASDAQ
BaiduBIDU9888.HK8:1NASDAQ
BilibiliBILI9626.HK1:1NASDAQ
NIONIO9866.HK1:1NYSE
XPengXPEV9868.HK2:1NYSE
Li AutoLI2015.HK2:1NASDAQ
NetEaseNTES9999.HK5:1NASDAQ
Trip.comTCOM9961.HK1:1NASDAQ
PinduoduoPDDN/A (US-only)N/ANASDAQ

ADR premium drivers:

  • US trading hours sentiment (earnings releases, macro data during US hours)
  • US-specific regulatory events (SEC, PCAOB audits)
  • Liquidity premium (ADR often more liquid for global funds)
  • Time zone gap: ADR closes at HK's open → overnight gap creates premium/discount
Show full SKILL.md (283 more words)Show less
4. Delisting Risk Assessment

HFCAA (Holding Foreign Companies Accountable Act) framework:

Since 2022, PCAOB gained access to audit workpapers of Chinese companies. Key risks:

Risk LevelCriteriaImpact
LowPCAOB inspection completed, no issuesADR status stable
MediumPCAOB inspection completed, deficiencies notedMonitor for resolution
HighPCAOB access revoked or restricted3-year delisting countdown activated
CriticalOn SEC "identified issuer" list for 3 consecutive yearsForced delisting

Delisting risk indicators:

python
delisting_risk_factors = {
    "pcaob_status": "inspected",     # inspected / pending / blocked
    "sec_identified_years": 0,        # 0, 1, 2, or 3 (3 = delist)
    "has_hk_listing": True,           # Backup listing reduces impact
    "hk_listing_type": "primary",     # primary (can be in Connect) vs secondary
    "vie_structure": True,            # Variable Interest Entity adds legal risk
    "state_owned": False,             # SOE status adds geopolitical risk
}

# Companies with HK primary listing (BABA, JD, BIDU, NTES, etc.) have
# a safety net if US delisting occurs → fungible conversion ADR → HK shares
# Companies with US-only listing (PDD until HK listing) face higher risk
5. Cross-Listing Arbitrage Strategies

Strategy 1: AH Premium Mean-Reversion

python
# When AH premium for a specific stock diverges significantly from its historical average
ah_premium_current = 45  # current premium
ah_premium_mean_12m = 35  # 12-month average
ah_premium_std = 8        # standard deviation

z_score = (ah_premium_current - ah_premium_mean_12m) / ah_premium_std

if z_score > 2.0:
    signal = "fade_premium"  # A-share overvalued vs H; buy H, avoid A
elif z_score < -2.0:
    signal = "buy_premium"   # A-share undervalued vs H; buy A, avoid H
else:
    signal = "neutral"

Strategy 2: ADR-HK Intraday Arbitrage

  • During overlapping trading hours (HK morning = US pre-market via ADR), price gaps can appear
  • Professional arbitrageurs use ADR↔HK fungible conversion to capture these gaps
  • For research purposes: tracking ADR premium trend indicates which market is leading sentiment

Strategy 3: Event-Driven Cross-Listing

  • New HK listing announcement (US→HK): ADR typically dips 2-5% on dilution fear, then recovers
  • MSCI / FTSE index inclusion of HK listing: triggers passive fund buying in HK
  • Stock Connect inclusion (HK primary listing eligible): triggers mainland institutional buying

Data Access

python
import yfinance as yf

# Fetch ADR and HK prices simultaneously
baba_adr = yf.download("BABA", start="2025-01-01", end="2026-03-30", progress=False)
baba_hk = yf.download("9988.HK", start="2025-01-01", end="2026-03-30", progress=False)

# For A+H pairs
petrochina_a = yf.download("601857.SS", start="2025-01-01", end="2026-03-30", progress=False)
petrochina_h = yf.download("0857.HK", start="2025-01-01", end="2026-03-30", progress=False)

# FX rates for premium calculation
cny = yf.download("CNY=X", start="2025-01-01", end="2026-03-30", progress=False)  # USD/CNY
hkd = yf.download("HKD=X", start="2025-01-01", end="2026-03-30", progress=False)  # USD/HKD

# AH Premium Index (HSAHP)
# Not directly on yfinance; use Hang Seng website or Tushare

Output Format

## Cross-Listing Analysis — [Company Name]

### Listing Structure
- **A-share**: [code] @ [price CNY]
- **H-share**: [code] @ [price HKD]
- **ADR**: [ticker] @ [price USD] (ratio: X HK shares = 1 ADR)

### Premium/Discount
- **AH Premium**: [X%] (12m avg: X%, z-score: X.X)
- **ADR-HK Premium**: [X%] (5d avg: X%)
- **Direction**: [AH premium widening / narrowing / stable]

### Valuation Comparison
| Metric | A-share | H-share | ADR |
|--------|---------|---------|-----|
| PE (TTM) | XX.X | XX.X | XX.X |
| PB | X.X | X.X | X.X |
| Dividend yield | X.X% | X.X% | X.X% |

### Delisting Risk (ADR)
- **PCAOB status**: [inspected / pending]
- **SEC identified years**: [0/1/2/3]
- **HK backup**: [yes-primary / yes-secondary / no]
- **Risk level**: [low / medium / high / critical]

### Arbitrage Signal
- **AH premium z-score**: [X.X] → [fade premium / neutral / buy premium]
- **Best market to buy**: [A / H / ADR] — rationale
- **Catalyst**: [index inclusion, Connect eligibility, earnings]

### Investment Implication
- **Preferred listing**: [H-share / ADR / A-share] for new position
- **Risk**: [delisting, FX, regulatory, liquidity]

Notes

  • AH premium arbitrage is not freely executable: A-shares and H-shares are NOT fungible (no direct conversion), so true arbitrage requires separate capital pools
  • ADR↔HK conversion IS possible for most dual-listed names (via depositary bank), but takes 2-3 business days and involves fees
  • Currency risk (CNY, HKD, USD) is a major driver of cross-listing premiums; always hedge or account for FX when comparing
  • VIE (Variable Interest Entity) structure adds a layer of legal risk for many Chinese ADRs; this is a structural risk, not a trading signal
  • Stock Connect eligibility requirements mean not all HK-listed Chinese companies are accessible to mainland investors
  • This framework is for research purposes only and does not constitute investment advice

© HKUDS, MIT. Rendered from Markdown: HTML in the file is shown as text, images as links, and headings moved down two levels. Raw file

Files

Just SKILL.md in agent/src/skills/adr-hshare of HKUDS/Vibe-Trading.

Open the folder on GitHubat commit b1f6ce7

Compare with similar skills

ADR and H-Share Premium Analysis next to the 5 skills that share the most tags, products or categories with it. Stars are the repository's; “used in” counts other GitHub owners with a copy.

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Works with

Questions about ADR and H-Share Premium Analysis

What does ADR and H-Share Premium Analysis do?

Frameworks for comparing the A-share, H-share and US ADR prices of one Chinese company: AH premium, arbitrage signals, dual-listing valuation and delisting risk. Many Chinese companies trade on several exchanges: A-shares in Shanghai or Shenzhen, H-shares in Hong Kong and ADRs in the US. This skill gives the agent a framework for comparing those listings.

When should I use ADR and H-Share Premium Analysis?

ADR and H-Share Premium Analysis fits situations like: comparing the A-share and H-share prices of a dual-listed company; checking an ADR's price against its Hong Kong listing; assessing delisting risk for a US-listed Chinese company; understanding why A-shares often trade at a premium to H-shares.

How do I install ADR and H-Share Premium Analysis in Claude Code?

Run `npx skills add HKUDS/Vibe-Trading --skill adr-hshare -a claude-code`. Or copy the skill folder (agent/src/skills/adr-hshare in HKUDS/Vibe-Trading) into .claude/skills/adr-hshare in your project. Claude Code loads it when a task matches its description.

How do I install ADR and H-Share Premium Analysis in Codex?

Run `npx skills add HKUDS/Vibe-Trading --skill adr-hshare -a codex`. Or copy the skill folder (agent/src/skills/adr-hshare in HKUDS/Vibe-Trading) into .agents/skills/adr-hshare in your project. Codex loads it when a task matches its description.

Can I use ADR and H-Share Premium Analysis in Cursor, Gemini CLI or GitHub Copilot?

Cursor, Gemini CLI, GitHub Copilot and OpenCode also load SKILL.md folders. With the skills CLI, run `npx skills add HKUDS/Vibe-Trading --skill adr-hshare -a cursor` (or -a gemini-cli, github-copilot or opencode for the others). To copy it by hand, put the folder in .cursor/skills/adr-hshare, .gemini/skills/adr-hshare, .github/skills/adr-hshare and .opencode/skills/adr-hshare in your project.

What does ADR and H-Share Premium Analysis need to run?

SKILL.md names no scripts, command-line tools or credentials: ADR and H-Share Premium Analysis is instructions for the agent only. Our summary lists: Prices for each listing of the company; USD/CNY and USD/HKD exchange rates.

Does ADR and H-Share Premium Analysis access the network?

SKILL.md contains no URLs. Any network use would come from the scripts or tools the agent runs. This is read from the text; nothing was executed.

Is ADR and H-Share Premium Analysis safe to install?

Our automated static check of SKILL.md found no risky patterns, such as piping downloads into a shell, reading credential files or hidden Unicode. It is not a guarantee. Review the folder before installing.

What licence does ADR and H-Share Premium Analysis use?

ADR and H-Share Premium Analysis is published under the MIT licence (the repository's licence). It allows redistribution, so the full SKILL.md is shown on this page.

How many tokens does ADR and H-Share Premium Analysis use?

About 2.5k tokens (SKILL.md is roughly 10k characters). Agents keep only the skill's name and description in context until a task matches; then they load SKILL.md in full.

What are the alternatives to ADR and H-Share Premium Analysis?

Skills that share tags, products or a category with ADR and H-Share Premium Analysis: Stock Deep Analysis Workflow (wbh604/UZI-Skill, 7.1k stars), Supply Chain Bottleneck Hunter (xbtlin/ai-berkshire, 17k stars), A-Share Daily Review (qusong0627/QuantMind, 1.7k stars) and Futu OpenAPI Market and Trading Assistant (qusong0627/QuantMind, 1.7k stars). The comparison table on this page puts their stars, adoption, token cost, safety result and licence side by side.

Who maintains ADR and H-Share Premium Analysis?

HKUDS (a GitHub organization) maintains it in HKUDS/Vibe-Trading, which has 35,097 GitHub stars. The repository holds 89 skills in this directory. The repository was last updated on October 9, 2026.

Source: HKUDS/Vibe-Trading on GitHub. Facts on this page come from the repository at the commit we read; the author's words are quoted as theirs.