ADR premium tracker: what US listings cost against the original market
Updated · closing prices, both markets
A US listing of a foreign company is a claim on shares that trade somewhere else, so it should cost the same once the currency is converted. For almost every AI hardware name here it does. For two of them it does not.
SKHY costs $190.07. The same claim in Seoul costs $134.98, converted at 1,342.40 won to the dollar at ten receipts per share. How to buy it, and what the premium means.
Premium by company
| Ticker | Company | Local listing | US price | Local price (USD) | Premium |
|---|---|---|---|---|---|
| SKHY | SK Hynix | Korea · 000660 | $190.07 | $134.98 | 40.8% |
| TSM | TSMC | Taiwan · 2330 | $433.24 | $381.00 | 13.7% |
| UMC | UMC | Taiwan · 2303 | $22.64 | $22.21 | 1.9% |
| SFTBY | SoftBank Group | Japan · 9984 | $21.65 | $21.30 | 1.7% |
| SONY | Sony | Japan · 6758 | $23.90 | $23.65 | 1.0% |
| ASX | ASE Technology | Taiwan · 3711 | $39.47 | $39.08 | 1.0% |
| NOK | Nokia | Europe · NOKIA | $11.13 | $11.09 | 0.4% |
| SAP | SAP | Europe · SAP | $206.36 | $205.64 | 0.4% |
| SIEGY | Siemens | Europe · SIE | $153.37 | $153.51 | −0.1% |
| IFNNY | Infineon | Europe · IFX | $67.57 | $67.94 | −0.5% |
| STM | STMicroelectronics | Europe · STMPA | $51.51 | $51.83 | −0.6% |
| ASML | ASML | Europe · ASML | $1,698.30 | $1,715.08 | −1.0% |
| SIVEF | Sivers Semiconductors | Europe · SIVE | $3.05 | $3.13 | −2.4% |
2 of 13 names trade more than five points from their original listing (SKHY and TSM). The other 11 price inside that band, which is what arbitrage is supposed to do.
How this is calculated
Fair value per receipt is the original market closing price, converted to dollars at the spot rate and multiplied by the number of ordinary shares one receipt represents. The premium is whatever the US line trades above that.
The share ratio is the whole calculation. Get it wrong and the result is not slightly off, it is meaningless. SK Hynix is read from its July 2026 prospectus at ten receipts per ordinary share. The names sitting at parity verify themselves, since a wrong ratio cannot produce parity by accident. TSMC is the one name neither test covers, because a real double-digit premium leaves nothing to check against, so its one-to-five ratio is corroborated against the ADR share count. Unsponsored over-the-counter lines are excluded: their ratios change with little notice.
One timing caveat.Seoul, Tokyo, Taipei and the European exchanges all close before the US session ends, so the two prices in any row are never simultaneous. When one market moves hard after the other has closed, a premium can swing ten points overnight without the real spread changing. SK Hynix did that around its July 29, 2026 earnings drop, when Seoul fell and the US line did not follow, which is why the chart's high and low sit three days apart.
Common questions
- What is an ADR premium?
- An American depositary receipt is a claim on shares that trade on a foreign exchange. Its fair value is the original market price converted to dollars and adjusted for how many receipts make up one ordinary share. When the receipt trades above that, US buyers are paying a premium for access to the same company.
- Why does SK Hynix trade at such a large premium?
- The Korea Securities Depository initially restricted converting Seoul shares into new ADSs, so the arbitrage that normally pulls an ADR back to parity could not operate. The spread was widely expected to decay toward zero once that eased. On closing prices it has not: it bottomed near 15 percent in late July 2026 and has traded well above that since.
- Do most ADRs trade at a premium?
- No. Of the names tracked here, every liquid sponsored ADR outside SK Hynix and TSMC prices within a couple of points of its original listing in either direction, because arbitrage closes the gap. A large persistent premium is the exception.
- Is the premium a reason not to buy?
- That is not a call this page makes and nothing here is investment advice. What the page does is state the size of the gap before you place the order, which is a fact most brokerage screens do not show.
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Suggested citation: AIStockWire, “ADR premium tracker: what US listings cost against the original market,” aistockwire.com/adr-premium, data as of Sep 11, 2026. Questions about the data: support@aistockwire.com.
Prices as of Sep 11, 2026, 4:04 PM EDT. Not investment advice. Check the live price before placing any order.