Our U.S.-listed ADSs and Hong Kong-listed ordinary shares are fully fungible and can be converted in both directions. The conversion between U.S.-listed ADSs and Hong Kong-listed shares, in either direction, will generally require two business days to complete electronically under normal circumstances.
This is consistent with the conversion mechanics for other U.S. and Hong Kong-listed shares. Please reach out to your brokers for further information on procedures and costs for conversion between Hong Kong shares and ADSs.
Overview of conversion from ADSs to Hong Kong-listed shares
Investors (including institutional and retail) would instruct their brokers to convert their U.S. listed ADSs into Hong Kong shares via Citibank (drcerts@citi.com/citiadr@citi.com/drbrokerservices@citi.com), acting as Depositary in NY and Custodian in Hong Kong; the investors would designate a Hong Kong account for the converted Hong Kong shares to be delivered into.
In essence, (i) the brokers would act on the instructions of the investors and liaise with Citibank NY (depositary); (ii) Citibank NY would then cancel the ADS and instruct its custodian (Citibank HK) to "withdraw" the underlying Hong Kong shares; (iii) Citibank HK would then deliver the Hong Kong shares into Hong Kong account that was designated by the investor. These steps are completed in two business days.
Conversion from Hong Kong-listed shares to ADSs
Process is a reverse of the above.
