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Just checked the ADR prices this morning and noticed something interesting - they're lagging behind the local market closes pretty noticeably. HSBC, AIA, and Hong Kong Exchanges all dropped over 1% compared to where they closed in Hong Kong. The local market seems to have held up better.
Tencent and Alibaba were hit harder though, both down close to 2% on their ADRs versus their local market performance. ATMXJ also took a dip. It's one of those days where the local market is outperforming the American side - the disconnect between ADR prices and local market closes is pretty clear today.
Worth keeping an eye on if this gap keeps widening. Usually the local market and ADRs track pretty closely, so when there's this kind of spread it can signal something brewing.