---
title: "Skill Workshop | One company, two prices — see the whole gap on a single screen"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43369508.md"
description: "ADR Premium Radar is live! See the gap between a company's US and HK prices — ADR ratio and FX converted, with current premium and historical percentile. Rank all 29 pairs at once. Comment to earn 288 Task Coins."
datetime: "2026-08-13T07:21:32.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43369508.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43369508.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43369508.md)
author: "[LongbridgeAI](https://longbridge.com/en/profiles/10010333.md)"
---

# Skill Workshop | One company, two prices — see the whole gap on a single screen

_Skill Workshop · Issue 2 · **ADR Premium Radar**_

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Alibaba has two prices: one in New York, one in Hong Kong.

In theory they should line up once you convert. In practice, they often don't.

To know which side is cheaper right now, you first have to work out the ADR ratio, the FX rate and both prices…

That sum is what **ADR Premium Radar** does for you:

_✅ Type in a ticker, and it tells you on the spot which side is cheaper, by how much, and whether that is normal._

## Two ways to use it: Single Pair, or Full Pool Scan

> -   **Single Pair** — pick one pair and look at it closely
> -   **Full Pool Scan** — all 29 pairs lined up at once, sorted by deviation from the mean, largest first.

### **1️⃣ Single Pair** — pick one pair and look at it closely.

Both prices, the FX rate, the ADR ratio and the current premium, all laid out.

Then the recent mean, how far today deviates from it, the historical percentile, and a mean-reversion half-life to estimate how long it takes to snap back.

Plus two charts: the premium curve shows how extreme this reading is, and the overlaid price lines show which side is running faster.

### **2️⃣ Full Pool Scan** — all 29 pairs lined up at once, sorted by deviation from the mean, largest first.

You can also narrow it to「US Cheaper Only」or「HK Cheaper Only」.

Which ones sit at an extreme, which are running the other way, which are lying flat on the mean — one screen makes it all clear.

See a pair you like? One click takes you into its Single Pair view.

## The 29 pairs in the line-up

E-commerce, internet, EV makers, consumer, healthcare tech — most dual-listed China names are in there.

BABA/9988, JD/9618, BIDU/9888, NIO/9866, XPEV/9868, BEKE/2423…

The 12 most liquid pairs lead the list; the other 17 are thinner and sit in a watch pool.

## How the premium is worked out

What you buy in the US is an ADR — one share stands for several HK shares.

And the ratio differs by company: Alibaba is 1 to 8, JD is 1 to 2.

So the two prices can't be compared directly. They have to be converted first:

`ADR-implied price = US price ÷ ADR ratio × USD→HKD rate`

Convert to Hong Kong dollars, compare against the HK price, and that gap is the premium. Positive means HK is dearer; negative means the US is.

That figure is then ranked against recent history — is today's gap routine, or rare?

> One thing to note: the pair used as the conversion benchmark is measured against itself, so its premium is always 0.00%. That's expected.

## **Premium Radar · installed in 3 steps**

> Prerequisite: Longbridge Skill (CLI) needs to be installed first, and the package only runs inside an AI assistant — we recommend using it on desktop web.

-   1️⃣ Click the download link: [install link](https://assets.lbkrs.com/whale/skills/promotion/2026081201/adr-premium-radar.skill.zip), and get the ZIP  
    (no need to unzip — import it straight into your AI assistant)
-   2️⃣ Open your AI assistant, find【Skills / Plugins】→ click import → select the ZIP  
    Or simply drag the ZIP into the chat box, and it will walk you through the install.
-   3️⃣ Send one line —「Open Premium Radar」— and the browser opens automatically

## **Longbridge Skill · how to install**:

Here's the step-by-step guide: [Skill tutorial](https://longbridge.com/topics/39668770), [Official install guide](https://open.longbridge.com/skill/)

## 🎁 **Comment** to win!

**Take part in either way**:

1.  Share a screenshot: post what the Radar returned for you
2.  Place a request: tell us the next tool you'd most like Skill Workshop to build

Every valid entry earns **288 Task Coins**

We'll also draw 1 winner at random from all valid entries, who receives an **AI Pro benefits card worth SGD 25**

**Event period**: from now until 19 August 2026, 7:00 PM. Rewards will be distributed within 15 working days after the event ends

### **✌️****Longbridge Skill does more than this**

Screen stocks · check technicals · track institutional holdings · watch insider trades · review position P&L · place conditional orders…

Things that used to mean switching between several tools now take one line to an AI

* * *

_Data comes from public market data on both exchanges and live FX rates; free quotes are delayed by about 15 minutes. For research and educational use only; nothing here constitutes investment advice. Longbridge reserves the right of final interpretation._

### Related Stocks

- [02423.HK](https://longbridge.com/en/quote/02423.HK.md)
- [BEKE.US](https://longbridge.com/en/quote/BEKE.US.md)
- [09866.HK](https://longbridge.com/en/quote/09866.HK.md)
- [NIO.US](https://longbridge.com/en/quote/NIO.US.md)
- [NIO.SG](https://longbridge.com/en/quote/NIO.SG.md)

## Comments (16)

- **旺旺小仙 · 2026-08-14T02:44:30.000Z**: An out-of-pool comparison with $YOFC(06869.HK)  shows A-shares at 344 and H-shares at 130, resulting in a persistent H/A premium rate of −67.5% with no signs of convergence.Among the 29 ADR/H-share pairs tracked by the radar, the premiums for mainstream targets often hover around 0 year-round.The ro
- **旺旺小仙 · 2026-08-13T11:03:31.000Z**: Before using this radar, I always thought "Chinese concept stock discount" meant US ADRs were cheaper than Hong Kong stocks, but after checking the radar, I found that for large-cap stocks, the converted prices are basically 1:1. It turns out ADRs and Hong Kong stocks are in the same pool an
- **贝豺 · 2026-08-13T08:56:34.000Z**: $Bilibili(BILI.US) How to understand this measurement saying it's extremely cheap in the Hong Kong stock market? I see the current premium is only +1.66%, with a historical average of around -1%. In the normalization chart comparing stock prices in both markets, the two lines are basically running t
  - **贝豺** (2026-08-13T09:18:48.000Z): AI explained that the norm for Bilibili is actually slightly more expensive in the Hong Kong stock market (average of the last 20 days -0.93%), today it flipped to +1.66%, a back-and-forth swing of 2.
  - **好运绵绵兔** (2026-08-13T09:20:41.000Z): Hey, is this price difference because Hong Kong stocks trade during the day and US stocks trade at night, so they are out of sync?
  - **贝豺** (2026-08-13T09:22:54.000Z): When this radar was designed, it would be forced to use US stock night market prices for conversion during Hong Kong stock trading hours, so there shouldn't be any mismatch.
- **亏钱天花板 · 2026-08-13T08:44:58.000Z · 👍 2**: If you want a leveraged ETF tracker, take 7709 (2x Long SK Hynix) as an example—its leverage ratio changes, and there are premiums and discounts. Since Korean and Hong Kong stock market trading hours don't align, figuring out why "the underlying asset went up but it didn't keep up" requires 
- **涨跌平常心 · 2026-08-13T08:09:46.000Z · 👍 2**: I checked $BABA-W(09988.HK) , $JD-SW(09618.HK) , and $BIDU-SW(09888.HK) ; these large-cap stocks are basically "at-the-money", just a fraction away. What exactly is this radar looking at?
  - **买卖靠运气** (2026-08-13T08:22:52.000Z): At-the-money is the norm, but not at all times. For the same company with two different prices, even if it's just a 1% difference, the same amount of money buys 1% more shares on the cheaper side.
  - **卖飞专业户** (2026-08-13T08:29:46.000Z): Recall the "Law of One Price": the same asset must have the same price in two markets, otherwise arbitrageurs will eliminate the price difference.
  - **卖飞专业户** (2026-08-13T08:30:01.000Z): A large price difference implies there's an arbitrage opportunity, doesn't it? After all, Hong Kong stocks and ADRs are interchangeable.
- **蜡笔小白 · 2026-08-13T07:38:35.000Z · 👍 4**: $Alibaba(BABA.US) and $Alibaba-W (09988.HK)$ make it easier to watch Chinese concept stocks, stop scamming people
  - **日薪月亿** (2026-08-13T08:52:15.000Z): Getting scammed might not be due to the price difference; getting beaten up whether buying US stocks or HK stocks 😭
- **Wanner's gold coin · 2026-08-13T07:34:30.000Z · 👍 1**: Can this tool check Tencent? Although I usually watch HK stock 700.HK, there is also $Tencent(TCEHY.US) in the search results.
  - **Wanner's gold coin** (2026-08-13T07:35:19.000Z): @LongbridgeAI Are the ADRs issued by Tencent the same as those of Alibaba and JD.com?
  - **LongbridgeAI** (2026-08-13T07:35:19.000Z): 在美股市场交易的腾讯（TCEHY）、阿里巴巴（BABA）和京东（JD）虽然都被投资者统称为中概股，但从发行制度和换股比例两个核心维度来看，腾讯的 ADR 与阿里巴巴、京东存在显著差异。1. 发行性质：非担保 ADR vs 担保 ADR腾讯与阿里巴巴、京东在美股的挂牌形式有着本质的区别：阿里巴巴和京东（担保 ADR / Sponsored ADR）： 这两家公司是主动在美股上市的，公司本身直接参与了