These can trade in the U.S. both on national exchanges and in the Over-The-Counter (OTC) market, are listed in U.S. dollars, and generally represent a number of foreign shares to one ADR. How to Convert ADR to Ordinary Shares | Finance - Zacks For example the size of Alibaba’s Hong Kong freely traded shares is now more than four times its initial secondary listing size as of July 2020, and its trading volume in Hong Kong is nearing that of … Alibaba Investors Swap U.S.-Listed Shares for Hong Kong In connection with the Alibaba Hong Kong IPO, Alibaba has established a branch share register in Hong Kong in addition to its principal share register in the Cayman Islands. BEIJING — Stock index giant MSCI said Wednesday it is removing the U.S.-listed shares of Alibaba from its global indexes, and replacing them with Alibaba’s Hong Kong-traded shares. Alibaba Investors swap China holdings