Does anyone understand why there's such a wide gap between SK Hynix KR ticker and ADR?
I'm guessing based on EWY and DRAM, the KR ticker would be trading no more than 10% higher during US market hours today. But the ADR is up 20+%. The ADR was already trading at a 10+% premium to the KR ticker even before today. Now the gap just got even wider.
I understand US ADRs trade at a bit of a premium (TSM, BABA, etc), but how can the difference be this large? Will there be some convergence in price at some point?