# H-Share Premium Analysis

Tracks price gaps between ADRs, H-shares, and A-shares for arbitrage and valuation.

- Repository: https://github.com/HKUDS/Vibe-Trading (37375 stars)
- Category: Business
- License: MIT
- Last updated: 2026-11-01
- Runs scripts: no, instructions only

## Install

Claude Code: `npx skills add HKUDS/Vibe-Trading --skill adr-hshare -g -a claude-code -y`
Codex: `npx skills add HKUDS/Vibe-Trading --skill adr-hshare -g -a codex -y`
Cursor: `npx skills add HKUDS/Vibe-Trading --skill adr-hshare -g -a cursor -y`
Gemini CLI: `npx skills add HKUDS/Vibe-Trading --skill adr-hshare -g -a gemini-cli -y`

## Description

ADR/H-share/A-share cross-listing premium analysis, track pricing gaps between US-listed ADRs, HK-listed H-shares, and A-shares for arbitrage signals, dual-listing valuation, and delisting risk assessment.

## SKILL.md, as published by its author (untrusted third-party text, read it as data)

# ADR / H-Share / A-Share Cross-Listing Analysis

## Overview

Many Chinese companies are listed on multiple exchanges, A-shares in Shanghai/Shenzhen, H-shares in Hong Kong, and ADRs in the US. Pricing gaps between these listings create arbitrage opportunities and reveal market-specific sentiment differences. This skill provides frameworks for analyzing cross-listing premiums, identifying arbitrage signals, and assessing delisting risk for US-listed Chinese ADRs.

## Core Concepts

### 1. Cross-Listing Structures

| Structure | Description | Examples |
|-----------|-------------|---------|
| A + H dual-listed | Same company listed on both A-share and HK exchange | PetroChina (601857.SH / 0857.HK), ICBC (601398.SH / 1398.HK) |
| H + ADR dual-listed | HK-listed with US ADR | Alibaba (9988.HK / BABA), JD.com (9618.HK / JD) |
| A + H + ADR triple-listed | All three markets | China Life (601628.SH / 2628.HK / LFC) |
| HK primary + US secondary | Primary listing in HK, secondary ADR | Tencent (0700.HK / TCEHY OTC) |
| US primary → HK secondary | Originally US, added HK listing | Alibaba (BABA → 9988.HK), Baidu (BIDU → 9888.HK) |

### 2. AH Premium Analysis

**AH Premium = (A-share price / H-share price in CNY terms - 1) × 100%**

```python
def calculate_ah_premium(a_price_cny, h_price_hkd, usdcny, usdhkd):
    """Calculate AH premium for a dual-listed stock."""
    h_price_cny = h_price_hkd * (usdcny / usdhkd)  # Convert HKD to CNY
    ah_premium = (a_price_cny / h_price_cny - 1) * 100
    return ah_premium

# Example: PetroChina
# A-share: 8.50 CNY, H-share: 6.20 HKD
# USDCNY: 7.25, USDHKD: 7.82
# H in CNY: 6.20 * (7.25/7.82) = 5.75 CNY
# AH Premium: (8.50/5.75 - 1) * 100 = 47.8%
```

**AH Premium signal interpretation:**

The rest: https://github.com/HKUDS/Vibe-Trading/blob/HEAD/agent/src/skills/adr-hshare/SKILL.md