ADR outstanding shares clarification [with picture to demonstrate]

Question

Do websites showing "shares outstanding" for an ADR are the actual shares or just the ADRs?

For example, Li Auto has an agreeing number from two websites but unclear as to what they actually mean. Li has a 2:1 share-ADR ratio.

Answer 1

Exactly what each web site show is really up to them.

You can view the prospectus/quarterly/annual filings on the sec.gov web site which will contain this figure.

In the case of Li Auto ADR, it is a new listing on Nasdaq, so let's look at the prospectus: https://www.sec.gov/Archives/edgar/data/1791706/000104746920005648/a2242705z424b4.htm

There are 1,345,376,230 Class A Ordinary shares issued and 355,812,080 Class B ordinary shares issued.

There were 94,000,000 ADRs issued as part of the offering. The ADRs map on a 1:2 basis.

So, looking at the figure of 836.34M shares outstanding you've detailed, this represents the total of Class A and Class B issued shares translated by ADR ratio.