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

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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.


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.

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