Bit unclear. No data source definitively states the underlying Security in order to track itās listing.
It looks like itās legitimately listed on HKEX
Which makes it ISA compliant ⦠despite incorporation in Bermuda⦠primary listing of parent asset is the main driver for ISA compliance in this instance.
You CAN hold the ADR within an ISA IF the parent underlying security is itself compliant.
If you read the rules (which Iām pretty sure no one in their right mind will) then there is scope for T212 to say ānoā. If there is any uncertainty about the underlying instrument then the rules say give you scope to err on the side of caution. You can see the brokers are mixed⦠Right now HL says No but II says Yes. So there is clearly no agreement on this. I would still say āYesā based on my reading of the rules (as Iām a super nerd!!!). But Iām not in the T212 Complaince Dept.
Netease is another funny one where the data is fuzzy so there is no clear right or wrong answer.
The Nasdaq listing is an ADR. The underlying parent security is KYG642701042
It is unclear where this stock is officially listed now. There āwasā a Nasdaq listing - but now not. There was a German listing - but it wasnāt primary.
Therefore I couldnāt say where this company trades! Which seems crazy!
But on that basis I would mark this stock as not ISA compliant for the time being - rather than risk being wrong and losing my ISA Managers Licence!!!
EDIT:
Hang on⦠itās on the HKEX isnāt it?
No, that doesnāt help. The HKEX data says HKEX listing is Secondary and Nasdaq is primary⦠I donāt think thatās true.
So⦠still confused⦠like most others! Sorry!
The HKEX listing has an ISIN KYG6427A1022 and not the KYG642701042 ISIN quoted as the underlying of the Nasdaq ADR⦠so, still, fuzzy!!!
The ISIN of british stocks tends to start with GB and I believe french start with FR, spanish start with ES and german start with DEā¦
So, I have done a quick search and it seems like the ISIN prefix KYG relates to the Cayman Islands, which I interpret as meaning that the primary listing is in the Cayman Islands.