I found that many friends said they couldn't understand, so I'll explain in human language. The semiconductor company Hynix, which was listed in South Korea before today, is about to go public in the United States. This process involves issuing through ADR (which I will use as an abbreviation below), which can be simply understood as packaging stocks from other countries into stocks that meet the standards for listing in the United States. So there will be a situation where a stock is listed in both South Korea and the United States, which has also occurred in China, such as China National Petroleum Corporation. Of course, China's ADR is H-shares, not A-shares. Returning to Hynix, due to the time difference between South Korea and the United States, my friend is asking if there will be a price difference between the same stock in South Korea and the United States. If there is a price difference, will it be mainly based on the United States or South Korea. This is actually an arbitrage logic, for example, if the price in South Korea is $100 (worth $100 in Korean won) and the price in the United States is $80 (or $120), will South Korea drop to $80 or the United States rise to $100? That's the question my friend asked. And my answer is that currently it is quite popular, and the United States is more prone to high premiums. That is to say, the price in South Korea is $100, while in the United States it has risen to $120. This premium sentiment is likely to increase or decrease with the degree of FOMO, but generally speaking, this premium may remain for a period of time. In human terms, South Korea may close at $80 today, the US stock market may close at $100 tomorrow, South Korea may close at $90 tomorrow, and the US may close at $110, which will maintain a premium for a period of time depending on the degree of FOMO. But after a period of stability, according to historical experience, it is often easier for the prices of the South Korean stock market to become benchmark prices. That is to say, if South Korea rises, the United States also rises, South Korea falls, and the United States also falls, the probability is higher. Of course, this refers to the period after stability, not just at the beginning. I gave an example of SpaceX, which was also very FOMO when it first opened, and Hynix ADR may also experience similar emotional processes. The difference is that Hynix also has Korean stocks as a reference, so the faster the US rises, the more significant the premium between Hynix and Korean stocks will be. @Gate Crypto、 US stocks, Hong Kong stocks, South Korean stocks, gold CFD、 Predicting one-stop trading in the market