Dual listings and the overnight handoff

Dual-listed names create a handoff problem. The ADR digests the release while Bangkok sleeps; the local open then either confirms, extends, or rejects that overnight move with a different depth profile.

What we document

• ADR closing reaction vs. prior close
• Local open vs. ADR-implied level
• First local hour volume relative to a normal session
• Whether guidance excerpts hit local wires before or after the open

Why it matters for sizing

Clients who hedge in one venue and hold risk in another need the lag explicit. A “flat” local open after a sharp ADR move is still a reaction — just a venue-split one.

If you hold such a pair into a print, say so when you request a briefing. The calendar and note structure change when two clocks are involved.