Subject: Chinese ADRs
There has been sporadic talk of the US government forcing delisting of Chinese stocks from US exchanges. To keep this non-political, it doesn't matter why or whether that's good or bad for US investors.
My question is, is it safe to assume that China-focused ETFs like FLCH (Franklin Templeton' China ETF), or the broader international ETFs like VXUS, hold the Hong Kong-listed versions if they list their holdings as numbers? Eg 9988 for Alibaba instead of BABA or BABAF.
Same question but with much less urgency, about other non-US stocks available as individual ADRs to US investors. Eg ROG for Roche instead of RHHBY or ambiguous ones like SHEL (same ticker on London and New York stock exchanges).