A depositary is a bank that facilitates cross-border trading of an issuer’s shares. Among other things, depositary banks provide ADS issuance and cancellation services, and associated stock transfer services such as maintaining the register of holders, distributing dividends in U.S. dollars, providing annual meeting services and executing corporate actions. So, in practice, the depositary bank maintains records of the holders of ADSs and manages the flow of shares between the two separate markets, essentially converting ordinary shares into ADSs when there is demand in the U.S., and converting ADSs back into ordinary shares when there is demand for the ordinary shares.