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Need help with American Depositary/currency issue


tede02
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This is specific to Naspers Limited which is South African based.  I must be missing something.  As I see it, the common is trading for 291,000 in home currency (ZAR).  The currency conversion to USD is currently $0.075. 

 

Thus, the conversion gets me to share price of $21,952.35. 

 

However, the ADRs are trading at $23.35 with a 10:1 ratio.  But that translates into a $233.50 share price which is off by nearly a factor of ten (actually 100).  What am I missing here?  Is there another share class that the ADRs are being based off? 

 

Any insight would be greatly appreciated.  (Probably a stupid question with the answer looking me in the face.)

 

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