BABA's 60-day correlation to KWEB swings from 0.45 to 0.85 — single-name catalysts decouple from the basket more often than traders assume. The edge isn't a one-line ADR rule; it's identifying which signal is in control at the moment of execution.

China-based traders don't need a simplified US gateway. They need DMA, multi-vendor HTB, real-time order flow, multi-clearing. The Beijing-time advantage (US open 21:30) is structural — whether it converts to P&L depends on the execution stack.