Abstract This paper analyzes the post‐ IPO and long‐run aftermarket performances of single‐listed Chinese ADR s during the 2004–2010 period. Single‐listed ADR s are traded daily in major exchanges in the United States, but their underlying shares are not traded in the issuer's home market. Our results show that over the short‐run, buy‐and‐hold abnormal returns of single‐listed Chinese ADR s following their IPO are not significantly different from the typical post‐ IPO performance of stocks in U.S. exchanges, including that of traditional dual‐listed Chinese ADR s. Nevertheless, over the longer horizon, the excess returns of a portfolio composed solely of single‐listed Chinese ADR s outperform a portfolio of dual‐listed Chinese ADR s, but underperform a benchmark portfolio composed of U.S. firms matched on the basis of their IPO date. We also find that the portfolio formed solely of single‐listed Chinese ADR s exhibits significantly distinct loadings on the common portfolio factors from the portfolio formed of dual‐listed Chinese ADR s and from the benchmark portfolio of U.S. stocks.