There simply wasn't the supply. However, going back to Nokia, it will never trade at a discount or a premium because the arbitragers have free access to both markets. So I guess that the Shanghai and Guangzhou markets are where you would see this a lot today. Really, nobody wins. For years, in China, if you were a company and had to choose to between capital from foreigners or capital from your countrymen.
China has multiple types of shares.
So, instead of everybody winning, really, everyone lost. But that is changing, now Chinese companies will be allowed to issue both. In the US, they trade as common stock. In order to trade on the NYSE, for example, the ADRs meet certain requirements. But they can have a whole set of different requirements and oversight in their home country.