Dual-listing: risks involved with buying in the secondary market

Hey everyone,

I live in France and only recently opened the kind of account that lets you invest abroad. Interactive Brokers (IBKR) is my broker.

I'm interested in the CDPR stock (yeah, awful timing, it just shot up this week, right after I was done researching the industry's fundamentals… anyway) and IBKR shows it listed in Warsaw (its native stock-exchange, ticker CDR) and Frankfurt (ticker 7CD).

Given that I have a euro-denominated account, buying shares in Frankfurt would be more convenient: no need to exchange euros for Polish zlotys.

However, the company's website only mentions Warsaw. Could it be that the stock is listed in Frankfurt without CDPR's approval?

Also, what are the risks involved with buying in Frankfurt?

Firstly, obviously, this secondary market is much, much less liquid with way less depth and possibly more bid-ask spread. But I'm no whale so I don't think I'd be impacted by price slippage.

Secondly and more importantly, what if the stock is delisted from Frankfurt? Could I migrate my shares to Warsaw? I don't think so. Then I guess I'd probably have some time after the delisting announcement to sell and maybe buy shares back in Warsaw. But wouldn't I risk selling at a discount in Frankfurt then, when everyone is cashing out (though arbitrageurs should keep relative prices equal, am I right)?

And what other risks did I miss?

Apologies for the newbie question really – it's somewhat intimidating when you start interacting with foreign markets 🙂