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In this paper, we study pairs-trading strategies for 169 Asian shares listed in their local markets and listed in the U.S from January 2000 to December 2011. Given that all pairs are cointegrated, they are a logical choice for pairs-trading. Pairs-trading delivers positive profits. The results are robust to different holding periods, and estimation periods of the parameters of the pairs-trading strategy. For our base case, with a 90-day holding and a 60 day estimation period and for the average firm, the median return is 2.91 % and the median duration of the open positions is 3 days, with a 2-4 days interquartile range. The median firm trades 11.6 per year as an ADR-local pair (average is 11.7). The distribution of the profits is not symmetric, with a bigger average than the median. The main contribution to the profitability of pairs-trading comes from the ADR market. The pairs-trading profits are similar when we group the firms by year, country, and liquidity measures. Pairs-trading profits are negatively correlated to different liquidity measures