The only reason Nintendo is on the Pink Sheets is that it — like many foreign companies such as Volkswagen and Nestle — sees no reason to create a duplicitous legal and accounting department just to be traded on the NYSE.
Established companies in other countries don't always see a benefit to being on the NYSE. Nestle (NSRGY.PK) is a perfect example of one that feels this way. Why pay the additional costs involved? They are fully reporting on their home exchange. Some of them are even on the greys in the US. The ones on the grey sheets usually end up becoming a fully reporting pink when they realize how difficult it is for traders in the US.
The foreign pinks are usually referred to as ADR stocks. However, an ADR can be a pink or on a national exchange.
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