Country risk premium and CAPM

[X-Offender]

Hello,

I am estimating the cost of equity via CAPM for a Chinese company using its over-the-counter equity in the US. Hence, I am estimating the cost of equity from the perspective of the US market. Since the equity ownership of the company’s over-the-counter shares is composed of various American funds and institutions, would it still be reasonable to add a country risk premium to the CAPM model in order to reflect the additional risk associated with investing in a foreign company? Or does the fact that I'm using OTC omit that necessity?

Any hints would be greatly appreciated.