Hong Kong Dark Report: April 2026
The Hong Kong Dark Report is a tool to help the buy side understand and navigate the Hong Kong market structure on a per stock basis. The report highlights dark market data points including dark % of turnover and trends, dark trade sizes, block turnover and statistical highlights, amongst others.
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Hong Kong average daily notional traded fell -6.8% vs. its 3-month average in April, despite elevated volatility (20.6%), signalling ongoing uncertainty and softer participation.
In contrast, HSCI dark activity rebounded strongly (+27% MoM) to 1.70% of total turnover, recovering from March lows, with gains across all sectors.
Standout names:
Prudential (2378.HK): 13.7% dark (+109% MoM); 6 blocks averaging 42% ADV / HKD$5M, half >HKD$7M
China Mengniu (2319.HK): 9.9% dark; >1.3x 12M avg; 3 blocks averaging 17% ADV / HKD$67M
Crystal Int’l (2232.HK): 9.1% dark; doubled YoY to 12M high
CICC (3908.HK): 5.9% dark (+129% MoM); 2 blocks averaging 16% ADV / HKD$55M; Liquidnet share: 14%
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