Hong Kong Dark Report: August 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 17.6% from July, marking the weakest monthly average across three-month trailing window and reflecting a seasonal summer slowdown. The pullback in activity coincided with a modest -1.0% Hang Seng Index return, a meaningful deceleration following July's outsized +13.5% rally. The market’s recovery appears to be losing momentum after reaching the 26,000 level.
Sector performance was broadly negative in August, led by Consumer Discretionary (-8.1%) as the largest drag on returns. This flagged meaningful selling pressure in retail-facing and China consumption-linked names.
Dark activity across the broader Hong Kong market declined sharply by -32% MoM, reducing its participation of total market turnover to 1.4%. The weakness coincided with signs of a renewed "long Korea, short Hong Kong" rotation trade re-emerging in August, with AI-driven flows shifting toward Korean chipmakers and away from Hong Kong-listed names.
Notable Consumer Discretionary names hit 12-month lows in dark activity following weaker-than-expected August earnings results:
Shenzhou International Group 2313.HK: 2.5% in dark, -42% MoM decline. The company reported 1H net profit down -40% YoY, missing market expectations, with earnings pressured by RMB appreciation, rising raw material and labour costs, and softer demand. Analysts also highlighted a more challenging outlook for 2H.
Sands China 1928.HK: 2.2% in dark, extending the downward trend further with a -49% MoM decline. The company reported adjusted property EBITDA falling -3% YoY and below market expectations, as operating expenses rose +14% YoY, driven by higher gaming taxes, payroll, and casino marketing costs.
Galaxy Entertainment Group 27.HK: 1.2% in dark, -81% MoM decline. 1H revenue came in below consensus with a weak Q2 EBITDA falling -5% QoQ and a sharp -29% drop in VIP volume.
Zhejiang Leapmotor Technology 9863.HK: 0.5% in dark, -73% MoM decline reversing the 2-month recovery from May lows. While revenue significantly exceeded consensus, both net income and gross margin fell short of consensus estimates, with rising raw material costs cited as a key headwind.
DPC Dash 1405.HK: 0.2% in dark, -97% lower than 12-month average. 1H revenue grew +21% YoY, supported by the rise in transaction volume. However, net income is expected to miss consensus given ongoing average selling price (ASP) pressure, aggressive third-party platform subsidies and rising delivery rider costs.
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