Hong Kong Dark Report: August 2025
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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HSCI dark turnover fell -8% to 1.42% in August, making it the second weakest month this year.
Prada 1913.HK was the top name in dark at 35.8%, the highest record in the past 12 months. 44% of trading came from Liquidnet.
One >HKD400M block trade was traded on 27th Aug
HKBN 1310.HK was active and recorded a 12-month high with +537% MoM and +404% vs Rolling 12month avg.
Mainly driven by the >HKD68M blocky print traded on 27th Aug
On the same day, HKBN signed a partnership agreement with Transwarp (a global leader in AI infrastructure software) to jointly advance digital and data intelligence transformation
Names with notable downward trend include:
MGM China 2282.HK: 6.9% in dark. -40% vs rolling 12-month avg.
Fuyao Glass 3606.HK: 3.9% in dark. Retreated from record point in May 25.
Budweiser Brewing 1876.HK: <1% in dark. Hit the 12-month record low with -85% vs rolling 12-month avg.
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