Hong Kong Dark Report: December 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 Index dark pool activity stayed flat at 1.54% of total market turnover.
Sands China 1928.HK topped the list at 13.5%, sustaining gains since August 2025 and marking its peak over the last 12 months. Liquidnet participated in 34% of market dark volume.
Names with distinct positive or negative shifts in recent months:
Fuyao Glass Industry 3606.HK: 10.6% in dark, up +74% MoM and sustaining a three-month upward trend. Five block trades executed, averaging 24% of ADV and HKD$29M notional.
China Resources Mixc Lifestyle 1209.HK: 8.6% in dark, showing strong activity for past two months and exceeding 1.5× its rolling 12-month average. Three block trades executed, averaging 9% of ADV and HKD$26M notional.
Zijin Gold 2259.HK: 5.5% in dark, posting consistent MoM growth since its listing date on 30th September 2025.
Meitu 1357.HK: 3.6% in dark, showing a sustained upward trend throughout 2025 and December finishing at almost 2× its 12-month average.
Prada 1913.HK: 9.6% in dark, down -41% MoM and easing after its August 2025 peak.
Samsonite 1910.HK: 6.9% in dark, falling -60% MoM and retreating notably from October highs.
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