Hong Kong Dark Report: January 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.
Want to receive the complete "Dark Report–Hong Kong" each month?
Inform us of your interest to receive the monthly report to keep up to date with key Hong Kong dark market insights.
Dark pool activity in the HSCI kicked off the year at a new 12‑month high, up +26% to 1.90%.
This pickup appeared abrupt and event‑driven, led by activity in key names such as:
China Youran Dairy 9858.HK: 29.3% in dark, a significant capital raise through share placement and subscription was announced on 16th January
Nanshan Aluminium 2610.HK: 28.7% in dark, a capital raise via top-up placement with net proceeds of about HK$1.99 billion on 22nd January
Mao Geping Cosmetic 1318.HK: 19.5% in dark, obtained approval from HKEX for the listing of 228 million H shares, enabling full circulation of these previously unlisted shares. The converted stakes will collectively represent about 46.58% of total share capital upon completion, boosting liquidity.
H World 1179.HK has shown consistent upward momentum since September 2025, with dark activity advancing from 2% to 17% last month
© 2026 Liquidnet Holdings, Inc. and its subsidiaries. Liquidnet, Inc. is a member of FINRA/SIPC/NFA. Liquidnet Europe Limited is authorised and regulated by the Financial Conduct Authority in the UK, is licensed by the Financial Sector Conduct Authority in South Africa, and is a member of the London Stock Exchange and a remote member of the SIX Swiss Exchange. TP ICAP (EUROPE) SA is authorised by the Autorité de Contrôle Prudentiel et de Résolution and regulated by the Autorité des Marchés Financiers and is a remote member of the Warsaw Stock Exchange. Liquidnet Canada Inc. is a member of the Canadian Investment Industry Regulatory Organization and a member of the Canadian Investor Protection Fund. Liquidnet Asia Limited is regulated by the Hong Kong Securities and Futures Commission for Type 1 and Type 7 regulated activities and is regulated by the Monetary Authority of Singapore as a Recognized Market Operator. Liquidnet Japan Inc. is regulated by the Financial Services Agency of Japan and is a member of JSDA/JIPF. Liquidnet Australia Pty Ltd. is registered with the Australian Securities and Investment Commission as an Australian Financial Services Licensee, AFSL number 312525. Liquidnet Singapore Private Limited is regulated by the Monetary Authority of Singapore as a Capital Markets Services Licensee, CMSL number CMS 100757-1. Liquidnet Holdings, Inc. and its subsidiaries are part of TP ICAP Group plc.