Hong Kong Dark Report: July 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 turnover reached HKD307.2bn in July 2026, broadly in line with the preceding three-month average, despite a sharp rebound in equity markets. The HSCI advanced +10.4% month-on-month to 3,802.59, fully reversing June's decline and reflecting a significant improvement in market sentiment. Realized volatility moderated to 19.2% annualized for the month.
The recovery was broad-based across sectors, with no sectors posting a negative return. Materials (+17.2%) and Financials (+13.7%) led performance, consistent with a risk-on, reflation-oriented rotation. Information Technology (+4.3%) and Communication Services (+6.0%) lagged the broader market
-Dark Activity-
Dark activity across Hong Kong broader market strengthened alongside the market recovery, with dark trading volume rising +28% MoM to represent 2.1% of total Hong Kong market turnover, returning above the 2% threshold. It suggested a notable rotation among institutional investors trimming exposure to Korean and Taiwanese names and rotating into Chinese and Hong Kong equities to cut risk from AI swings.
Within HSCI, five constituents recorded dark participation exceeding 10% of total turnover while highest-decile names averaged 13.8% dark. Beyond these names, notable dark trading activity was also observed in:
JINGDONG Industrial 7618.HK: 31.9% in dark, sustaining its upward trend in past 3 months. 1 superblock trades executed representing 163% of ADV and HK$39.9m notional. Additionally, M&G Plc increased its stake to 5.0% earlier in the month.
Kerry Properties 0683.HK: 10.8% in dark, extending its upward trend in past 3 months and marking a 12-month high. The company announced a joint venture to acquire and develop a Shanghai land parcel for RMB2.7bn, representing a notable expansion of its China landbank.
Harbin Electric 1133.HK: 4.7% in dark, continuing its gradual uptrend since February and setting a new record high. The stock gained momentum following a profit alert, which 1H 2026 net profit reached RMB1.7bn, up +61% YoY. Shares rallied as much as 14.5% the following trading day on HKD109m turnover, marking the largest single-day gain since February. Trading volume reached to 7.33m shares, 11x the 20-day average.
Flat Glass Group 6865.HK: 4.6% in dark, up +614% MoM. The company announced profit warning for a net loss of RMB 300–400 million in 1H 2026, reflecting the severe pricing pressure and oversupply conditions plaguing the solar glass sector. Bearish sentiment remained elevated, with at least eight investors disclosing short positions equivalent to 24% of shares outstanding.
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