Hong Kong Dark Report: July 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 retreated from record point, down -12% to 1.55% in July.
Health Care is the top-performing sector in market, contributing to a year-to-date gain of 64.2%. It also emerged as a key catalyst for HK IPO market and generated US$5.8 billion of volume, the highest H1 amount since 2021.
In Liquidnet pool, we saw Health Care sector having sustained growth in dark activities since Feb 2025. Some notable names include:
WuXi AppTec 2359.HK: 2.83% in dark, +231% MoM. Its price has more than doubled in value YTD and announced in July to raise HK$7.70 billion through share placement for its global expansion.
Duality Biotherapeutics 9606.HK: 18.09% in dark, +188% MoM. Four >HKD$10M blocky trades were traded on 17th July
Shanghai Henlius Biotech 2696.HK: 10.1% in dark. Shares hit a 5-year high and up > 145% YoY
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