Hong Kong Dark Report: June 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.
Hong Kong market liquidity remained exceptionally strong in June despite a challenging market backdrop. HKEX turnover reached its third-highest month on record, rising +39% year-on-year, supported by sustained IPO activity and elevated trading interest across the market. At the same time, the HSCI declined -9.0% during the month while realised volatility increased to 21.1% annualised from approximately 18.3% across April-May. The combination of a sharp index drawdown, rising realized volatility, and above-average turnover pointed to a market increasingly characterized by de-risking and forced selling rather than orderly two-way flow.
Overall market turnover continued to grow significantly faster than Southbound Stock Connect activity, with Southbound participation remaining broadly stable around 17% of HKEX turnover.
While index-level dark penetration remained modest at 1.38%, activity was concentrated in a select group of names, with the highest-decile stocks averaging 5.9% dark turnover during June.
Key movers for the month, supported by notable price extremes or company-specific news, include:
Kingboard Laminates 1888.HK: 9.9% in dark, sustaining its upward trend in past 3 months. The company had entered a block trade agreement to sell about 155 million shares. Separately, filings reported that Executive Chairman Kwok Wa Cheung sold approximately HK$383 million worth of shares at around HK$87.66, reducing his personal holding by 32%.
MINISO 9896.HK: 5.2% in dark (+498% MoM), marking a 12-month high. The company announced a HK$2 billion shares and ADSs repurchase program over a 12-month period, citing a view that current price is below intrinsic value. 3 block trades executed, averaging 14% of ADV and HK$17m notional.
ENN Energy 2688.HK: 2.9% in dark, up +397% MoM. Shares declined to a 5-year low following the termination of ENN Natural Gas's privatization proposal and the withdrawal of its planned secondary Hong Kong listing, prompting renewed selling pressure.
TUHU Car 9690.HK: 2.2% in dark, up +506% MoM. The company has confidentially filed for a potential U.S. ADS offering, while separately announcing a share repurchase and employee share incentive scheme with a total commitment of up to HK$1.5 billion.
Budweiser Brewing 1876.HK: 0.9% in dark, marking a 12-month low. The stock declined to a 5-year low amid continued weakness in China beer volumes, a series of earnings disappointments, and additional selling pressure from block trades.
© 2026 Liquidnet, Inc. is a member of FINRA/SIPC/NFA. Liquidnet Europe Limited is authorised and regulated by the Financial Conduct Authority in the UK. 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. TP ICAP Markets Limited is authorised and regulated by the Financial Conduct Authority in the UK. Liquidnet Canada Inc. is a member of the Canadian Investment 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. All of the above entities are part of TP ICAP Group plc.