Hong Kong Dark Report: March 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 activities was down for another -15% during the month and reached to the lowest level at 1.51% in rolling 12 months.
Prada 1913.HK was the top name in dark at 25.4% and 41% of trading came from Liquidnet.
Netease Cloud Music 9899.HK had one big blocky trade in dark on 20th Mar with trade size of US$62m, bringing gains in Comms. Svcs dark% of +41%.
Majority of other sectors experienced a reduction in dark activities. Cons. Discretionary hit a new record low of 2.6%, though remained as the most active. Mainly led by Samsonite 1910.HK, H World Group 1179.HK , Fuyao Glass 3606.HK and Crystal International 2232.HK
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