Hong Kong Dark Report: May 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 has seen a rebound in dark activities and recovered +22% to 1.63% for the month.
The uptick was driven by Cons. Discretionary (+46%, back as Top 1st sector) and Real Estate (+106%).
Top name was ESR Cayman 1821.HK (30.5%), which has announced on 22nd May for privatization and will be delisted on 4th July. Then followed by Prada 1913.HK (27.6%), Fuyao Glass 3606.HK (12.3%) and MGM China 2282.HK (11.6%) – these 3 all hit new record highs.May Golden week, an indication of Chinese consumer confidence, saw a rise of 8% in spending YoY and 40% more tourists visited Macau in the same period. Casinos & Gaming dark activities doubled from the previous month.
Alongside MGM China, Paradise Entertainment (1180.HK)—which first began trading in the dark in February—saw its dark turnover surge 30-fold in May compared to April. This coincided with achieving the third-highest gaming table yield in Macau, driven by the expansion of live-mixed game terminals.JD.com 9618.HK also had strong dark activity in May and has recorded a 12-month high with +48% MoM and +85% vs Rolling 12month avg. 33% of dark volume was traded by Liquidnet.
In the first week of May, two large block trades—each exceeding US$15 million—were executed ahead of the company's Q1 earnings release on May 13.
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