Hong Kong Dark Report: June 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 improved by 11% in June rising from 1.6% to 1.76% in June, exceeding that of previous four months in the year.
DPC Dash (1405.HK) and Prudential (2378.HK) were the top two most active stocks in the dark, accounting for over 30% of market turnover. Prudential (2378.HK) also set a new record high in dark turnover.
Real Estate (59%) and Comms. Svcs.(+33%) sectors saw substantial growth. This was largely driven by Tencent Music Entertainment (1698.HK) (17.1%), Swire Properties (1972.HK) (11.8%), and Wharf Real Estate (1997.HK) (10.1%).
Tencent Music Entertainment announced an updated acquisition plan for Ximalaya, involving US$1.26 billion in cash and 5.2% of its share capital. Following the announcement, 11 block trades exceeding HK$3 million each were executed.
Hong Kong property names surged, driven by improved market sentiment and growing expectations of interest rate cuts.
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