Hong Kong Dark Report: May 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.
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Hong Kong average daily traded volume improved +19.2% versus April, recovering from what was a notably subdued April print. The pickup in activity occurred against a more constructive volatility backdrop: 30-day realised volatility on the HSCI compressed from 21.9% at end-April to 16.2% at end-May, a decline of -5.7%. The combination of higher volumes and lower volatility suggests a stabilisation in market conditions rather than a risk-driven surge in turnover.
While lit volumes strengthened, HSCI dark activity fell -13% MoM to 1.48% of total market turnover.
Sector returns in May were broadly negative. Laggards were concentrated in defensives and cyclicals with Health Care (-13.1%) leading declines. Several Health Care names saw elevated dark activity:
Sinopharm Group 1099.HK: 9.1% in dark, up +639% MoM. Exceptionally strong activity in the month and executed 7 block trades above 10% ADV, averaging 20% of ADV and two trades exceeding HKD 25M in size. The stock hit a 52-week low over the month.
Beone Medicines 6160.HK: 4.1% in dark (+150% MoM), marking a 12-month high. It is joining Hang Seng Index effective June 8
China Resources Pharmaceutical 3320.HK: 4.0% in dark, 1.5 times versus last year activity and hitting a 12-month peak with a sustained upward trend throughout this year.
Sino Biopharmaceutical 1177.HK: 2.4% in dark, marking a 12-month peak with a sustained upward trend. It has entered into an exclusive strategic collaboration with GSK PLC to accelerate distribution of potential Hepatitis B drug to 5,000+ medical centers in mainland China at launch.
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