Hong Kong Dark Report: September 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 notional traded fell -21.1% MoM in September, sitting 22.4% below the trailing three-month average and running at roughly 63% of July's peak level. The softer trading environment coincided with a 3.3% decline in the Hang Seng Index to 24,613, extending August's weakness and partially reversing July's sharp rally. Meanwhile, realized volatility moderated further to 12.1% annualised in September, reinforcing signs of a lower-activity, lower-volatility regime as the quarter closed.
HSCI dark activity recovered by +8% MoM, increasing its participation of total market turnover to 1.6%. The rise was driven by a sharper decline in lit volume, with dark activity outpacing the contraction.
Notable names saw elevated dark activity:
HKT Trust And HKT 6823.HK: 7.0% in dark, up +149% MoM and nearly 2x its 12-month average. Liquidnet participated 49% of market dark volume. Following a prolonged decline from early to mid‑2026, dark participation turned higher in August and continued to build strongly in September, climbing to its highest level in the last year.
Yihai International 1579.HK: 5.3% in dark, sustaining a three-month upward trend and marking a 12-month high (more than 2x of average). Liquidnet participated 37% of market dark volume. The period saw a series of positive developments, including a wave of analyst upgrades, strong 1H26 earnings featuring +21% YoY profit growth and a +35% increase in interim dividend.
China Resources Land 1109.HK: 4.9% in dark, hitting 12-month high. Liquidnet participated 12% of market dark volume. Key events during the quarter included JPMorgan emerging as a significant shareholder, increasing its stake from 4.4% in July to 4.7% by September, while the stock also experienced elevated dark activity following its late-August earnings release, where net income declined -17% YoY and revenue came in below market expectations.
Bilibili 9626.HK: 4.4% in dark, a 3.5x increase from the prior month and a new 12-month high. Liquidnet participated 14% of market dark volume. Activity coincided with significant shareholder repositioning, including Tencent's disposal of 26.4M shares while institutional investors accumulated positions, led by JPMorgan (+29.1M shares), BNP Paribas (+13.6M shares), UBS (+9.5M shares) and BlackRock (+5.2M shares). Separately, the stock was removed from the HKEX Tech 100 Index effective 14 Sep.
© 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. TP ICAP Markets (Singapore) Pte. Ltd. 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.