Hong Kong Dark Report: September 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 turnover fell -8% to 1.42% in August, making it the second weakest month this year.HSCI dark turnover extended the decline for another month, 1.39% of total market turnover in Sep.
Samsonite 1910.HK was the top name in dark at 21.2%, the highest record in the past 12 months.
Continuous growth was observed on Wynn Macau 1128.HK since June this year. Reached a new high at 10.3% during the month, more than double from 12-month average
13 blocky trades were executed in dark on 11th Sep with an average trade size of HKD$8.8m
Real Estate names were active in Liquidnet pool during the month. Top 2 notable names were:
Link REIT 823.HK: 13.4% in dark, +154% MoM. Record high with ~150% above 12-month average
Swire Properties 1972.HK: 7.9% in dark, +82% MoM. Three >HKD$10M blocky trades were traded at the month end.
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