Hong Kong Dark Report: October 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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Dark Activity Surges
October saw a sharp 29% increase in dark trading, reaching 1.80% of overall market turnover, alongside sizable block trades across multiple names.Prudential Leads the Pack
Prudential (2378.HK) topped the list at 32.1%, its highest level in the past 12 months. The surge was driven by four block trades early in the month, averaging HK$20 million each.Other Notable Names
Samsonite (1910.HK) posted 29.7% in dark, while Sands China (1928.HK) and New Oriental Education & Technology (9901.HK) recorded 9.9% and 9.1%, respectively - each showing strong growth over the past three months.Sector Highlights: Consumer Staples & Health Care
Kangji Medical (9997.HK): 28.1% in dark, up 1,484% MoM, driven by a HK$109M block trade on Oct. 17.
Shanghai Chicmax Cosmetic (2145.HK): 20.6% in dark, up 1,231% MoM, with the largest dark print in the market - HK$461M.
Guming (1364.HK): 13.7% in dark, up 1,789% MoM, setting a record with two block trades totaling HK$536M on Oct. 23.
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