Hong Kong Dark Report: November 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 Index dark pool activity declined -18%, returning to the past three-month average at 1.48% of total market turnover.
Swire Properties 1972.HK led the top names at 17.1%, quadruple prior month’s level and marking its highest level in past rolling 12 months.
A consistent upward trend to new highs over the past three months is evident for the following stocks:
Budweiser Brewing 1876.HK: 16.8% in dark, up from 0.9%. Two block trades executed, averaging 34% of ADV and HKD$38M notional.
Sands China 1928.3HK: 12.2% in dark, up from 4.3%.
BOC Aviation 2588.HK: 8.7% in dark, up from 2.1%. Three block trades executed, averaging 40% of ADV and HKD$19M notional.
Trip.com 9961.HK: 6.7% in dark, up from 4.5%
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