We examine both market herding and industrial herding in the Hong Kong stock market. Our results find evidence that herding occurs in both the first and second sub-periods. We also find herding in the up-market, high trading volume, and high and low trading-volatility states after controlling for CSAD volatility. In addition, industrial herding remains even when market and size herding disappear after 1993 when short selling and stock options were introduced. Consistent with the literature, we find that investors do not herd on market/industry and systematic factors at the same time.