VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, January 5, 2026

Stock Comparison

Wuliangye Yibin Co., Ltd. vs Hong Kong Exchanges and Clearing Limited

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Wuliangye Yibin Co., Ltd.

000858 · Shenzhen Stock Exchange

Market cap (USD)$411.2B
Gross margin (TTM)75.5%
Operating margin (TTM)46.7%
Net margin (TTM)34.6%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryCN
Data as of2025-12-30
Moat score
80/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Wuliangye Yibin Co., Ltd.'s moat claims, evidence, and risks.

View 000858 analysis

Hong Kong Exchanges and Clearing Limited

0388.HK · Hong Kong Stock Exchange (HKEX)

Market cap (USD)$67.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryHK
Data as of2026-01-03
Moat score
92/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Hong Kong Exchanges and Clearing Limited's moat claims, evidence, and risks.

View 0388.HK analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 80 / 100 for Wuliangye Yibin Co., Ltd.).
  • Segment focus: Wuliangye Yibin Co., Ltd. has 3 segments (76.1% in Wuliangye-branded Baijiu products); Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets).
  • Primary market structure: Oligopoly vs Monopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Wuliangye Yibin Co., Ltd. has 5 moat types across 3 domains; Hong Kong Exchanges and Clearing Limited has 9 across 5.

Primary market context

Wuliangye Yibin Co., Ltd.

Wuliangye-branded Baijiu products

Market

China baijiu market (sales revenue; producers above designated size)

Geography

China

Customer

Consumers (premium gifting/banqueting; affluent households)

Role

Branded spirits producer and marketer

Revenue share

76.1%

Hong Kong Exchanges and Clearing Limited

Cash Markets

Market

Exchange-based cash equities trading, clearing and settlement in Hong Kong (including Stock Connect cash markets)

Geography

Hong Kong (with Mainland China Connect linkage)

Customer

Brokers, banks, proprietary trading firms, and investors; listed issuers via primary/secondary markets

Role

Exchange operator + clearing/settlement/depository operator

Revenue share

52.6%

Side-by-side metrics

Wuliangye Yibin Co., Ltd.
Hong Kong Exchanges and Clearing Limited
Ticker / Exchange
000858 - Shenzhen Stock Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
Market cap (USD)
$411.2B
$67.7B
Gross margin (TTM)
75.5%
n/a
Operating margin (TTM)
46.7%
n/a
Net margin (TTM)
34.6%
n/a
Sector
Consumer
Financials
Industry
Beverages - Wineries & Distilleries
n/a
HQ country
CN
HK
Primary segment
Wuliangye-branded Baijiu products
Cash Markets
Market structure
Oligopoly
Monopoly
Market share
8%-10% (implied)
100% (reported)
HHI estimate
n/a
10,000
Pricing power
Strong
Moderate
Moat score
80 / 100
92 / 100
Moat domains
Demand, Supply, Legal
Legal, Network, Financial, Supply, Demand
Last update
2025-12-30
2026-01-03

Moat coverage

Shared moat types

Distribution Control

Wuliangye Yibin Co., Ltd. strengths

Brand TrustRegulated Standards PipeCapex Knowhow ScalePortfolio adjacency / captive demand

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network DensitySwitching Costs General

Segment mix

Wuliangye Yibin Co., Ltd. segments

Full profile >

Wuliangye-branded Baijiu products

Oligopoly

76.1%

Other liquor products (Wuliang NongXiang and other series)

Competitive

17.1%

Non-liquor products (other)

Competitive

6.8%

Hong Kong Exchanges and Clearing Limited segments

Full profile >

Cash Markets

Monopoly

52.6%

Equity and Financial Derivatives

Monopoly

20.3%

Commodities (LME and related)

Oligopoly

14.8%

Data and Connectivity

Quasi-Monopoly

12.2%

Want the full wide moat stocks list?

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.