VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

S.F. Holding 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.

S.F. Holding Co., Ltd.

002352 · Shenzhen Stock Exchange

Market cap (USD)$183.9B
Gross margin (TTM)13.2%
Operating margin (TTM)4.7%
Net margin (TTM)3.6%
SectorIndustrials
IndustryIntegrated Freight & Logistics
CountryCN
Data as of2025-12-28
Moat score
75/ 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 S.F. Holding Co., Ltd.'s moat claims, evidence, and risks.

View 002352 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 75 / 100 for S.F. Holding Co., Ltd.).
  • Segment focus: S.F. Holding Co., Ltd. has 7 segments (43% in Time-definite Express); Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets).
  • Primary market structure: Quasi-Monopoly vs Monopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: S.F. Holding Co., Ltd. has 9 moat types across 3 domains; Hong Kong Exchanges and Clearing Limited has 9 across 5.

Primary market context

S.F. Holding Co., Ltd.

Time-definite Express

Market

Premium time-definite parcel express delivery services

Geography

China

Customer

B2B, B2C

Role

Integrated parcel pickup, sorting, line-haul, and last-mile delivery

Revenue share

43%

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

S.F. Holding Co., Ltd.
Hong Kong Exchanges and Clearing Limited
Ticker / Exchange
002352 - Shenzhen Stock Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
Market cap (USD)
$183.9B
$67.7B
Gross margin (TTM)
13.2%
n/a
Operating margin (TTM)
4.7%
n/a
Net margin (TTM)
3.6%
n/a
Sector
Industrials
Financials
Industry
Integrated Freight & Logistics
n/a
HQ country
CN
HK
Primary segment
Time-definite Express
Cash Markets
Market structure
Quasi-Monopoly
Monopoly
Market share
64.1% (reported)
100% (reported)
HHI estimate
n/a
10,000
Pricing power
Strong
Moderate
Moat score
75 / 100
92 / 100
Moat domains
Supply, Demand, Network
Legal, Network, Financial, Supply, Demand
Last update
2025-12-28
2026-01-03

Moat coverage

Shared moat types

Physical Network DensityTwo Sided NetworkSwitching Costs General

S.F. Holding Co., Ltd. strengths

Brand TrustScale Economies Unit CostOperational ExcellenceService Field NetworkScope EconomiesNon-core ancillary activities

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubDirect Network EffectsBenchmark Pricing PowerDistribution Control

Segment mix

S.F. Holding Co., Ltd. segments

Full profile >

Time-definite Express

Quasi-Monopoly

43%

Economy Express

Oligopoly

10%

LTL Freight

Competitive

13%

Cold Chain & Pharmaceutical

Competitive

3%

Intra-city On-demand

Oligopoly

3%

Supply Chain & International

Competitive

25%

Other (Non-logistics & Undistributed Units)

Competitive

3%

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.