VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Auto Trader Group plc

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

Hong Kong Exchanges and Clearing Limited

0388.HK · Hong Kong Stock Exchange (HKEX)

Market cap (USD)$539.4B
Gross margin (TTM)85.7%
Operating margin (TTM)80.9%
Net margin (TTM)68.3%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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

Auto Trader Group plc

AUTO · London Stock Exchange

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorCommunication Services
Industry
CountryGB
Data as of2026-01-10
Moat score
96/ 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 Auto Trader Group plc's moat claims, evidence, and risks.

View AUTO analysis

Comparison highlights

  • Moat score gap: Auto Trader Group plc leads (96 / 100 vs 92 / 100 for Hong Kong Exchanges and Clearing Limited).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Auto Trader Group plc has 2 segments (93.3% in Autotrader (UK automotive marketplace & data platform)).
  • Primary market structure: Monopoly vs Quasi-Monopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Auto Trader Group plc has 4 across 2.

Primary market context

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%

Auto Trader Group plc

Autotrader (UK automotive marketplace & data platform)

Market

UK digital automotive marketplace (new & used) with retailer advertising/data products

Geography

United Kingdom

Customer

Consumers, vehicle retailers, OEMs/advertising agencies

Role

Two-sided marketplace + advertising/data & workflow tools

Revenue share

93.3%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Auto Trader Group plc
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
AUTO - London Stock Exchange
Market cap (USD)
$539.4B
n/a
Gross margin (TTM)
85.7%
n/a
Operating margin (TTM)
80.9%
n/a
Net margin (TTM)
68.3%
n/a
Sector
Financials
Communication Services
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
HK
GB
Primary segment
Cash Markets
Autotrader (UK automotive marketplace & data platform)
Market structure
Monopoly
Quasi-Monopoly
Market share
100% (reported)
75%-80% (reported)
HHI estimate
10,000
n/a
Pricing power
Moderate
Strong
Moat score
92 / 100
96 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Network, Demand
Last update
2026-01-03
2026-01-10

Moat coverage

Shared moat types

Two Sided Network

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubDirect Network EffectsBenchmark Pricing PowerPhysical Network DensityDistribution ControlSwitching Costs General

Auto Trader Group plc strengths

Data Workflow LockinHabit DefaultEcosystem Complements

Segment mix

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%

Auto Trader Group plc segments

Full profile >

Autotrader (UK automotive marketplace & data platform)

Quasi-Monopoly

93.3%

Autorama (vehicle leasing marketplace)

Competitive

6.7%

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.