VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Salesforce, Inc.

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)$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

Salesforce, Inc.

CRM · New York Stock Exchange

Market cap (USD)$246B
Gross margin (TTM)77.7%
Operating margin (TTM)20.5%
Net margin (TTM)17.9%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2025-12-22
Moat score
70/ 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 Salesforce, Inc.'s moat claims, evidence, and risks.

View CRM analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 70 / 100 for Salesforce, Inc.).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Salesforce, Inc. has 3 segments (78.9% in CRM Applications Suite (Sales, Service, Platform, Marketing & Commerce)).
  • Primary market structure: Monopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Salesforce, Inc. has 6 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%

Salesforce, Inc.

CRM Applications Suite (Sales, Service, Platform, Marketing & Commerce)

Market

CRM applications (sales, customer service, marketing, digital commerce) delivered as SaaS

Geography

Global

Customer

Business (SMB to enterprise)

Role

SaaS application & platform vendor

Revenue share

78.9%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Salesforce, Inc.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
CRM - New York Stock Exchange
Market cap (USD)
$67.7B
$246B
Gross margin (TTM)
n/a
77.7%
Operating margin (TTM)
n/a
20.5%
Net margin (TTM)
n/a
17.9%
Sector
Financials
Technology
Industry
n/a
Software - Application
HQ country
HK
US
Primary segment
Cash Markets
CRM Applications Suite (Sales, Service, Platform, Marketing & Commerce)
Market structure
Monopoly
Oligopoly
Market share
100% (reported)
20.7% (reported)
HHI estimate
10,000
n/a
Pricing power
Moderate
Moderate
Moat score
92 / 100
70 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Demand, Network
Last update
2026-01-03
2025-12-22

Moat coverage

Shared moat types

Interoperability Hub

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network DensityDistribution ControlSwitching Costs General

Salesforce, Inc. strengths

Data Workflow LockinSuite BundlingEcosystem ComplementsLong Term ContractsTraining Org Change Costs

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%

Salesforce, Inc. segments

Full profile >

CRM Applications Suite (Sales, Service, Platform, Marketing & Commerce)

Oligopoly

78.9%

Integration & Analytics (MuleSoft, Tableau, related subscriptions)

Competitive

15.2%

Professional Services & Other

Competitive

5.8%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.