VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Microsoft Corporation

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

Microsoft Corporation

MSFT · Nasdaq Global Select Market

Market cap (USD)$3.5T
Gross margin (TTM)68.8%
Operating margin (TTM)46.3%
Net margin (TTM)35.7%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2025-12-21
Moat score
84/ 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 Microsoft Corporation's moat claims, evidence, and risks.

View MSFT analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 84 / 100 for Microsoft Corporation).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Microsoft Corporation has 3 segments (42.9% in Productivity and Business Processes).
  • Primary market structure: Monopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Microsoft Corporation has 9 across 4.

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%

Microsoft Corporation

Productivity and Business Processes

Market

Enterprise productivity & collaboration suites, business applications, and professional network platforms

Geography

Global

Customer

Enterprises, SMBs, consumers, recruiters/advertisers

Role

SaaS platform + professional network

Revenue share

42.9%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Microsoft Corporation
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
MSFT - Nasdaq Global Select Market
Market cap (USD)
$67.7B
$3.5T
Gross margin (TTM)
n/a
68.8%
Operating margin (TTM)
n/a
46.3%
Net margin (TTM)
n/a
35.7%
Sector
Financials
Technology
Industry
n/a
Software - Infrastructure
HQ country
HK
US
Primary segment
Cash Markets
Productivity and Business Processes
Market structure
Monopoly
Oligopoly
Market share
100% (reported)
n/a
HHI estimate
10,000
n/a
Pricing power
Moderate
Strong
Moat score
92 / 100
84 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Demand, Network, Supply, Legal
Last update
2026-01-03
2025-12-21

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

Microsoft Corporation strengths

Suite BundlingData Workflow LockinLong Term ContractsCapex Knowhow ScaleEcosystem ComplementsOperational ExcellenceDefault OS GatewayContent Rights Currency

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%

Microsoft Corporation segments

Full profile >

Productivity and Business Processes

Oligopoly

42.9%

Intelligent Cloud

Oligopoly

37.7%

More Personal Computing

Quasi-Monopoly

19.4%

Want the full wide moat stocks list?

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

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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.