VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Teqnion AB (publ)

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

Teqnion AB (publ)

TEQ · Nasdaq First North Growth Market Sweden

Market cap (USD)$3.1B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryIndustrial - Distribution
CountrySE
Data as of2026-01-08
Moat score
47/ 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 Teqnion AB (publ)'s moat claims, evidence, and risks.

View TEQ analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 47 / 100 for Teqnion AB (publ)).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Teqnion AB (publ) has 4 segments.
  • Primary market structure: Monopoly vs Competitive. Pricing power: Moderate vs n/a.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Teqnion AB (publ) has 8 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%

Teqnion AB (publ)

Acquisition & Portfolio Platform (Active, long-term ownership)

Market

Acquisition and long-term ownership of profitable niche industrial SMEs

Geography

Nordics, UK, Ireland

Customer

Business owners / sellers; subsidiary management teams

Role

Acquirer / holding company / active owner

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Teqnion AB (publ)
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
TEQ - Nasdaq First North Growth Market Sweden
Market cap (USD)
$539.4B
$3.1B
Gross margin (TTM)
85.7%
n/a
Operating margin (TTM)
80.9%
n/a
Net margin (TTM)
68.3%
n/a
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Industrial - Distribution
HQ country
HK
SE
Primary segment
Cash Markets
Acquisition & Portfolio Platform (Active, long-term ownership)
Market structure
Monopoly
Competitive
Market share
100% (reported)
n/a
HHI estimate
10,000
n/a
Pricing power
Moderate
n/a
Moat score
92 / 100
47 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Supply, Demand
Last update
2026-01-03
2026-01-08

Moat coverage

Shared moat types

Distribution ControlSwitching Costs General

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network Density

Teqnion AB (publ) strengths

Operational ExcellencePreferential Input AccessScope EconomiesProcurement InertiaDesign In QualificationLearning Curve Yield

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%

Teqnion AB (publ) segments

Full profile >

Acquisition & Portfolio Platform (Active, long-term ownership)

Competitive

n/a

Agency & Distribution Businesses

Competitive

n/a

Niche Product & Service Companies

Competitive

n/a

Manufacturing (Own-brand and Contract/OEM)

Competitive

n/a

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.