VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Wolters Kluwer N.V.

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

Wolters Kluwer N.V.

WKL · Euronext Amsterdam

Market cap (USD)$20.6B
Gross margin (TTM)66.5%
Operating margin (TTM)24.8%
Net margin (TTM)18.3%
SectorIndustrials
IndustrySpecialty Business Services
CountryNL
Data as of2025-12-29
Moat score
73/ 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 Wolters Kluwer N.V.'s moat claims, evidence, and risks.

View WKL analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 73 / 100 for Wolters Kluwer N.V.).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Wolters Kluwer N.V. has 5 segments (26.8% in Health).
  • 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; Wolters Kluwer N.V. 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%

Wolters Kluwer N.V.

Health

Market

Clinical decision support and clinical drug information solutions (point-of-care) for healthcare providers

Geography

Global

Customer

Hospitals/health systems, clinicians, payers, and academic institutions

Role

Software + expert content provider

Revenue share

26.8%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Wolters Kluwer N.V.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
WKL - Euronext Amsterdam
Market cap (USD)
$67.7B
$20.6B
Gross margin (TTM)
n/a
66.5%
Operating margin (TTM)
n/a
24.8%
Net margin (TTM)
n/a
18.3%
Sector
Financials
Industrials
Industry
n/a
Specialty Business Services
HQ country
HK
NL
Primary segment
Cash Markets
Health
Market structure
Monopoly
Oligopoly
Market share
100% (reported)
85%-90% (reported)
HHI estimate
10,000
n/a
Pricing power
Moderate
Strong
Moat score
92 / 100
73 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Demand, Legal
Last update
2026-01-03
2025-12-29

Moat coverage

Shared moat types

Switching Costs General

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network DensityDistribution Control

Wolters Kluwer N.V. strengths

Data Workflow LockinBrand TrustSuite BundlingCompliance AdvantageLong Term Contracts

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%

Wolters Kluwer N.V. segments

Full profile >

Health

Oligopoly

26.8%

Tax & Accounting

Oligopoly

26.4%

Financial & Corporate Compliance

Oligopoly

20.8%

Legal & Regulatory

Oligopoly

16%

Corporate Performance & ESG

Competitive

10.1%

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.