Hong Kong Exchanges and Clearing Ltd

00388: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hong Kong Exchanges and Clearing: Transferring Coverage With FVE of HKD 496 on Trading and Listings

Kai Wang

Sep 28, 2026

We transfer coverage of Hong Kong Exchanges and Clearing and assign a wide Morningstar Economic Moat and High Uncertainty Rating. We raise the fair value estimate to HKD 496 from HKD 420, which reflects a 28% upside based on the Sept. 25 closing price.

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Hong Kong Exchanges and Clearing Ltd

Hong Kong Exchanges and Clearing: Transferring Coverage With FVE of HKD 496 on Trading and Listings

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