Geopolitics Alpha

China's Temu, JD.com revamp business models amid tariff headwinds

Published . Updated .

Key takeaways

  • Exposed: KWEB, XLI, SMH, FXI, JD
  • Market reaction: price tracking starts with the next trading session.

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GEOPOLITICS ALPHAChina's Temu, JD.com revampbusiness models amid tariffheadwindsJDGEOPOLITICS ALPHA

This report is about Chinese tech and tariffs and trade.

Directly affected

  • JD JD.com-2.8% 8d

    Named in this report.

Indirectly affected

  • KWEB KraneShares CSI China Internet ETF-4.6% 30d

    KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “jd.com” (Chinese tech) in this story.

  • XLI Industrial Select Sector SPDR-0.3% 30d

    Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.

  • SMH VanEck Semiconductor ETF-16.4% 30d

    VanEck Semiconductor ETF: it holds chipmakers. Linked by “china” (semiconductors) in this story.

  • FXI iShares China Large-Cap ETF-5.1% 30d

    iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”).

  • BABA Alibaba Group Holding-8.3% 16d

    Alibaba Group Holding (business services, with business in China): Chinese tech names move with Beijing policy and US-China relations. Linked by “jd.com” (Chinese tech) in this story.

  • BIDU Baidu-11.4% 30d

    Baidu (computer programming, data processing, etc., with business in China): Chinese tech names move with Beijing policy and US-China relations. Linked by “jd.com” (Chinese tech) in this story.

  • PDD PDD Holdings

    PDD Holdings (business services): Chinese tech names move with Beijing policy and US-China relations. Linked by “jd.com” (Chinese tech) in this story.

  • CAT Caterpillar-24.1% 30d

    Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.

Price reaction, T-5 to T+3

TickerT-5T-3T-1T0T+1T+2T+3
JD-5.51%-4.53%baseafter closeafter closeafter closeafter close
KWEB-1.33%-2.26%baseafter closeafter closeafter closeafter close
XLI-1.66%-2.29%baseafter closeafter closeafter closeafter close
SMH+9.58%+0.86%baseafter closeafter closeafter closeafter close
FXI-2.11%-0.11%baseafter closeafter closeafter closeafter close
BABA+0.64%-2.29%baseafter closeafter closeafter closeafter close
BIDU+3.26%-0.77%baseafter closeafter closeafter closeafter close
PDD-3.36%-1.92%baseafter closeafter closeafter closeafter close
CAT+14.55%-0.15%baseafter closeafter closeafter closeafter close

Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.

China's Temu, JD.com revamp business models amid tariff headwinds Nikkei Asia

Source: Nikkei Asia

How far Kraneshares Csi China Internet Etf (KWEB) has moved since 3 Nov 2026

CompanyWhenMoveStatus
Alibaba Group Holding (BABA)three days earlier-2.29%final price
Alibaba Group Holding (BABA)five days earlier+0.64%final price
Baidu (BIDU)three days earlier-0.77%final price
Baidu (BIDU)five days earlier+3.26%final price
CATthree days earlier-0.15%final price
CATfive days earlier+14.55%final price
Ishares China Large-Cap Etf (FXI)three days earlier-0.11%final price
Ishares China Large-Cap Etf (FXI)five days earlier-2.11%final price
JD.com (JD)three days earlier-4.53%final price
JD.com (JD)five days earlier-5.51%final price
Kraneshares Csi China Internet Etf (KWEB)three days earlier-2.26%final price
Kraneshares Csi China Internet Etf (KWEB)five days earlier-1.33%final price
PDD Holdings (PDD)three days earlier-1.92%final price
PDD Holdings (PDD)five days earlier-3.36%final price
Vaneck Etf Trust (SMH)three days earlier+0.86%final price
Vaneck Etf Trust (SMH)five days earlier+9.58%final price
Select Sector Spdr Tr (XLI)three days earlier-2.29%final price
Select Sector Spdr Tr (XLI)five days earlier-1.66%final price

Congressional trades in the stocks in this story

Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).

Who gains and who loses around Kraneshares Csi China Internet Etf (KWEB)

Companies tied to this story

  • KWEB Kraneshares Csi China Internet Etf

    Kraneshares Csi China Internet Etf (KWEB) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “China's Temu, JD.com revamp business models amid tariff headwinds.” Reason on file: KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “jd.com” (Chinese tech) in this story

  • XLI Select Sector Spdr Tr

    In “China's Temu, JD.com revamp business models amid tariff headwinds,” Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence. Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story

  • SMH Vaneck Etf Trust

    In “China's Temu, JD.com revamp business models amid tariff headwinds,” Vaneck Etf Trust (SMH) is linked, with no stored direction, medium confidence. Reason on file: VanEck Semiconductor ETF: it holds chipmakers. Linked by “china” (semiconductors) in this story

  • FXI Ishares China Large-Cap Etf

    Ishares China Large-Cap Etf (FXI) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “China's Temu, JD.com revamp business models amid tariff headwinds.” Reason on file: iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”)

  • JD JD.com

    In “China's Temu, JD.com revamp business models amid tariff headwinds,” JD.com (JD) is linked, with no stored direction, medium confidence. Reason on file: JD.com (retail stores, with business in China): Chinese tech names move with Beijing policy and US-China relations. Linked by “jd.com” (Chinese tech) in this story

  • BABA Alibaba Group Holding

    In “China's Temu, JD.com revamp business models amid tariff headwinds,” Alibaba Group Holding (BABA) is linked, with no stored direction, medium confidence. Reason on file: Alibaba Group Holding (business services, with business in China): Chinese tech names move with Beijing policy and US-China relations. Linked by “jd.com” (Chinese tech) in this story

  • BIDU Baidu

    For “China's Temu, JD.com revamp business models amid tariff headwinds,” Baidu (BIDU) is linked, with no stored direction, medium confidence. Reason on file: Baidu (computer programming, data processing, etc., with business in China): Chinese tech names move with Beijing policy and US-China relations. Linked by “jd.com” (Chinese tech) in this story

  • PDD PDD Holdings

    In “China's Temu, JD.com revamp business models amid tariff headwinds,” PDD Holdings (PDD) is linked, with no stored direction, medium confidence. Reason on file: PDD Holdings (business services): Chinese tech names move with Beijing policy and US-China relations. Linked by “jd.com” (Chinese tech) in this story

Kraneshares Csi China Internet Etf (KWEB)

Kraneshares Csi China Internet Etf (KWEB) is the company in “China's Temu, JD.com revamp business models amid tariff headwinds,” the 3 Nov 2026 this story story.

What ties Kraneshares Csi China Internet Etf (KWEB) to the headline is this: KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “jd.com” (Chinese tech) in this story

A second company, Select Sector Spdr Tr (XLI), is listed for a different reason: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story

Dates and price levels for Kraneshares Csi China Internet Etf (KWEB)

KWEB traded between 22.90 and 25.02 across 20 sessions. The latest close on file is 23.13. SMH traded between 506.51 and 639.33 across 20 sessions. The latest close on file is 508.07. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 169.73.

What the saved facts support for Kraneshares Csi China Internet Etf (KWEB)

46 out of 100

“China's Temu, JD.com revamp business models amid tariff headwinds” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.