China's Temu, JD.com revamp business models amid tariff headwinds
Published . Updated .
Key takeaways
Market Call
Think this story will push the stock up or down over the next three trading days? Make a free call and see what other readers think. Points are play money with no cash value.
Get these market calls by email
The week's biggest market-moving stories, Congress trades and Trump posts, with the tickers they touch. Free, one email a week.
Free. We only use your email to send the digest, never sell or share it, and every email has a one-click unsubscribe link. See our privacy policy.
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
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| JD | -5.51% | -4.53% | base | after close | after close | after close | after close |
| KWEB | -1.33% | -2.26% | base | after close | after close | after close | after close |
| XLI | -1.66% | -2.29% | base | after close | after close | after close | after close |
| SMH | +9.58% | +0.86% | base | after close | after close | after close | after close |
| FXI | -2.11% | -0.11% | base | after close | after close | after close | after close |
| BABA | +0.64% | -2.29% | base | after close | after close | after close | after close |
| BIDU | +3.26% | -0.77% | base | after close | after close | after close | after close |
| PDD | -3.36% | -1.92% | base | after close | after close | after close | after close |
| CAT | +14.55% | -0.15% | base | after close | after close | after close | after 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
| Company | When | Move | Status |
|---|---|---|---|
| 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 |
| CAT | three days earlier | -0.15% | final price |
| CAT | five 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
- Sen. Cory A Booker sold JD.com (JD) (held by a spouse), worth $1,001 - $15,000 on 11 Aug 2026. That is 84 days before publication. Filed 9 Sep 2026. View the filing.
- Rep. Lisa McClain bought Caterpillar (CAT) (held by a spouse), worth $1,001 - $15,000 on 28 Sep 2026. That is 36 days before publication. Filed 12 Oct 2026. View the filing.
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.