China Mid-Year Outlook: Trade Deal Loading, Consumption & Innovation Locked In

US Secretary of State Marco Rubio said that a Trump-Xi Summit could be in the works after three months of tariff turmoil. Meanwhile, China has moved to address its oversupply of vehicles and solar panels, providing additional goodwill in negotiations. Trump’s Administration is looking to rewrite the established rules for almost everything, which could mean a new paradigm for US-China relations.

Meanwhile, China’s consumers and innovators are marching forward. During this year’s 6.18 (June 18th) Sales Festival, Alibaba increased gross merchandise value (GMV) by +10% year-over-year (YoY), JD hit a new sales record,1 and live streaming E-Commerce took center stage. At the same time, the competition for instant commerce wallet share continued to heat up. Also, China-based robotics company Unitree became the world’s newest unicorn after completing its series C funding round in June.

Join KraneShares CIO Brendan Ahern and Head of International Dr. Xiaolin Chen for a webinar where they will cover:

China's equity market performance in Q2 and its key drivers
Scenario Analysis: What could be in the latest US-China Deal?
What to expect from China's stimulus policies
Our outlook for China's economy and capital markets
Comprehensive Q&A
Investors can submit questions by emailing info@kraneshares.com

1 CFP/CIMA Credit Available
Please email ce@kraneshares.com to receive credit.

For KWEB standard performance, top 10 holdings, risks, and other fund information, please visit https://kraneshares.com/kweb.

This material contains the speakers’ opinions. It is provided for informational purposes and should not be regarded as investment advice or a recommendation of specific securities. Holdings are subject to change. Securities mentioned do not make up the entire portfolio and, in the aggregate, may represent a small percentage of the fund.

Gross Merchandise Value (GMV) represents the total monetary value of goods sold through a marketplace or platform over a specific period, before any deductions for costs, including discounts, returns, or taxes.

Citations:

Data from The Benchmark Company as of 6/24/2025
Demaire, Eugene. “Unitree becomes a legged robot unicorn with Series C funding,” The Robot Report. June 30, 2025.

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