China Internet Stocks
Top 10 of 44 KWEB holdings, updated
As of 12 October 2026, china internet stocks are trailing the S&P 500, over the past month and over the longer run. KWEB trails the S&P 500 by 1.4 points over one month and ranks #31 of 115 groups Zensei tracks. 7 of the 11 china internet stocks Zensei prices in KWEB beat the fund this month.
Where china internet stocks stand now
As of 12 October 2026, China Internet (KWEB) ranks #31 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 1.4 points behind over the past month and 8.2 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, KWEB's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. KWEB's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via KraneShares CSI China Internet ETF, whose 44 tracked holdings are led by Tencent Holdings Ltd, Alibaba Group Holding Ltd and Pdd Holdings Inc. Weighted by portfolio, the fund's holdings trade at roughly 8.5× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
Top china internet stocks right now
The largest china internet stocks by weight in KWEB, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of KWEB
- 1Tencent Holdings Ltd10.3%
- 2Alibaba Group Holding Ltd8.7%
- 3Pdd Holdings IncPDD8.2%
- 4Meituan6.9%
- 5Netease Inc6.4%
Strongest this month
1-month return, holdings Zensei prices
- 1Joyy IncJOYY+8.4%
- 2Tal Education GroupTAL+7.7%
- 3Tencent Music Entertainment GroupTME+5.8%
- 4Full Truck Alliance Co LtdYMM+5.6%
- 5Pdd Holdings IncPDD+4.0%
China Internet Stocks vs the S&P 500
Over the week to 12 October 2026, KWEB rose 0.8% while the S&P 500 rose 0.4%. KWEB and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means KWEB won that window.
Prices as of · computed from daily adjusted closes · how we measure
China Internet on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are china internet stocks expensive?
The price-to-earnings ratio of KWEB as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
KWEB holdings: the china internet stocks inside
As of 12 October 2026, 7 of the 11 china internet stocks Zensei prices in KWEB beat the fund over the past month. 6 of them beat the S&P 500. The strongest is Joyy Inc (JOYY); the weakest is Qfin Holdings Inc (QFIN). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | Tencent Holdings Ltd | 10.3% | — | — | No price data | ||
| 2 | Alibaba Group Holding Ltd | 8.7% | — | — | No price data | ||
| 3 | PDDPdd Holdings Inc | 8.2% | +4.0% | −4.3% | +3.3 pts | Accelerating | Strong |
| 4 | Meituan | 6.9% | — | — | No price data | ||
| 5 | Netease Inc | 6.4% | — | — | No price data | ||
| 6 | Lenovo Group Ltd | 6.4% | — | — | No price data | ||
| 7 | Ke Holdings Inc | 4.3% | — | — | No price data | ||
| 8 | Jd.Com Inc | 3.9% | — | — | No price data | ||
| 9 | Trip.Com Group Ltd | 3.4% | — | — | No price data | ||
| 10 | Baidu Inc | 3.2% | — | — | No price data | ||
All 44 KWEB holdings by weight: Tencent Holdings Ltd 10.3%, Alibaba Group Holding Ltd 8.7%, Pdd Holdings Inc (PDD) 8.2%, Meituan 6.9%, Netease Inc 6.4%, Lenovo Group Ltd 6.4%, Ke Holdings Inc 4.3%, Jd.Com Inc 3.9%, Trip.Com Group Ltd 3.4%, Baidu Inc 3.2%, Full Truck Alliance Co Ltd (YMM) 3.0%, Kuaishou Technology 3.0%, Kanzhun Ltd (BZ) 2.5%, Tal Education Group (TAL) 2.5%, Jd Health International Inc 2.5%, Sensetime Group Inc 2.3%, Tencent Music Entertainment Group (TME) 2.1%, Bilibili Inc 2.1%, Gds Holdings Ltd 1.6%, Vipshop Holdings Ltd (VIPS) 1.6%, Kingsoft Corp Ltd 1.5%, Kingdee International Software Group Co Ltd 1.4%, Joyy Inc (JOYY) 1.0%, Alibaba Health Information Technology Ltd 1.0%, China Ruyi Holdings Ltd 0.9%, Tongcheng Travel Holdings Ltd 0.7%, Vnet Group Inc (VNET) 0.7%, Meitu Inc Registered Shs Unitary 144a/Reg S 0.7%, East Buy Holding Ltd 0.7%, Zhongan Online P&c Insurance Co Ltd 0.6%, Kingsoft Cloud Holdings Ltd 0.6%, Autohome Inc (ATHM) 0.6%, Z.Ai Co Ltd 0.6%, Xd Inc 0.6%, China Literature Ltd 0.5%, Netease Cloud Music Inc 0.4%, Ping An Healthcare and Technology Co Ltd 0.4%, Damai Entertainment Holdings Ltd 0.3%, Shanghai Iluvatar Corex Semiconductor Co Ltd 0.3%, Qfin Holdings Inc (QFIN) 0.3%, Weibo Corp (WB) 0.3%, Shanghai Biren Technology Co Ltd 0.3%, Innoscience (Suzhou) Technology Holding Co Ltd 0.2%, Minimax Group Inc 0.1%.
China Internet Stocks: common questions
What are the top 3 china internet stocks?
As of 12 October 2026, the three largest china internet stocks in KWEB by fund weight are Tencent Holdings Ltd (10.3%), Alibaba Group Holding Ltd (8.7%) and Pdd Holdings Inc (PDD) (8.2%). Fund weight shows size inside the fund, not a recommendation.
Which china internet stocks are beating the sector?
As of 12 October 2026, 7 of the 11 china internet stocks Zensei prices in KWEB beat the fund over the past month. The strongest over the past month is Joyy Inc (JOYY). The list above shows every holding with its weight and returns.
Are china internet stocks outperforming the S&P 500?
No. As of 12 October 2026, KWEB trails the S&P 500 by 1.4 points over the past month.
Is it a good time to invest in china internet stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, china internet stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is KWEB?
KWEB is KraneShares CSI China Internet ETF. Zensei uses it to measure china internet stocks against the S&P 500 (SPY).
What stocks does KWEB own?
As of 12 October 2026, the largest of the 44 positions Zensei tracks in KWEB are Tencent Holdings Ltd, Alibaba Group Holding Ltd, Pdd Holdings Inc, Meituan, Netease Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is china internet in right now?
As of 12 October 2026, china internet is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·Losing ground → trailing the market
- ·First tracked: losing ground
Related sectors
Track china internet against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.