Economic and geopolitical relations with China have grown significantly more volatile in 2025. Companies that rely on China for revenue, manufacturing, or critical inputs are now subject to sudden regulatory changes, potential supply chain disruptions, and increased scrutiny from both Western and Chinese governments. The upcoming August 12, 2025 expiration of the current tariff truce makes understanding which companies have high exposure to China even more crucial.

We used our agentic AI tool—Alfa™—to combine numerical (dividend yield, P/E ratios, stock prices) and text (earnings call transcripts, news, SEC filings) data to isolate which SPY companies have high exposure to China. Here’s the report Alfa™ created, or, the Alfa™ Angle.

SPY stocks ranked by exposure to China

Cummins Inc.

• Cummins Inc. has significant exposure to China through its manufacturing operations, joint ventures, and sales activities. The company reports substantial revenues from China, with first quarter 2025 sales in China, including joint ventures, reaching $1.8 billion, an increase of 9% driven by accelerating data center demand and high domestic infrastructure demand.
• Cummins has several joint ventures in China, including Chongqing Cummins Engine Company, Dongfeng Cummins Engine Company, and Beijing Foton Cummins Engine Co., which contribute to the company's equity, royalty, and interest income.
• The company also manufactures products in China to serve the local market, with primary backup gensets in China being run with 60-liter engines made in their Cummins Changcheng engine plant. Additionally, Cummins reports significant sales figures for China across different segments, with Power Systems segment sales in China increasing 68% in the first quarter due to accelerating data center demand. The company also manages currency risk related to the Chinese renminbi through foreign currency forward contracts and net investment hedges.

Starbucks Corporation

• Starbucks Corporation demonstrates significant exposure to China through its extensive operations and strategic focus on the market. The company has approximately 8,000 stores in China with plans to expand to 20,000 locations, indicating a major commitment to the Chinese market. Starbucks is actively considering selling a minority stake in its China business, with Goldman Sachs leading the investment process and interest from private equity and strategic investors.
• Recent price reductions for iced drinks in China, averaging 5 yuan, demonstrate Starbucks' efforts to remain competitive in what it considers its second-largest market. The company has also introduced new product offerings in China, including TruTaste sugar-free beverages and new price points, showing adaptation to local preferences.
• Despite challenges, Starbucks executives have explicitly stated their long-term commitment to China, seeing "great potential for our business there in the years ahead". The company's supply chain in China is "almost entirely local," indicating deep integration into the Chinese economy.

Corning Incorporated

• The company has manufacturing facilities in China, with 80% of its sales in China made in China or processed in customs-approved tax and duty-free zones. Corning's financial statements show substantial forward contracts denominated in Chinese yuan, totaling $1,117 million as of March 31, 2025, indicating significant currency exposure to China.
• The company also has access to Chinese yuan-denominated loan facilities for capital investment and corporate purposes, with borrowings totaling $269 million as of March 31, 2025. In its risk disclosures, Corning specifically mentions "global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries" and "changes in macroeconomic and market conditions and market volatility" particularly with respect to the Chinese yuan.
• Management regularly discusses China in earnings calls, noting that "China stimulus has had some impact on demand" in the display market.

See the other 77 SPY companies with dividend yield above 2% and P/E above 15 with high exposure to China

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