Substack · KraneShares’s Substack · KraneShares, Henry Greene
$KJD: Q1 2026 Margins Turn The Corner — With Policy as a Quiet Ally
JD.com’s first quarter 2026 results showed a clear break from the heavy margin squeeze of 2025.
Since publication −22.2% α −25.5 pp vs S&P 500 · USD