China Mentions in S&P 500 10-K Risk Factors

## What this measures

The share of S&P 500 companies whose latest annual report (Form 10-K, filed in the trailing 365 days) names China in its Risk Factors section (Item 1A), in percent of companies.

## Why it matters

Risk factors are where companies tell investors what could hurt them. A country named there is one a company's lawyers think investors should hear about: operations, suppliers, sanctions, conflict or regulation.

## How to read it

Higher means more companies list the country among their risks. It moves slowly because each reading holds a year of filings and most risk-factor text is carried from one year to the next. Read it against its own past.

## What it does not say

A mention is not a measure of exposure; a company may name a country in a list of many. Names only are counted, so it undercounts a little.

## How it is counted

The country names and exclusions were fixed before any document was counted (pre-registered in `src/lib/country-mentions/lists.ts`, 2026-10-21; list version 2 after a hand check of about 220 documents). Names are matched case-sensitively and whole-word, excluding phrases that are not the country. No language model is used. Published only when on average at least 1% of companies named the country from 2022 through 2025; a window with fewer than 150 companies writes nothing.

## Source

Palanor calculation from Item 1A (Risk Factors) of annual reports on Form 10-K filed with the SEC (public domain), as parsed by Palanor.