Do you have a China minefield in your portfolio?

People pass by electric screen showing Chinese shares decreases sharply to a halt point on January 7, 2016 in Shanghai, China. Chinese shares slumped to a halt in half an hour on Thursday which was the second halt in the four trading days of 2016.
ChinaFotoPress | Getty Images
People pass by electric screen showing Chinese shares decreases sharply to a halt point on January 7, 2016 in Shanghai, China. Chinese shares slumped to a halt in half an hour on Thursday which was the second halt in the four trading days of 2016.

Here we go again.

Global markets are selling off on more uncertainty and stock market volatility in China. Investors may wonder which U.S. stocks are most at risk if the plunging shares are presaging more economic calamity in the Asian country.

The Shanghai composite traded down more than 7 percent overnight before the market was halted for trading for the rest of the session.

Some on Wall Street have been all over this concern. Goldman Sachs' MK Tang wrote a Dec. 2 note to clients predicting a continued slowdown this year:

"Looking into 2016, we expect China's economic conditions to remain challenging and growth to continue a 'bumpy deceleration.' Structural issues such as overcapacity and the debt overhang are weighing on domestic demand, and the external sector seems fragile as well."

Tang expected the imbalances in China's economy to get worse before getting better. Years of over-investment led to too much capacity in several sectors of the economy, which will take time to shut down.

If this analysis is correct, it may be prudent for investors to avoid companies with high sales exposure in China. CNBC Pro ran a search for stocks that have such risk. Here's what we found.

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