Alibaba divides its empire

Here’s what else you need to know about China today:

The RESTRICT Act is about so much more than TikTok. New proposed legislation in the U.S. Congress would give the executive branch sweeping powers to restrict foreign information and tech companies from operating in the U.S. Everyone’s talking about TikTok — but the implications for Chinese companies are much broader.

Alibaba will be split into six main units in a bid to remove regulatory heat. It is the biggest restructuring in the company’s 24-year history, and takes place amid recent official vows to support private enterprise, but in a very uncertain environment for entrepreneurs. The move will officially dismantle the business empire that founder Jack Ma (马云 Mǎ Yún) spent over two decades building.

China’s last journey to the Moon has led to the discovery of a new source of water. Glass beads found among samples from China’s 2020 lunar mission had water embedded within them, but their miniscule size will make it difficult to extract.

Eleven people were killed in a warehouse fire in Hebei Province. The incident took place in an abandoned refrigerated warehouse on Monday afternoon while the building was being dismantled. The victims were likely among the crew tasked with tearing down the structure.

Saudi Arabia’s state oil company, Saudi Aramco, has signed a deal with China that is worth $3.6 billion. The company agreed to buy a 10% ownership stake in the privately controlled Rongsheng Petrochemical Co., in turn expanding its presence in China. The decision comes following Russia overtaking Saudi Arabia as China’s biggest supplier of crude oil, abd after Beijing brokered a diplomatic deal between Saudi Arabia and Iran.