Beijing has become increasingly concerned about the clout that big, private tech firms have over media, finance, data, and other sensitive sectors, and how entrenched they have become to everyday life in China through news, digital payments apps and other services. While Alibaba's mainstay business is e-commerce, the company has expanded into a variety of industries over the years. It has assembled a big media empire, owning major stakes in the country's most popular social media or online video platforms, such as Weibo, Youku, Bilibili, Xiaohongshu, and Qutoutiao, as well as in China Business Network, a state-owned financial media outlet. Alibaba also owns the South China Morning Post, Hong Kong's leading English-language newspaper, which it bought in 2015. Earlier this year, the Wall Street Journal reported that Beijing had asked Alibaba to dispose of its media assets, as officials were concerned about its sway over public opinion.