China Buys Stake in Alibaba Unit, Signaling New Normal of State Oversight

China's cyberspace regulator also appointed an official to the board of an Alibaba subsidiary, say people familiar with the matter say. SINGAPORE—Chinese authorities recently acquired a stake in a subsidiary of Alibaba Group Holding Ltd., indicating regulators intend to keep the sector on a tight leash even as they move past an extended crackdown on the country's internet-technology giants. A Beijing-based entity controlled by the Cyberspace Administration of China, the country's internet watchdog, took a 1% stake in a Guangzhou, south China-based Alibaba business on Jan. 4, according to China's corporate registry. The cyberspace regulator also appointed an official to…