Alibaba Adds "Token Business Group," Is It Time to Revalue Qwen?

Alibaba is undergoing a major organizational restructuring, announcing its full commitment to the AI Agent era.

According to Wall Street Insights, on March 16, Alibaba officially announced the establishment of the Alibaba Token Hub (ATH) Business Group, led personally by CEO Wu Yongming. The goal is to create a unified dispatch center centered on “creating tokens, delivering tokens, and applying tokens.” At the same time, a new department—Wukong Business Unit—that had never appeared publicly before, surfaced for the first time, targeting the B-end AI native work platform market.

On March 17, according to Chasing Wind Trading Platform, Morgan Stanley promptly issued a quick report, clearly stating that the financial logic driving the ATH Business Group is highly similar to pure model companies like Minimax and Zhipu, and may become an independent valuation component outside the current SOTP (Sum of The Parts) framework. With the upcoming Q3 2026 earnings season, Alibaba’s AI commercialization will face concentrated market scrutiny.

Pre-AGI Explosion: ATH Business Group and “Wukong” Surface

Facing the imminent explosion of AGI, Alibaba is rapidly adjusting its structure.

On March 16, Alibaba officially announced the formation of the Alibaba Token Hub (ATH) Business Group, directly led by Group CEO Wu Yongming. The core goal of this organization is very clear: create tokens, deliver tokens, and apply tokens.

Wu Yongming stated in an internal letter that in the future, a large amount of digital work will be supported by hundreds of billions of AI Agents, with tokens serving as the fundamental fuel driving these agents and as the main medium for human-digital interaction.

In this organizational adjustment, ATH integrates five core business lines, covering the entire chain from underlying technology to application:

• Tongyi Laboratory: Responsible for multimodal foundational model research.

• MaaS Business Line: Building an open model service platform.

• Qianwen Business Unit: Focused on C-end personal AI assistants.

• AI Innovation Business Unit: Exploring new models, markets, and AI applications (such as OpenClaw).

• Wukong Business Unit: First publicly revealed, positioned as a “B-end AI native work platform,” dedicated to deeply integrating model capabilities into enterprise workflows.

To seize the market opportunity in AI Agents and address B-end shortcomings, Alibaba is set to launch a new enterprise-level AI Agent application developed by the DingTalk team as early as this week. This product can automatically operate computers, browsers, and cloud servers, with enhanced features for enterprise data security. Future plans include integrating B-end business services such as Taobao, Alipay, and Alibaba Cloud to form a closed loop.

Morgan Stanley: ATH Could Unlock Independent Valuation Space, Benchmarking Minimax and Zhipu

In its latest quick report, Morgan Stanley gave a positive evaluation of the establishment of the ATH Business Group and proposed a crucial valuation logic:

“We believe this independent business group is likely to have a token-based revenue and cost structure, with financial drivers highly similar to pure model companies like Minimax and Zhipu. This could translate into an additional component in SOTP valuation.”

Specifically, Morgan Stanley currently values Alibaba’s high-end SOTP at $345 per share, with the Qianwen Business Unit already allocated a separate valuation of $19 per share; however, in the median SOTP valuation of $240, the independent valuation of Qianwen has not yet been included.

The firm pointed out that the establishment of the ATH Business Group means there is potential for further upward valuation—provided its tokenization business model can be validated by the market.

Morgan Stanley maintains an Overweight rating on Alibaba, with a target price of $180, and lists Alibaba as a Top Pick, viewing it as “a Chinese AI winner with a top-tier complete AI tech stack.”

Morgan Stanley also explicitly sees the upcoming Q3 2026 quarterly earnings report as a catalyst for the stock price, focusing on the potential upside in Alibaba Cloud revenue growth. The commercial results from this organizational restructuring will serve as an important reference for assessing the credibility of Alibaba’s AI strategy.

This insightful content is from Chasing Wind Trading Platform.

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