Alibaba adds "Token Business Group," is the moment for Qianwen's revaluation here?

Alibaba is announcing its full commitment to the AI Agent era with a significant organizational restructuring.

According to an article from Wall Street Insight, on March 16, Alibaba officially announced the establishment of the Alibaba Token Hub (ATH) Business Group, led personally by CEO Eric Wu. The goal is to create a unified scheduling center focused on "creating Tokens, delivering Tokens, and applying Tokens." At the same time, a new department that has never appeared in the public eye before—the Wukong Business Unit—has emerged, targeting the B-end AI native work platform market.

On March 17, according to news from the Chase Wind Trading Desk, Morgan Stanley promptly released a quick comment, clearly stating that the financial driving logic of the ATH Business Group is highly similar to that of Minimax, Zhipu, and other pure model companies, and is expected to become an independent valuation component outside the existing sum-of-the-parts (SOTP) valuation framework. Coupled with the upcoming 3Q26 earnings report season, Alibaba's AI commercialization will face concentrated market scrutiny.

Betting on the Eve of AGI Explosion: ATH Business Group and "Wukong" Emerge

In the face of the impending AGI explosion, Alibaba is rapidly adjusting its formation.

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

In an internal letter, Eric Wu pointed out that a large amount of digital work in the future will be supported by billions of AI Agents, and Tokens are the basic fuel driving these Agents and the main medium for human interaction with the digital world.

In this structural adjustment, ATH integrates five core business lines, covering the entire chain from the underlying layer to applications:

• Tongyi Laboratory: Responsible for the research and development of multimodal foundational models.

• 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, new markets, and new AI applications (such as OpenClaw).

• Wukong Business Unit: Emerging for the first time, positioned as a "B-end AI native work platform," dedicated to deeply integrating model capabilities into enterprise workflows.

To seize the opportunity in the AI Agent market and fill the B-end gap, Alibaba plans to launch a new enterprise-level AI Agent application developed by the DingTalk team as early as this week. This product can not only operate computers, browsers, and cloud servers automatically but also has enhanced functionality specifically targeting enterprise data security, with future plans to integrate Taobao, Alipay, Alibaba Cloud, and other B-end commercial services to form a closed loop

Morgan Stanley: ATH May Open Independent Valuation Space, Benchmarking Minimax and Zhipu

In its latest quick review, 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 the SOTP valuation."

Specifically, Morgan Stanley currently has a high-end SOTP valuation for Alibaba at $345 per share, which has already allocated a valuation of $19 per share for the Qianwen business unit; however, in the mid-range 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 adjustments in valuation—provided that its tokenized 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 technology stack."

Morgan Stanley also clearly sees the upcoming 3Q26 quarterly earnings report as a catalyst for the stock price, focusing on the potential upside in Alibaba Cloud's revenue growth. The business effectiveness that can be realized from this organizational restructuring will serve as an important reference for assessing the credibility of Alibaba's AI strategy