--- title: "Alibaba adds \"Token Business Group,\" is the moment for Qianwen's revaluation here?" type: "News" locale: "en" url: "https://longbridge.com/en/news/279374136.md" description: "Alibaba announced the establishment of the \"Token Business Group,\" with the \"Wukong Division\" making its first appearance. Morgan Stanley believes that the establishment of this business group indicates that Alibaba has further room for valuation increases in the future and considers the company as the top choice among \"China's AI winners.\" Currently, the high-end SOTP valuation for Alibaba is set at $345 per share, with a separate allocation of $19 per share for the Qianwen Division" datetime: "2026-03-17T09:47:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279374136.md) - [en](https://longbridge.com/en/news/279374136.md) - [zh-HK](https://longbridge.com/zh-HK/news/279374136.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/279374136.md) | [繁體中文](https://longbridge.com/zh-HK/news/279374136.md) # 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 ### Related Stocks - [BABA-W (09988.HK)](https://longbridge.com/en/quote/09988.HK.md) - [Alibaba Group Holding Limited (BABA.US)](https://longbridge.com/en/quote/BABA.US.md) - [Yinhua MSCI China A ETF (512380.CN)](https://longbridge.com/en/quote/512380.CN.md) - [Global X Cloud Computing ETF (CLOU.US)](https://longbridge.com/en/quote/CLOU.US.md) - [Direxion Daily FTSE China Bull 3X ETF (YINN.US)](https://longbridge.com/en/quote/YINN.US.md) - [GraniteShares 2x Long BABA Daily ETF (BABX.US)](https://longbridge.com/en/quote/BABX.US.md) - [KraneShares 2x Long BABA Daily ETF (KBAB.US)](https://longbridge.com/en/quote/KBAB.US.md) - [Global X E-commerce ETF (EBIZ.US)](https://longbridge.com/en/quote/EBIZ.US.md) - [Hwabao CSI HK Equities Internet ETF (513770.CN)](https://longbridge.com/en/quote/513770.CN.md) - [KraneShares CSI China Internet ETF (KWEB.US)](https://longbridge.com/en/quote/KWEB.US.md) - [ProShares Big Data Refiners ETF (DAT.US)](https://longbridge.com/en/quote/DAT.US.md) - [Tianhong CSI Computer Theme ETF (159998.CN)](https://longbridge.com/en/quote/159998.CN.md) - [E Fund CSI HK Connect Internet ETF (513040.CN)](https://longbridge.com/en/quote/513040.CN.md) - [Franklin Exponential Data ETF (XDAT.US)](https://longbridge.com/en/quote/XDAT.US.md) - [Invesco Golden Dragon China ETF (PGJ.US)](https://longbridge.com/en/quote/PGJ.US.md) ## Related News & Research - [Alibaba CEO takes helm of new AI-focused business group](https://longbridge.com/en/news/279254211.md) - [China's Alibaba Sets Up New Token Group to Revamp AI Business](https://longbridge.com/en/news/279364187.md) - [Alibaba Unveils 'Wukong' AI To Automate Office Work, Replace Daily Chores](https://longbridge.com/en/news/279427888.md) - [Alibaba Unveils Token Hub To Consolidate AI Efforts](https://longbridge.com/en/news/279272192.md) - [Alibaba launches new AI agent platform for enterprises](https://longbridge.com/en/news/279355804.md)