Alibaba establishes "Token Business Group": Is it time for Qianwen to be reevaluated?

``` Alibaba is making a major organizational restructuring, signaling to the outside world its determination to fully bet on the AI Agent era. According to a Wallstreetcn article, on March 16th, Alibaba officially announced the establishment of the Alibaba Token Hub (ATH) business group, personally led by CEO Wu Yongming. The goal is to build a unified scheduling center focused on "creating tokens, delivering tokens, and applying tokens." At the same time, a new department that has never before appeared in the public eye—the Wukong Business Unit—emerged for the first time, targeting the B-end AI-native work platform market. On March 17th, according to Chasing Wind Trading Desk, Morgan Stanley issued a quick review, clearly pointing out that the financial drivers of the ATH business group are very similar to pure model companies such as Minimax and Zhipu, and it is expected to become an independent valuation component outside the current SOTP (sum-of-the-parts) valuation framework. Coupled with the upcoming 3Q26 earnings season, the commercialization of Alibaba AI will undergo concentrated scrutiny from the market. Betting on the Eve of AGI Explosion: ATH Business Group and "Wukong" Emerge Facing the eve of an imminent AGI explosion, Alibaba is rapidly adjusting its formation. On March 16th, Alibaba officially announced the establishment of the Alibaba Token Hub (ATH) business group, directly led by Group CEO Wu Yongming. The core goal of the organization is very clear: creating tokens, delivering tokens, applying tokens. Wu Yongming stated in an internal letter that in the future, a large amount of digital work will be supported by tens of billions of AI Agents, with tokens being the basic fuel driving these agents and the main medium for human-digital world interaction. In this organizational adjustment, ATH integrates five core business lines, covering the entire chain from the underlying layer to applications: - Tongyi Laboratory: Responsible for multimodal foundational model development. - MaaS Business Line: Building an open model service platform. - Qianwen Business Unit: Focusing 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: Debuting 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 initiative in the AI Agent market and fill the B-end shortcomings, Alibaba is expected to launch a brand new enterprise-level AI Agent application, developed by the DingTalk team, as early as this week. Not only can this product automatically operate computers, browsers, and cloud servers, but it also features enhanced enterprise data security functions, with plans to integrate Taobao, Alipay, Alibaba Cloud, and other B-end commercial services in the future to form a closed loop. Morgan Stanley: ATH May Open Independent Valuation Space, Benchmarking Minimax and Zhipu Morgan Stanley, in its latest quick review, gave a positive assessment 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 such as Minimax and Zhipu. This could translate into an additional component in the SOTP valuation." Specifically, Morgan Stanley currently assigns Alibaba a high-end SOTP valuation of $345 per share, with the Qianwen business unit independently valued at $19 per share; but in the base case SOTP valuation of $240, Qianwen's standalone valuation is not included. The bank pointed out that the establishment of the ATH business group means there is the potential for further upside in valuation—provided its token-based business model proves itself in the market. Morgan Stanley maintains an Overweight rating on Alibaba, with a target price of $180, and has listed Alibaba as a Top Pick, regarding it as "China's AI winner with a top-class full-stack AI technology suite." Morgan Stanley also explicitly regards the upcoming 3Q26 quarterly report as a stock price catalyst, focusing on the potential upside for Alibaba Cloud's revenue growth. The commercial results delivered by this organizational transformation will serve as an important benchmark for assessing the credibility of Alibaba's AI strategy. ~~~~~~~~~~~~~~~~~~~~~~~~ The above content comes from Chasing Wind Trading Desk. For more detailed analysis, including real-time interpretation and frontline research, please join [Chasing Wind Trading Desk▪Annual Membership] Risk Warning and Disclaimer The market has risks, and investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the special investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article suit their specific circumstances. Investment based on this, responsibility at your own risk. ```