Alibaba CEO takes helm of new AI-focused business group

SHANGHAI, March 16 (Reuters) - Alibaba Group 9988.HK Chief Executive Eddie Wu will head the newly formed Alibaba Token Hub (ATH) Business Group, the firm said in a statement on Monday.

The new group will comprise existing Alibaba units Tongyi Laboratory, MaaS Business Line, Qwen Business Unit, Wukong Business Unit, and AI Innovation Business Unit.

Alibaba said its mission would be to "create, deliver, and apply tokens," and it would focus on building AI-native work platforms for enterprises.

The move comes weeks after Alibaba's Qwen AI model division head, Lin Junyang, announced his departure, becoming the third senior Qwen executive to exit this year.