Alibaba Group Holding Ltd. (NYSE: BABA) announced that Chief Executive Eddie Wu will lead a newly formed business group called Alibaba Token Hub, according to a company statement Monday.

The new division will consolidate several existing Alibaba units including Tongyi Laboratory, MaaS Business Line, Qwen Business Unit, Wukong Business Unit, and AI Innovation Business Unit.

The company stated the group's mission is to "create, deliver, and apply tokens" with a focus on developing AI-native work platforms for enterprise customers.

The restructuring follows the recent departure of Lin Junyang, head of Alibaba's Qwen AI model division. Lin became the third senior executive to leave the Qwen unit this year.

Alibaba trades on the Hong Kong Stock Exchange under ticker 9988.HK in addition to its New York listing.