Alibaba Group Holding Ltd's (NYSE: BABA) Jack Ma is no longer China's richest man, according to a report on Tuesday, with the top spot snatched by Li Hejun, a solar energy entrepreneur whose Hanergy Holding Group Ltd has come under fire for its intragroup dealings.
E-commerce tycoon Ma and his family slipped to number three in China, and number 34 globally, on the Hurun Global Rich List, with a personal wealth of $24.5 billion U.S. He was pipped by Li with a net worth of $26 billion U.S. The number-two spot was held by Dalian Wanda Commercial Properties Co Ltd's Wang Jianlin and his family.
Li's Hanergy Group has been the subject of analyst concern over what the Financial Times last week called "unconventional practices" between the firm and its $19.7-billion U.S. Hong Kong-listed subsidiary Hanergy Thin Film Power Group Ltd.
Most of the subsidiary's reported revenue since 2010 came from equipment sales to its parent and a large chunk of contracts were unpaid as of 2013, the FT reported.
Alibaba American depositary shares gained 45 cents from Monday's close to reach mid-morning Tuesday in New York at $90.54 U.S., within a 52-week trading range of $82.81 U.S. to $120.00 U.S.
