China Herald: Li Hejun replaces Jack Ma as China´s richest man

Rupert Hoogewerf

Li Hejun, a solar energy entrepreneur whose Hanergy Holding Group Ltd has become China´s richest man, according to a new calculation on Tuesday by the Hurun Rich List, founded by Rupert Hoogewerf, writes Reuters. Wang Jialin and his family of Dalian Wanda retained the second place.

Reuters:

E-commerce tycoon Ma and his family slipped to No. 3 in China, and No. 34 globally, on the Hurun Global Rich List, with a personal wealth of US$24.5 billion. He was pipped by Li with a net worth of US$26 billion. The No. 2 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 US$19.7 billion 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.

Hanergy Thin Film Power Group will "expand our customer base and diversify our source of revenue" and the majority of contracts owed had been repaid, the company said in a filing to the Hong Kong Stock Exchange last week addressing the FT report.