Wednesday, August 16th, 2017

Alibaba’s Jack Ma dethroned as China’s richest by solar magnate: report

Alibaba Group Holding Ltd chairman Jack Ma reacts as he speaks to journalists after holding a talk by Our Hong Kong Foundation in Hong KongAlibaba Group Holding Ltd's 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. 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 $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.


Speak Your Mind

Questions or comments? We'd love to hear from you!