China's new richest  man, solar energy entrepreneur Li Hejun, has dethroned Alibaba Group Holding's Jack Ma as the wealthiest person in China, according to a report from the Hurun Rich List released Monday.

The top spot was snatched by Li after Alibaba's stocks dipped nearly 13 percent last month.

Like Us on Facebook

Ma slipped into No. 3 wealthiest in China and No. 34 globally on the global richest list with total assets and personal wealth of $24.5 billion.

Li dislodged Ma from the No.1 rank with a net worth of $26 billion.

The No. 2 rank was held by Wang Jianlin and his family, owners of Dalian Wanda Commercial Properties Co., Ltd.

Despite Li Hejun's ranking, reports said his Hanergy Holding Group Ltd has come under fire for alleged shady deals.

Li's Hanergy Group has been the subject of concern from analysts over its  'unconventional practices' being carried out by Hanergy Holdings and its $19.7 billion subsidiary in Hong Kong, The Thin Film Power Group Ltd.

The Hurun report said Li is just one of the world's top 20 richest persons who came from China and that the mainland has created more billionaires in the past year compared to other nations in the same period.

Li Ka-shing, a Hong Kong magnate, was ranked as No.16 in the world's wealthiest people while the rest of the rankings were spread out among the United States' richest.

Microsoft founder Bill Gates still topped the list with a net worth of $85billion, dislodging Mexico telecom giant, Carlos Slim.

Reports said China had 430 billionaires last year, far distant from India's 97 billionaires. The United States reportedly has 537 billionaires.

TagsJack Ma, Li Hejun, billionaires, China's Richest Man