Pony Ma beats Jack Ma as China's richest man

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Tencent Holdings rose significantly on the Hong Kong stock exchange, rising 2.76 percent to 320 HK dollars per share, making its market capitalization worth 388.35 billion US dollars.

The total market cap surpasses that of US-listed Alibaba Group Holding, meaning their respective bosses, Pony Ma and Jack Ma, have swapped places at the head of China's rich list.

Pony also surpasses Wang Jianlin of real estate conglomerate Dalian Wanda.

Pony Ma has overtaken Jack Ma as China's richest man /Chinanews Photo

Ma reached 36.1 billion US dollars on Monday, according to Fortune's real-time-billionaires, beating Jack Ma's 35.6 billion US dollars and the 30.1 billion US dollars of Wang Jianlin.

Tencent is set to release its Q3 earnings report. Markets estimate its net earnings will reach 14.55 billion yuan, an increase of 28.5 percent year-on-year.

Its Q2 report shows a total of 30 funds have invested heavily in Tencent, with the firm's increasing stock price helping these funds secure profits.

Alibaba said it has "zero tolerance for those who rip off other people's intellectual property." /AFP Photo.

Meanwhile, Alibaba is seeking to crack down on vendors selling fake products. The Hangzhou-based tech giant has taken a stand on fighting counterfeit goods on its platform, Taobao. It recently formed a partnership with Gucci and Yves Saint Laurent's parent company Kering, aiming to fight the sale of counterfeit versions of Kering's brands.

Jack Ma wrote in the Wall Street Journal last year that his company has "zero tolerance for those who rip off other people's intellectual property."