Reports: Geely Buys 10% Stake in Daimler

China’s Zhejiang Geely Holding Group has acquired a 9.7% stake in Daimler AG to make it the German carmaker’s largest single shareholder, according to media reports.

The shares, which are valued at nearly $9 billion, were reportedly acquired by Geely Chairman Li Shufu on the open market in recent weeks.

Daimler confirmed the holding in a regulatory filing on Friday. The German carmaker says it welcomes another major investor. But last year it turned down Geely’s offer to buy a 5% stake in the company, according to a Reuters report in November.

The deal would make Geely Daimler’s largest shareholder, surpassing the Kuwait Investment Authority and BlackRock, which have 6.8% and 6% stakes, respectively.

Geely has made several acquisitions in recent years as it plans to expand into global markets. Last May the Chinese company purchased a 49.9% stake in Malaysian carmaker Proton Holdings Bhd and a 51% stake in Proton’s Group Lotus unit.

In December, Geely finalized a deal to buy truckmaker AB Volvo for $3.9 billion. The Chinese carmaker also owns Volvo Car Corp. and Manganese Bronze Holdings, the maker of London's iconic black cabs.