Li Shufu, the principal owner of Chinese auto group Zhejiang Geely, has purchased a 10% stake in automaker Daimler.
It catapults the Chinese entrepreneur into becoming the biggest shareholder in the German car giant.
On Friday, Daimler revealed the Chinese entrepreneur had acquired a 9.69% stake worth around $9bn.
Geely executives were also expected to hold talks with Daimler following the announcement.
The Chinese auto name is understood to be especially keen to partner with Daimler on battery technology as it strives to build more electric vehicles for its domestic market.
It comes as the Chines authorities bring in tough new emissions rules.
Geely is planning to launch as many as 10 different electric vehicle models over the next three to four years.
Geely, which already owns Volvo Cars, last year purchased a 49.9% stake in Malaysian vehicle maker Proton.
While Daimler claimed in a statement that it welcomed the investment from Li Shufu, the German car maker is understood to have previously rebutted approaches from Geely to take a stake in the group.
Li founded Geely Automobile in 1986, with the group having since risen to become the second largest private auto manufacturer in China.
Geely acquired Volvo from Ford in a $1.8bn deal in 2010.