Geely's voting power in Volvo will be second only to Swedish investment firm Industrivarden, which holds 22.82% of AB Volvo's voting power, according to AB Volvo's third-quarter financial report.
Earlier this year, Geely bought 49.90% of Malaysian vehicle business Proto and 51% of Lotus (owned by Proton) and in 2013 Geely saved the struggling London Taxi Company after purchasing it.
Geely Holding bought Volvo Cars from Ford in 2010 and has been leveraging its ownership of the luxury carmaker to enforce its go-global strategy by marrying European styling and technology to Chinese production costs and manufacturing might. Terms of the latest transaction were not disclosed, but it's reported market value was around $3.3 billion.
The truck brand owns 45% of Dongfeng Commercial Vehicles, one of China's largest truck manufacturers, as well as a significant construction equipment business. At the same time, the company stressed it remained committed to implementing its "Blue Geely Initiative" with plans to offer 40 models using hybrid, plug-in hybrid, or pure electric powertrains by 2020 and thereby "become a leader in the development of new energy vehicles".
The value of the transaction was not revealed.
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Volvo shares have gained more than 50 percent this year as it and rivals in the truck industry such as Germany's Daimler and Volkswagen hit a sweet spot thanks to robust demand in major markets.
Geely also launched a new brand, Lynk & Co., in 2016.
The stake, representing 8.2% of Volvo's capital and 15.6% of the votes, would mark Hangzhou-based Geely's first foray into the heavy-truck segment.
Zhejiang Geely Holding Group [GEELY.UL], as the company is formally known, is the parent company of Geely Automobile Holdings Ltd (0175.HK). It purchased The London Electric Cab Co. along with majority stakes in PROTON Holdings and Lotus Cars.
Selling the stake in the company was Cevian Capital - an investor group.