Qian Long’s company, Qian Long Material Group, is one of the latest acquisitions to hit China’s high-tech sector, which has been under intense scrutiny in recent months.
The company’s biggest acquisition, Xiao Ascension Materials, is the world’s biggest manufacturer of solar-cell materials, which is expected to be spun off into a separate company.
Xiao Ascensions Materials also makes the glass used in a variety of devices, from smartphones to computer monitors.
Its technology has already attracted interest from several Chinese manufacturers, including Xiaomi and Lenovo.
Qian Long Materials bought the company in April, a day after it announced a new partnership with Chinese electronics giant Huawei, one of China’s top smartphone makers.
It also bought a number of components for its own projects.
Qian also owns a small number of buildings in Shanghai, the Chinese capital, and the company has also acquired a small manufacturing company in the city of Tianjin.
The Qian Long company was founded in 2013 by Qian Xiang, a former police officer, and three others.
Qian Xiang left the company a year later after an internal investigation revealed that his employees had falsified data on a large scale, according to people familiar with the matter.
Qian and his partners have pleaded guilty to the charges.
The investigation also revealed that the Qian family’s companies had used false documentation to acquire hundreds of millions of dollars worth of technology and manufacturing equipment.
Qian’s business ventures are now being probed by the Securities and Exchange Commission.
The companies bought out Qian’s other business, Qian Xiang Properties.
Qian had previously said he had no intention of selling his companies.
The companies have since been sold.
Qian has said he would donate the proceeds to charitable causes, but he declined to specify which ones.
Xiang was arrested in October for alleged tax evasion, and his family’s company has denied any wrongdoing.
Qian was detained in December on charges of fraud and money laundering.
Qian is also facing a civil case filed by a former employee who alleges he was coerced into falsely reporting that he had a company with Qian.