Authorities announced the investigation into Li Xiaopeng, the company's former Communist Party secretary and chairman, two years ago and brought him to trial in October.

State broadcaster CCTV reported that a court in northeastern Heilongjiang province found Li guilty of accepting bribes worth over 60 million yuan (about $8.3 million) between 1994 and 2021.

He was sentenced to 15 years in prison and fined six million yuan, CCTV said, adding that he received a lighter punishment for confessing his crimes and cooperating with authorities.

"The property and interest obtained through his bribes have been recovered... and turned over to the state treasury," CCTV said.

Since coming to power over a decade ago, Xi has waged an unrelenting war on elite corruption in politics, industry, finance and other sectors.

Proponents say the campaign promotes clean governance, while critics say it serves as a means for Xi to purge political rivals and shore up his unchallenged position at the apex of power.

In December, former Everbright chairman Tang Shuangning was jailed for 12 years for embezzlement and bribery.