Antiques: All that is green is not always jade

Q  A dear friend’s father received this jade carved lion as a gift from Chinese business associates sometime in the ‘80s. The carving is quite intricate, and there are four “donuts” hanging freely from the lid and each end of the figure. It measures about 16.5 cm (6.5 inches) from nose to tail, and 19 cm (7.5 inches) from the top of the lid to the bottom of his paws. Do you know what it is, and could you help us value it?
Elle, Toronto
Hand-carved Buddhist lion is a