Thank you for your answers. That is a really wonderful group, QSAMIKE!
I agree that the medal looks like the QSA, but the ribbon does not.
Was the China war 1900 medal issued with clasps? If not, I guess we can rule out that medal.
I did a search in a book about military officers from 1929, and this guy turned up. To me it looks like the same man, but his name in the book is Dahl. There is no Grüner in the book. The text says he became lieutenant in 1894, captain in 1903 and major in 1918. If it is the same guy (and the book is right), the first picture cannot be dated 1911 since he was still a captain then and the above picture clearly shows rank as major.
The text also says he participated in the "Matabile war" in South Africa in 1896.
Amongst his decorations are, apart from knight (2nd class) of the order of Dannebrog, a medal called "Rhod. med.", which I guess is the British South Africa Company medal (1890- 1897). In the small picture, he seems to be wearing this medal, cf. the suspension of the two British medals at question. There is no mention of any QSA or further service in the Boer war.
If it is the same guy, perhaps he lost his British South Africa Company medal and privately replaced it with the QSA? The ribbon on the above picture, might be the closest he got to the yellow-blue-ribbon of the British South Africa Company medal.
Or was the QSA issued with clasps for the "Matabile war"?