Cao Dewang (曹德旺), also known as Cho Tak Wong or Tak Wong Cho, is a Chinese businessman. He is the chairman of Fuyao Group, one of the largest glass manufacturers in the world. Founder of Fuyao Glass Industry Group. Net worth: 4.1 billion USD (2021) Forbes. He is a great charity person. In May 2021, where Cao Dewang donated 10 billion yuan to establish a science and technology university, initially located in Fuzhou High-tech Zone.
How much money do you donate will become great charity man like Cao Dewang (曹德旺).
Since 1983 to 2020, cumulative charities by Cao Dewang attained RMB 12 Billion, It was the higher in China. In May 2021, he donated RMB 10 billion in a second time to establish a public university in Fujian, named Fuyao University of Science and Technology, initially located in Fuzhou High-tech Zone. This university able to accommodate around 3,000 – 5,000 students, which is focus basic frontier scientific research, talent training, and high-end talent introduction.
He have donated majority of his wealth for charities. According to Forbes China Rich List 2021, he not ranking at the top list, he ranked 192. 10 years ago, he has formed Heren Charity Foundation in May 2011, where he have structured 50% of his Fuyao Glass Industry shares (300 million shares) to set the Foundation, the market value of the share at the time was worth RMB 3.55 Billion. He has said “I am donated billion yuan is same as a general worker donated few thousand yuan” Over the past 10 years, this foundation received consistent dividend from Fuyao Glass Industry, as at end of March 2021, the foundation has donated around RMB 3.1 Billion and 215 million shares remaining on the book (Market Value of RMB 11.6 Billion). The shareholding was dropped from the earlier 300 million shares to 215 million shares, but the share price of the share has appreciated from RMB 35.49 to RMB 116 per share. The recent donation of RMB 10 Billion which is almost the foundation fund, Cao Dewang believe he would donate all it wealth as charity, he said all the wealth he has created will be donate back as charity before he die.
Cao Dewang believe and think charity not only donate money, but charity also need to build a harmonious and stable society, caring for employees and respect the rule and regulations. He receives many respects of his charity attitude, and also many people admired his ability to form Fuyao Group.
At the age of 14 years old, he has left school earlier because poor family, then selling shredded tobacco and fruit for a living. In 1976, he joined the glass factory in Gaoshan Town, Fuqing City. In 1983, contracted this small township factory but lost money every year. In 1985, he decided to make special type of automotive glass, approached 1 million loan to introduce the advanced production equipment and sourcing many qualities technical talents. Things never smooth as what people think, he experienced numerous technical breakthroughs, final successfully developed an automobile glass maker and has big changed the China automotive glass industry. A piece of automotive glass cost aroud RMB 200, he managed to sell at RMB 2,000 and made huge profit margin.
Why Cao Dewang able to sell the glass at premium price, at that time, majority the automotive glass was monopolized by Japanese, a piece of same grade glass priced at RMB 8,000. Therefore, with the success of Fuyao Group, create great opportunity for the industry. In 1987, Fuyao Glass factory become Fuyao Glass Co. Ltd. In the 90s, Japanese automotive glass start leaving China market. This forced Fuyao has growth even faster and start to export to the rest of the world.
In 2000, Fuyao exports more than 200 million pieces of glass. In year 2001, three US glass companies complains to the US Department of Commerce again Fuyao about dumping Chinese windshield. In 2002, The U.S. Department of Commerce did not notify Fuyao to appear in court and unilateral planting of Fuyao constitutes dumping, then impose dumping duties on Fuyao’s glass. At that time, China had just joined the WTO, many domestic companies are not familiar with international rules at all. Although high prosecution costs, yet Cao Dewang sued the U.S. Department of Commerce with a petition. It took 3 years and more than 100 million yuan in litigation fees, in 2005, Fuyao Glass won this anti-dumping case in the United States. The new was shocked the world, Fuyao became the first Chinese company to sue U.S. business.
Now Fuyao Group to be world top automotive glass leader. In China any three cars, two are using Fuyao glass, while in the world, every four cars, one will be Fuyao glass.
Focus is the key success of Cao Dewang. He never diversifies into any business, just focus on automotive glass and now to be the world leader.
