Cao Dewang
Cao Dewang
Cao Dewang, also known by his Cantonese name, Cho Tak-wong, is a Chinese auto glass businessman.
Cao Fuyao Glass
Cao Fuyao Glass Industry Group is the biggest exporter of auto glass in the world, reporting $370M in profits during 2015.
In 2016 Fuyao Glass, the car glass manufacturer that he founded in 1987, spent $200m buying an old General Motors factory in Dayton, Ohio.
"In order to supply Honda and Volkswagen, your quality absolutely had to be as good as them,” he says. “Now we are the biggest producer of car glass in the world.” [1]
He has a rags to riches story starting his glass and auto components working 16 hours a week.
In 1993, he listed Fuyao, which is based in Fujian province, on the Shanghai stock exchange.
It started trading at about Rmb1.3, soared as high as Rmb19.19 before the global financial crisis, and today fetches about Rmb8.
Last year it had revenues of $11.4bn, while earnings before interest, taxes, depreciation, and amortisation were $3.4bn.
Cao Dewang donated roughly $1.3bn across 2011 and 2012, including to the Heren Foundation, a charity he created.
“The more I donate, the more I realize how little use I have for money,” he says.
“It should be shared with others or used to educate children.”