Cao Dewang

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Cao Dewang
曹德旺.jpg
BornMay 1946 (age 74)
Other namesCho Tak Wong
Occupationentrepreneur
philanthropist
Net worthUS$2.4 billion (July 2017)[1]
Title
Chairman of:
  • Fuyao Group
  • China Automobile Glass Association
  • Fujian Golf Player's Association
Children3
Chinese name
Chinese曹德旺

Cao Dewang (Chinese: 曹德旺; born May 1946), also known as Cho Tak Wong or Tak Wong Cho, is a Chinese entrepreneur. He is the chairman of Fuyao Group, one of the largest glass manufacturers in the world.[1][2] He is also a member of the Chinese People's Consultative Conference from Fujian, and chairman of both the China Automobile Glass Association and the Fujian Golf Players' Association.[3]

Early life[edit]

Cao was born in 1946 in Fuqing into a wealthy Fujianese family.[4] Cao was forced out of school at the age of 14, and worked as a street vendor, laborer and bicycle mechanic.[citation needed]

Business career[edit]

In 1983, while working as a sales manager in a glass factory which produced glass for water meters, Cao saved enough money to buy out the factory.[4][5] In 1985, he saw Japanese automakers bringing their manufacturing to China, and as a result, Cao directed his factory to begin producing automotive glass. In 1987, he established the Fuyao Group and in 1993 the company was listed on the Shanghai Stock Exchange.[4]

In 2009, Cao was named Ernst & Young World Entrepreneur Of The Year.

His brother, Cao Degan, was the vice governor of Fujian province from 1999 to 2003.[citation needed]

In March 2005, his son took over Fuyao Group as the chief executive, while Cao retains the chairmanship.[4] In the 2019 documentary American Factory, Cao is followed as he tours his new American addition to Fuyao. While overseeing the growth of his company in America, Cao leads fellow native Chinese to help grow the company in America. Nearly 200 workers moved to America leaving their lives behind to help grow Fuyao. Upon the new American factory opening, American workers pushed to unionize the factory claiming unsafe work conditions and unfair pay.

Philanthropy[edit]

Cao is one of China's biggest philanthropists. He cites Andrew Carnegie, an American industrialist and philanthropist, as one of the main inspirations behind his charity work.[6] He established the Heren Foundation, to which he has donated 300 million shares of his company. In 2012, he donated US$580 million to charity.[7] He is quoted as saying that the more money he gives away, the less need he has for the money. He would rather share with others and educate children.[4]

Personal life[edit]

Cao is a devout Buddhist. He authored an autobiography titled A Heart like Bodhi (Chinese: 心若菩提) which was published in 2014.[citation needed]

Note[edit]

Contrary to popular belief, Cao was not born in Shanghai, but in the City of Fuqing, Fujian.

References[edit]

  1. ^ a b "Cho Tak Wong". Forbes. Retrieved July 2, 2017. CS1 maint: discouraged parameter (link)
  2. ^ Mui, Yian Q. (October 26, 2016). "A Chinese billionaire is staking his legacy — and thousands of American jobs — on this factory in Ohio". The Washington Post. Retrieved July 2, 2017. CS1 maint: discouraged parameter (link)
  3. ^ "China Vitae : Biography of Cao Dewang". www.chinavitae.com. Retrieved 2019-01-08.
  4. ^ a b c d e Sevastopulo, Demetri (May 25, 2014). "Cao Dewang, chairman of Fuyao Glass". Financial Times. Hong Kong. Retrieved 2019-01-08. (Subscription required.)
  5. ^ "Interview with Mr. Cao Dewang, the president of Fuyao Glass Industry Group". glassonweb.com. Retrieved 2019-01-08.
  6. ^ Bradsher, Keith; Scheiber, Noam (2017-11-08). "Chinese Auto Glass Magnate Faces Union Challenge in Ohio". The New York Times. ISSN 0362-4331. Retrieved 2019-08-01.
  7. ^ Zeveloff, Julie. "China's Biggest Philanthropist Puts America's Biggest Philanthropist To Shame". Business Insider. Retrieved 2019-08-01.