Cao Dewang

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Cao Dewang
曹德旺.jpg
BornMay 1946 (age 73)
ResidenceFuqing, Fujian, China
Other namesCho Tak Wong
OccupationChairman of Fuyao Group
Net worthUS$2.4 billion (July 2017)[1]
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 and philanthropist. 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 Shanghai into a poor Fujianese family. His family moved back to Fujian a year later, due to the Chinese Civil War.[4]

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 listed the company on the securities exchange.[which?][4]

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

His son has taken over Fuyao Group as the chief executive, while Cao retains the chairmanship.[when?][4]

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]

References[edit]

  1. ^ a b "Cho Tak Wong". Forbes. Retrieved July 2, 2017.
  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.
  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.