"Glass King" Cao Dewang Cao Dewang Steps Down at Fuyao Glass, Expands Billio...

Fuyao Glass founder Cao Dewang has resigned as chairman of China’s largest automotive glass maker, ceding the role to Cao Hui while retaining seats on the board and leadership positions at several subsidiaries.

Cao, who was named Lifetime Honorary Chairman, framed the move as a strategic step to optimize corporate governance and advance sustainable development.

The announcement coincides with a major expansion of Cao’s philanthropic footprint in education. On October 10, the Fuzhou Municipal Education Bureau approved the creation of Fuzhou Fuyao Future School, a non-profit high school funded by the He Ren Charity Foundation, which Cao founded. The new institution is expected to enroll up to 3,240 students, adding to his long history of educational donations.

Cao’s philanthropic record stretches back more than four decades. In 1983, he made his first charitable contribution, and over the years he has donated 16 billion yuan across initiatives ranging from education and disaster relief to poverty alleviation and environmental protection.

The He Ren Charity Foundation, established in 2011 with 300 million shares of Fuyao Glass, has become the central vehicle for his giving. Its steady funding is supported by the company’s consistent financial performance.

Fuyao Glass itself has posted four consecutive years of growth in both revenue and net profit, underpinning Cao’s charitable work. In 2024, the company reported 39.25 billion yuan in revenue, up 18% from a year earlier, with net profit of 7.5 billion yuan, a 33% increase.

Overseas operations accounted for more than 40% of sales, reflecting Fuyao’s global expansion. In the first half of 2025, revenue climbed 17% to 21.45 billion yuan, while net profit rose 37% to 4.8 billion yuan. Automotive glass remains the core business, generating 19.5 billion yuan in the first half of the year, or more than 90% of total revenue.

Cao’s investments in education are substantial and strategically targeted. He previously contributed 330 million yuan to build the Fujian Normal University Affiliated Fuqing Dewang Middle School, and in September 2025, Fujian Fuyao University of Science and Technology welcomed its first cohort of 50 students. Cao had pledged 10 billion yuan to the university, with 4.3 billion yuan already invested as of August. The private, non-profit university, jointly supported by the Fuzhou municipal government and the He Ren Charity Foundation, is designed to accommodate up to 16,000 students in the long term.

Cao has emphasized a deliberate approach to admissions. This year, the university enrolled only 50 undergraduates from five provinces, including Fujian, Henan, Jiangxi, Hunan, and Guangxi, with scores exceeding cutoffs at many top-tier universities. Tuition is 5,600 yuan per year, reflecting the university’s non-profit mission. He highlighted the dual-instructor model, pairing theoretical training with entrepreneurial guidance, supplemented by internships from partner companies.

Despite his philanthropy, Cao has faced scrutiny over labor practices. The documentary “American Factory”highlighted long hours, strict discipline, and minimal safety equipment at Fuyao’s U.S. plant. Cao has responded by distinguishing between personal and corporate resources, telling People’s Daily that “When I do charity, I use my personal funds, not the company’s money.” He also emphasized competitive employee compensation, noting that Fuyao employs 40,000 workers with an average monthly salary of 10,000 yuan, while total employee compensation reached 7.17 billion yuan in 2024, up 16% from the previous year.

Cao’s own pre-tax compensation for 2024 was 7.51 million yuan, a modest increase from 7.43 million yuan in 2023, while the company’s revenue and net profit rose significantly. Among the executive team, General Manager Ye Shureceived 3.42 million yuan, and Deputy General Manager Chen Juli earned 6.24 million yuan, ranking just below Cao.

Fuyao Glass’s financial strength enables both employee compensation and philanthropic initiatives. The company has consistently returned value to shareholders, paying cash dividends 26 times since its 1993 A-share listing, totaling 35.68 billion yuan, with a payout ratio of 61.48%. From 2022 to 2024, annual dividends exceeded 3 billion yuan each year, providing a financial foundation for Cao’s charitable work. In 2024, the He Ren Charity Foundation held 170 million A-shares, yielding over 300 million yuan in dividends, based on a pre-tax payout of 1.8 yuan per share.

Cao’s industrial journey began in modest circumstances. Born in May 1946 in Shanghai, he moved with his family to Gaoshan Town, Fuqing County, Fujian Province, facing harsh living conditions. Dropping out of school in his early teens, he survived by selling tobacco, peddling fruit, and hauling carts. In 1976, he became a procurement officer at the Gaoshan Town Specialty Glass Factory, then operating at a loss. By 1983, Cao took over management, promising a profit of 60,000 yuan by year-end. Within a year, sales grew from hundreds of thousands of pieces to two million, generating a net profit of 200,000 yuan.

A pivotal moment came in 1984 when Cao noticed the high price of automotive glass during a trip to Wuyi Mountain. Recognizing that the Chinese market was dominated by foreign suppliers, he mortgaged his house to secure a loan and acquire a 50% stake in Gaoshan Shaped Glass Factory, China’s first joint venture between a public enterprise and a private individual in Fujian Province.

By 1987, Cao relocated the factory to Fuqing and founded Fuyao Glass, rapidly establishing a reputation for quality and competitive pricing. Within a few years, Fuyao captured the repair market in China, displacing Japanese competitors. Cao also seized U.S. market opportunities, securing a 10% share of the American automotive glass repair market, leveraging the decline of high-cost U.S. glass manufacturing.

Fuyao Glass went public on the A-share market in 1993 and later on the Hong Kong Stock Exchange in 2015, creating a dual A+H platform. Today, the company operates production bases in 18 Chinese provinces and 12 countries, employing approximately 37,000 people. It holds a 34% share of the global automotive glass market, meaning roughly one in three automotive glass pieces worldwide comes from Fuyao.

Cao’s personal wealth reflects decades of hard work and strategic vision. According to the 2025 New Fortune Magazine 500 Wealth Creators List, his family ranks 91st with a fortune of 36.46 billion yuan. Despite this wealth, Cao has prioritized social impact, using his personal resources to advance education and philanthropy in China.

The He Ren Charity Foundation exemplifies this commitment. Established with his donated shares in Fuyao Glass, it has funded the construction of middle schools, universities, and now Fuzhou Fuyao Future School. Cao’s approach reflects a long-term vision: providing educational opportunities, fostering talent, and creating institutions that combine private initiative with public oversight.

Looking ahead, Fuzhou Fuyao Future School will operate as a non-profit private high school with a planned three-year preparation period before official establishment. The school will strictly adhere to regulatory standards during its preparatory phase, with no student recruitment allowed until approval is finalized. Once operational, it is expected to complement Cao’s ongoing higher education initiatives, providing continuity in his educational philanthropy.

Cao’s story illustrates the intersection of entrepreneurship, industrial ambition, and philanthropy in modern China. From modest beginnings in Fujian to building a global glass empire, he has leveraged business success to support societal development. While criticism occasionally arises regarding labor practices, his supporters emphasize the scale and consistency of his charitable contributions, which have reshaped the educational landscape and strengthened public welfare initiatives across the country.

As Cao continues to expand his philanthropic footprint, his dual role as industrialist and social benefactor provides a model for Chinese entrepreneurship in the 21st century: one that balances corporate success, employee welfare, and societal impact. Radar Finance and other observers will continue to monitor the evolution of Fuyao Glass under new leadership and Cao’s expanding educational initiatives, which promise to leave a lasting imprint on generations of students and the broader community.