Born in 1946 into a modest family, Cao Dewang grew up in a difficult environment shaped by the aftermath of the Chinese civil war. At the age of 14, he left school to help support his household. He took on various small jobs, worked in the fields, and later became a traveling salesman. This early path exposed him to the realities of the economy and developed in him a remarkable capacity for resilience.
In 1976, he joined a small equipment factory in Fuqing (Fujian province) as a purchasing agent and took over its management in 1983. Being a visionary, he saw the potential of the nascent Chinese
automotive market. China, still largely reliant on imported automotive glass, was experiencing a rapid growth in car production and a rising demand for specialized components. In 1985, he launched a joint venture within the same factory to begin producing automotive glass. In 1987, he founded Fuyao Group with a clear and ambitious idea: to manufacture, in China, world-class automotive glass for both domestic and international automakers.
The 1990s marked a period of acceleration. To support this growth and raise capital, particularly to scale up automotive glass production and invest in R&D, the company went public on the Shanghai Stock Exchange in 1993, becoming one of the first private Chinese companies to do so. As Fuyao steadily established itself in China’s automotive glass market, Cao noted the domestic industry’s technological lag behind international suppliers, especially for original equipment manufacturer (OEM) glass. At the same time, Saint-Gobain was seeking to expand in China through joint ventures to capture local growth. After about two years of negotiations, an agreement was reached in early 1996 to create a joint venture named Wanda Automotive Glass Co., Ltd. Saint-Gobain took 51% of the capital, bringing in technology, international standards, and a global network, while Fuyao retained 49% and served as general manager overseeing production. The partnership aimed to accelerate Fuyao’s technological learning, legitimize the brand among global automakers, and support its international expansion. The joint venture helped Fuyao rapidly build its capabilities. In 1999, Cao bought out Saint-Gobain’s stake for approximately $ 30M.
From the 2000s onward, he invested heavily in R&D while establishing factories abroad (in the United States, Russia, and Germany). As early as 2008, Cao Dewang realized that a global supplier must produce close to its clients. With major automakers deeply rooted in the U.S., he began a local anchoring strategy. He opened an office in South Carolina, followed by a factory in Moraine, Ohio, on the site of a former General Motors plant. His goal was to bypass tariffs, shorten lead times, and meet the high standards expected by automakers. More than an industrial deployment, this expansion reflected his desire to be recognized as a responsible and reliable global player. For Cao, the goal was not merely economic: it was to prove that a Chinese company could create jobs, revitalize a community, and deliver quality on par with Western leaders.
In 2015, Fuyao completed a dual listing (Shenzhen and Hong Kong) to access more international capital. The company raised approximately $ 950M. It became Asia’s leading automotive glass manufacturer and a key supplier to BMW, GM, and Toyota.
Alongside his industrial rise, Cao Dewang developed a rigorous vision of philanthropy. In 2011, he founded the Heren Charity Foundation, to which he transferred 300 million Fuyao shares, an unprecedented move in China at the time. Since then, his cumulative donations have exceeded $ 2.2bn, funding schools, universities, emergency relief, and poverty alleviation programs in underprivileged provinces. In 2024, he announced a $ 1.4bn investment to establish the Fuyao University of Science and Technology, designed as a nonprofit, accessible campus focused on engineering. This sense of duty also informs his corporate governance: within the company itself, Fuyao has implemented a proactive employee support policy, competitive salaries, enhanced safety, and ongoing training, while reinforcing its environmental commitments through energy-efficient factories and glass recycling systems. For Cao, a company’s wealth should serve the common good: he advocates for structured, sustainable philanthropy, independent of corporate performance.
Today, Cao Dewang is preparing the glass industry for its ecological transition, focusing on energy efficiency, smart glazing, and carbon neutrality, a final mission for someone who has always combined industrial excellence with social impact.
Married to Chen Fengying, Cao Dewang is the father of three children, one of whom, Cao Hui, plays an active role in the family business.
« Philanthropy is the matter of everyone, the purpose of social stability and harmony. »
At 79, Cao Dewang is a Chinese entrepreneur and the founder of Fuyao Group, Asia’s largest automotive glass manufacturer.
His fortune is estimated at USD 2.3 bn (Source: Forbes, September 2025)
IN A FEW FIGURES :
- Headquartered in Fuqing, China
- Founded in 1987
- 2024 Revenue: $5.5 bn, up 18% from 2023
- Mktcap: $12 bn
- +30,000 employees
- 34% share of the global automotive glass market and 10+ plants outside China
- + $270 M donated to philanthropy
GLOBAL AUTOMOATIVE GLASS SECTOR :
- Market size: $36.5Bn in 2024
- Annual growth rate (2025–2030): 4.5%
- Windscreen segment share: 38.4% in 2024
- Key trends: smart glass, lightweight materials, recyclability
