On October 16, Fuyao Glass announced that its chairman, Cao Dewang, resigned from his position as chairman due to the strategic optimization of the company’s governance structure and the need for sustainable development. However, he will continue to serve as a director of the company and hold director, chairman, and legal representative positions in some of its subsidiaries. At the same time, the company elected Cao Hui as the new chairman and appointed him as the legal representative and chairman of the Board’s Strategic Development Committee. Cao Dewang was appointed as the company’s lifelong honorary chairman. This change in position will not negatively affect the company’s normal operations.
Cao Dewang, the founder of Fuyao Glass, a leading glass company in China, is also known as the “King of Glass.” In 1976, at the age of 30, Cao Dewang began working as a procurement officer at the special-shaped glass factory in Gaoshan Town, Fuqing, and became acquainted with the glass industry. In 1983, he took over the near-bankrupt Fuqing City Gaoshan Town special-shaped glass factory, implemented a performance-based wage system, and made a profit that year. In 1985, Cao Dewang invested in the factory and acquired a 50% stake, shifting the focus to automotive glass and ending China’s reliance on imported automotive glass. In 1987, Cao Dewang, together with 11 shareholders, raised 6.27 million yuan to establish Fuyao Glass Co., Ltd. In 1993, Fuyao Group went public on the A-share market, becoming the first private enterprise in Fujian Province to list and the first company in the Chinese glass industry to go public. From 2001 to 2005, Fuyao successfully won two anti-dumping cases in Canada and the United States, becoming the first Chinese company to sue and win against the U.S. Department of Commerce. In 2015, Fuyao Group was listed on the Hong Kong Stock Exchange. In 2016, Fuyao Glass invested $600 million to build a factory in Ohio, USA, and achieved profitability in 2018.
In addition to his business achievements, Cao Dewang is also a well-known philanthropist. As of 2024, he has donated nearly 12 billion RMB, supporting disaster relief, poverty alleviation, education, culture, and other causes. In 2011, he donated 300 million shares of Fuyao Glass to establish the He Ren Charity Foundation. In 2021, the foundation donated 10 billion RMB to establish Fujian Fuyao University of Science and Technology.
Cao Hui, born in 1970, is the son of Cao Dewang, a Hong Kong citizen, and a graduate of the Becker College of Business Administration in the U.S., with an MBA. He holds senior engineer and senior economist titles. Cao Hui started working at Fuyao Glass in 1989. In March 1994, he was appointed general manager of Fuyao Hong Kong. In August 1998, he became the executive director of Fuyao Glass. In August 2001, he became the general manager of Fuyao Glass North America. In 2002, he led Fuyao Group’s defense in the U.S. anti-dumping lawsuit and won. From September 2006 to July 2015, he served as the general manager of Fuyao Glass. In November 2015, to regulate the Chinese automotive glass aftermarket, Cao Hui founded Fujian Sanfeng Holdings Group Co., Ltd. and served as chairman. The group encompasses five core businesses, including Sanfeng Components, Sanfeng Mould, Sanfeng Intelligent, Sanfeng Electronics, and Sanfeng Services. In 2018, after Fuyao Glass acquired the Sanfeng Group, Cao Hui returned to the company as vice chairman. In January 2024, he was appointed vice chairman of Fuyao Glass’s board, and in October 2025, he was promoted to chairman and legal representative.
After stepping down as chairman, Cao Dewang stated in an interview that, at nearly 80 years old, it was time for him to retire. “My son is already 55, and he and his team are outstanding. The company should be handed over to them for development.” Cao Dewang expressed his hope that Fuyao Glass would become a century-old enterprise.
Meanwhile, Fuyao Glass disclosed its latest financial report, showing that in the first three quarters of 2025, the company achieved revenue of 33.302 billion RMB, a 17.62% year-on-year increase, with third-quarter revenue reaching 11.855 billion RMB, a growth of 18.86%. Net profit for the first three quarters was 7.068 billion RMB, a year-on-year increase of 28.93%, with third-quarter profit reaching 2.259 billion RMB, an increase of 14.09%.
