Chinese billionaire Cao Dewang, founder of Fuyao Glass and a central figure in the Oscar-winning documentary American Factory, has urged mainland companies expanding internationally to respect local laws, cultures, and labor practices. Speaking at the University of Hong Kong on Monday, Cao emphasized the importance of adapting business operations to foreign environments rather than simply transplanting Chinese methods overseas.
Cao highlighted Fuyao’s approach in the United States, where the company employs between 6,000 and 7,000 workers but relies on fewer than 200 staff relocated from China. “When I go to America, I use American people and American resources,” he said, underscoring the value of integration with the local workforce and resources. Fuyao’s US plant, located in Ohio, became a focal point of the documentary American Factory, which won the Academy Award for Best Documentary Feature in 2020 and explored the cultural and labor tensions accompanying Chinese investment in American manufacturing.
Founded in 1987, Fuyao Glass has grown into the world's largest automotive glass manufacturer. Its efforts to expand abroad provide insights into the challenges and opportunities Chinese manufacturers face amid continued US-China trade tensions and tariffs affecting investment and operations between the two countries.
Cao, 80, who stepped down as Fuyao’s chairman last year, handed over leadership to his son, Cao Hui, marking a generational transition within one of China’s leading private firms. Since retiring from daily management, Cao has shifted focus toward education and philanthropy. He established the Fuyao University of Science and Technology, a non-profit institution in Fujian province dedicated to advancing engineering education and exploring reforms within China’s private university system.
At the HKU event, Cao described this educational initiative not as a quest for personal recognition, but as an effort to innovate within China’s higher education sector. He pledged 10 billion yuan (approximately HK$11.7 billion) to the university, with less than half of the funds spent so far, and expressed confidence in the institution’s long-term viability.
On the topic of succession, Cao stressed the need for early and thoughtful planning rather than last-minute arrangements. He noted that Fuyao began preparing for leadership transition as early as 1995 by establishing a board structure that balances the influence of major shareholders with professional management.
When asked about the legacy entrepreneurs should leave beyond wealth, Cao emphasized the importance of imparting wisdom, knowledge, and character, stating that these qualities hold far greater value than money alone.