Cao Dewang, a glass tycoon from Fujian province, has become China’s biggest giver in charity, Hurun publisher Rupert Hoogewerf writes The Shanghai Daily. Cao Dewang wants to run the Fujian Charity Federation and would be number 102 on Hurun China Rich List last year with total assets of 6.5 billion Renminbi.
If the foundation is approved by state authorities, it would be the first to be based entirely on stocks, the Fujian Charity Federation said.
The fund would be used to provide school grants, disaster relief, subsidies for the poor and financial support to religious groups around the country, said the report, which did not say how the shares would be turned into cash….
Cao dropped out of school when he was 14 and went on to earn 700,000 yuan in 1986, three years after he began operating a glass workshop in Fujian’s Fuqing City. The shop was later developed into the Fuyao Group, which went public in Shanghai in 1993.