In June 2018, Fuyao Glass invested 224 million yuan to complete the acquisition of 100% of the shares of Fujian Sanfeng Group, a related party, which aroused heated discussions in the industry.
You must know that the Trident Group was founded by Cao Dewang's son Cao Hui, but now it is wholly owned by his father's company.
Unwilling to inherit the family property, Cao Hui is not the first person, but he said a sentence that absolutely no second person dares to say: "I am not as good as my father, I can't cultivate the next Cao Hui."
However, saying this, Cao Hui has this capital, after all, as early as 2015, Cao Hui single-handedly founded Trident Group, and soon had assets of more than 100 million.
Even Cao Dewang said: In his son Cao Hui, he saw the future of Fuyao.
Some people say that standing on the shoulders of giants, success is naturally easy, but China's rich second generation abounds, why does Cao Hui crown the crowd?
The tiger father has no dog son, Cao Dewang can be regarded as the tiger father.
In people's minds, Cao Dewang is a philanthropic entrepreneur, and he has personally donated more than 26 billion yuan in philanthropy.
But in life, he is an extremely strict father.
Earlier, CCTV had an interview with Cao Dewang and his son, seeing that his father was there, even Cao Hui, who was an adult, chose to leave in public, he explained that his father was there, and he was too nervous to speak, which shows that his family education is strict.
Although Cao Hui is the crown prince, he has not been pampered since he was a child, and as soon as he graduated from high school, he was thrown into the factory workshop by his father, and he also made three chapters with him.
You are not allowed to disclose your true identity in the factory; You must first work in the hardest and most tiring workshop; There is no need to be special in your work.
With these three articles, Cao Hui, like ordinary workers, lives a life of overtime.
At the same time, Cao Dewang also asked the workshop director to report Cao Hui's work status from time to time, and he was not relieved until he saw his son's hands full of calluses.
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In fact, Cao Dewang understands that his son was born in the 70s, and his living conditions are very superior compared to before.
If he doesn't go down to the grassroots level and is directly sent to study abroad, it will be difficult to restrain his curiosity about the outside world, and he may slack off in his studies and only chase the world of flowers.
But the young Cao Hui did not understand his father's good intentions, he, like other new employees in the factory, only had a salary of 300 yuan per month, but he worked three shifts, and he was busy eating and living in the company.
But even so, Cao Dewang also said to the outside world: "I can't see him comfortable."
This sentence is like a thorn, deeply rooted in Cao Hui's heart, for 6 years, he has never answered his father's phone call, and he has not had dinner with his father.
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Cao Hui also has a lot of strength in his heart, he must make an appearance and make his father proud.
Facts have proved that Cao Hui can withstand the test of his father.
In a few years, Cao Hui first grew from an inexperienced ordinary worker to a workshop director, and soon was promoted to the general manager of Fuyao Technology's Hong Kong branch.
seems to have become an important member of Fuyao, but behind the glamorous, Cao Hui still paid a lot of hard work.
At that time, Fuyao's business in Hong Kong was just starting, and although Cao Hui was sent to Hong Kong as the general manager, he actually did sales work, and the key was that he did not have any contacts and resources, and it was all up to Cao Hui to develop it himself.
However, the predicament did not make Cao Hui slack off, and it took only three years to make the branch a steady foothold in Hong Kong, and its ability should not be underestimated.
Immediately afterwards, Cao Hui, who had just made some achievements, was sent abroad by his father to study business administration.
From honing his will at the grassroots level, mastering the process, to middle-level management and strategizing, and then to going abroad to expand his overseas horizons, Cao Hui gradually moved closer to a qualified successor under his father's ruthlessness.
As soon as he graduated from university, Cao Hui ushered in the highlight moment of his life.
As early as 1994, Fuyao, which has become the leader of the domestic automotive glass industry, has expanded its territory and entered the overseas battlefield.
However, at that time, considering that domestic executives did not understand overseas markets and had cultural differences, Cao Dewang appointed a large number of Americans as senior executives in the North American branch.
But a few years later, the North American branch with good performance suffered losses year after year, and Cao Dewang naturally did not sit idly by and secretly sent someone to investigate.
What he didn't expect was that the manager of the North American branch with a high salary colluded with the bank and embezzled a large amount of the company's funds without permission.
After hearing the news, Cao Dewang was furious and immediately fired the general manager, he realized that the farther away the branch was from him, the more he should let go of the person he trusted the most.
In 2001, Cao Hui, who had just graduated, was directly sent by his father to the North American branch as the general manager, and he encountered a tough battle as soon as he took office.
In December of the same year, China joined the WTO, and a large number of Chinese companies entered the U.S. market, and Fuyao gained momentum.
At that time, due to the success of Fuyao, domestic automotive and other glass companies entered the U.S. market one after another, resulting in the price of Chinese glass in the U.S. market getting lower and lower.
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When the local American companies saw that their own territory was making money from others and they couldn't compete, they were instantly unhappy, so they united to send Fuyao to court with a complaint to sue it for dumping at a low price.
The U.S. Department of Commerce also favored its own people and ruled that Fuyao dumped at a low price, directly raising tariffs by 2 percentage points, which directly led to Fuyao's annual need to pay $90 billion more tariffs to the United States.
This was clearly discrimination against the Chinese, and Cao Dewang could not swallow this breath and immediately set up an anti-dumping team, with Cao Hui as the main responsible person.
Previously, Chinese companies had never won a similar case, after all, litigation abroad is protracted, and it costs not only time, manpower, but also financial resources.
But Cao Hui, like his father, resolutely refused to accept it, and immediately after he took over, he formulated two major strategies, that is, to negotiate cooperation with the other party while confronting each other.
On the one hand, he secretly conducted an investigation, collected relevant evidence, and hired internationally renowned lawyers to study past cases, and after obtaining strong evidence, he publicly sued the U.S. Department of Commerce, in order to show Fuyao's determination to do anti-dumping.
On the other hand, he actively contacted the enterprises concerned to seek cooperation and resolve conflicts.
In order to achieve win-win cooperation, Cao Hui decisively gave up the logistics and sales channels that he was not good at, and said that he would only work core products.
Step by step, the situation began to turn from dangerous to safe.
On October 15, 2004, Cao Hui, who had sufficient evidence, forced the U.S. Department of Commerce to dismiss the local company's lawsuit and announced that the tariffs on Fuyao's low-price dumping would be nullified.
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Nearly four years later, the cross-border litigation costing 100 million yuan finally came to an end, and Fuyao became the first Chinese company to win an anti-dumping case.
This not only washes away the shame of the unequal treatment of Chinese enterprises by the United States, but also strengthens the mainland's self-confidence and dignity in international trade.
Cao Hui also became famous because of this, and the talents of the second generation of Fujian businessmen were recognized by everyone.
A few months later, the board of directors of Fuyao decided to promote Cao Hui to the general manager of Fuyao, and a rising star is about to shine in Fuyao.
But what people didn't expect was that Cao Hui actually resigned half a year later, although Cao Hui returned to the company under Cao Dewang's coercion and lure, but eight years later, he still chose to leave Fuyao.
Later, when Cao Dewang was about to donate 8 billion shares, Cao Hui's words poured out his true thoughts:
"My father donated almost all the assets of the family, but I am very supportive of my father's approach, the money is his, and I am in favor of spending it whatever he wants."
Cao Hui, who did not rely on his parents and did not covet his father's wealth since he was a child, knew that even though his father's wings were warm, one day, he would need to face the storm by himself.
The rich second generation born in Rome, some spend time drinking, and some can carry things, Cao Hui is definitely the latter.
The eight years in Fuyao are also the eight years of Cao Hui's accelerated growth.
During his tenure, Fuyao's output value doubled, and its domestic and foreign business developed steadily, but even so, Fuyao did not retain Cao Hui.
Maybe it's because his father's aura is too big, and he can't do things according to his own ideas in Fuyao; Maybe he doesn't like the outside world to label him as a "spelling father", and he wants to be recognized by the outside world by his own efforts.
In 2015, after leaving, Cao Hui registered Trident Technology Holding Group in Hong Kong, which is mainly engaged in the supply chain of high-end auto parts.
This time Cao Dewang did not stop, after so many years of training, he knew that it was time for his son to experience the hardships of entrepreneurship.
Unexpectedly, in just a few years, with the experience and outstanding business talent accumulated in Fuyao, the assets of Trident Group reached an astonishing 700 million, and it also filled the blank field in China.
This time it is Cao Dewang's turn to be empty-hearted, he is already in his 70s, and how Fuyao will go in the future is still pinned on Cao Hui, but Cao Hui can't look down on the family wealth of more than 60 billion at all.
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In order to please Cao Hui, Cao Dewang built a large villa for the first time and let his son move in, but he didn't expect Cao Hui to appreciate it, and he never stepped into the villa after throwing down the sentence "too luxurious".
But Jiang is still old and spicy, and after careful consideration, Cao Dewang decided to use his "money ability" to acquire Cao Hui's Trident Group, which led to the beginning of the scene.
Perhaps because his father was dying, or because of social responsibility, in 2018, Cao Hui, who had repeatedly expressed his reluctance to inherit the family property, finally returned to Fuyao and served as vice chairman.
Cao Hui's return can be said to be expected, not only because he is Cao Dewang's son, but also because he is a representative of the new forces.
Sure enough, during his management, Fuyao's sales performance quickly increased by 3 times, its tax revenue increased by 5 times year after year, and it also won a number of national technological invention awards and five national patents.
Fuyao's "Postdoctoral Research Station" has also successfully passed the national approval and has been approved to apply for the "National Accredited Laboratory", and the future is limitless.
When other industry tycoons retreated, shopping malls were still considering successors, Cao Dewang had retreated to focus on public welfare.
Because he clearly knows that he has done two things in his life, one is to make his own car glass for the Chinese, and the other is to cultivate an excellent son.
Even Cao Hui once said unabashedly: "I'm not as good as my father, I can't train the next Cao Hui." ”
The seamless fit between Cao Dewang and his son has become a good story for the inheritance of Chinese enterprises today.
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Although he was born on the shoulders of giants, Cao Hui still really staged a cool drama that counterattacked from the bottom.
From an ordinary workshop worker to the head of the 64.1 billion family wealth, along the way, every step is imprinted with the earnest teaching and expectation of his father Cao Dewang, but more importantly, Cao Hui's own tireless efforts and forge ahead.
He inherited his father's excellent business genes, but he has his own independent thoughts and principles, not blindly obedient, unremitting, low-key and pragmatic.
In the future, under his helm, Fuyao will set up a research institute to provide think tank services for the innovation and development of the automotive glass industry and solve the problem of "stuck neck" in the industry.
The ultimate dream of the industry tycoons will return to solving the high-tech problems of the motherland, and I believe that Cao Hui's wise business acumen will definitely be better than the blue.
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Resources:
Sina Finance: "Fuyao CEO in the Workshop"
There are Fujian businessmen in the world: "Cao Hui promised to succeed Fuyao!" 72-year-old Cao Dewang acquires the company of his eldest son in advance》
Fuzhou News Network: "40 Years, 40 Enterprises丨Cao Hui: Focus on a Piece of Glass, Achieve the Eternal Original Heart"
Author: Wei Shan
Editor: Ichiyigi