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Fuyao Group focuses on auto glass market; Cao donates 70% of shares

Post Time:Feb 17,2009Classify:Company NewsView:341

In the supervisory meeting of securities and futures 2009, held by Fujian Securities Regulatory Commission, Cao Dewang, chairman of Fuyao Group, surprisingly announced to donate 70% of his shares in Fuyao Group for setting a charitable foundation.

In his speech, Mr, Cao firstly introduced some coping strategies to overcome the worsening economic situation and stated that the company will focus on the auto glass market. Then, he indicated that as the economic hardship is mainly caused by weaker domestic demand and the huge gap of wealth leads to weak consuming capacity, he will, in answer to the national call as well as from a sense of duty, donate 70% of his shares in Fuyao Group for setting a charitable foundation.

Source: GlassInChinaAuthor: shangyi

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