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Shares In Chinese Billionaire Cho Tak Wong's Fuyao Glass Rise On Profit Increase

Post Time:Apr 22,2013Classify:Industry NewsView:480

Fuyao Glass, one of the world’s largest makers of glass used in automobiles, gained 3% on Friday at the Shanghai Stock Exchange after the company said net profit in the first three months of the year climbed by 11% to 391.9 million yuan, or $63 million.

 

The company didn’t provide a sales figure.

 

Fuyao’s customers include Ford, GM and BMW.

 

Auto sales in China, the world’s largest market for motor vehicles, rose by 17% in the first three months of 2013 from a year earlier.  One of the world’s largest auto shares, Auto Shanghai, opened on Sunday in Shanghai.

 

Cho ranked No. 1,250 on the 2013 Forbes Billionaires list with wealth of $1.15 billion. He is a mainland native who formally resides in Hong Kong.

 

– With Charity Xiong

– Follow me on Twitter @rflannerychina

Source: http://www.forbes.com/sites/russellflannery/2013/0Author: shangyi

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