Throughout the past year of 2017, rumors frequently circulated that Cao Dewang had fled. Some claimed he left voluntarily, while others speculated that he was forced to flee due to misfortune. It was as if he were Harry Potter riding a broomstick, capable of flying away with a single spell.
A few months ago, minor friction between the Fuyao Glass American factory and the local labor union was portrayed as large-scale protests and boycotts. It seemed as though Cao Dewang was a fragile clay idol, unable to protect himself once he crossed the ocean.
Over the past two years, Cao Dewang's overseas investment activities have consistently drawn significant public attention. From "Cao Dewang has fled!" to the many doubts and criticisms surrounding his 1 billion USD overseas factory construction, every move made by the seventy-something "Glass King" abroad seems to have been scrutinized under a magnifying glass.
In 1995, Fuyao attempted to sell glass in the United States by building a warehouse there, but it was a mistake that left them in a state of distress. After hiring someone to investigate, Cao Dewang discovered two issues.
First, the American automotive glass market is a massive industry worth billions of dollars, but his initial investment of 10 million USD was merely a drop in the bucket within such a vast market.
Second, at that time, automotive manufacturers were supplied by local companies. While small orders could be fulfilled, local car manufacturers would simply not cooperate when it came to large-scale orders.
To date, Fuyao Glass has spent nearly 10 billion on overseas investments and factory construction, but the funds brought back from abroad have exceeded 10 billion. Cao Dewang stated that this represents earned profit. Furthermore, he added: "With one year of investment in the United States, export earnings reached approximately 1 billion USD."
Cao Dewang did not flee; he brought back 10 billion from abroad!
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