China Daily reported in 2011 that Cho — also called Cao Dewang — launched the Heren Foundation with a donation of 300 million shares from his company. The news outlet called it “China’s first charity foundation financed with stocks.”
Billionaire Chinese industrialist Cho is known across the world not only for the production of automotive glass, but for his philanthropy.
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The Heren Foundation was named after Cho’s late father and is the largest charity foundation in China, with the donated shares having a market value of 3.55 billion yuan or $538 million, China Daily reported in 2011.
Business Insider reported in 2012 that the $538 million donation “far outpaced” a $372 million donation made by “America’s biggest living donor, Microsoft co-founder Paul Allen.”
Cho is said to have donated more than $1 billion of his personal wealth in 33 years.
Cho bought a former General Motors plant in Moraine for $15 million three years ago. Fuyao Glass America now has about 2,000 employees and is the world’s largest auto glass production complex, the company says.