Chinaz.com, June 28: On June 25, Fuyao Glass issued a conference resolution announcement. We can see from the announcement that Cao Hui, the son of Cao Dewang, the "glass king", has been persuaded to take over and will become the chairman of Fuyao Group in the future. Cao Hui joined Fuyao as early as 1989, but in 2015, Cao Hui, who was unwilling to take over, resigned from Fuyao and served as the chairman and general manager of Fujian Sanfeng Machinery Technology Co., Ltd. and Fujian Sanfeng Auto Parts Development Co., Ltd. The announcement details that Fuyao Glass, a wholly-owned subsidiary of Fuyao Glass, intends to acquire a 100% stake in Fujian Sanfeng Group controlled by Cao Hui, son of Cao Dewang, an affiliated company in Hong Kong, with a total transaction price of RMB 224 million.

    Cao Dewang said: The acquisition of his son's company is advantageous for Fuyao. At present, Fuyao's short board is molds and accessories. The acquisition of the three front mold and the three front trim can meet the large number of moulds and decorations that are now needed by Fuyao. Fuyao will continue to expand the mold business in the future. It is understood that 82% of China's rich and two generation are unwilling to take over. Most of them will choose to start their own businesses alone. Many entrepreneurs have entered the retirement age, but it has been difficult for them to find successors, because many entrepreneurs'children do not want to inherit their father's career.