Forbes magazine’s recent list of China’s 400 richest includes three Chinese auto glass industry executives.
Fuyao Glass Industry Group (FYG) chairman Cho Tak Wong, and Yu Awu, also of Fuyao, along with Xinyi Glass founder Lee Yin Yee, were all included in the list.
Three Chinese auto glass industry executives have been named to a recent list of China’s 400 richest compiled by Forbes magazine.
Fuyao Glass Industry Group (FYG) chairman Cho Tak Wong, and Yu Awu, also of Fuyao, along with Xinyi Glass founder Lee Yin Yee, were all included in the list.
Wong, who reportedly owns 20% of FYG, is ranked at 99th – with an estimated net worth of approximately USD 1.2 billion. Wong ranked at 43rd in last year’s Forbes list with an estimated net worth of USD 1.8 billion.
Awu, along with his family, also ranked 99th on the list, with an estimated net worth of approximately USD 1.2 billion. Forbes says not all of 65-year-old Awu’s wealth comes from the glass business, as he also owns 65% of Zhejiang Ming Jewelry, which he shares with his son, Yu Tuliang. Awu and his son together ranked at 366th in last year’s Forbes list, with an estimated net worth at that time of USD 450 million.
Yee, 59, ranked 368th on the list, with an estimated net worth of USD 520 million. Yee founded Hong Kong-based Xinyi Glass in 1988. He ranked at 287th last year list, with a net worth at that time of approximately USD 560 million.
Xinyi also has been named to Boston Consulting Group’s recent list of the world’s top value creators for 2006-2010.
Xinyi is in 10th place in the world, with a market value of USD 2.9 billion as of 31 December 2010. Xinyi reports a total shareholder return of 53.7% for the four-year period and 36% sales growth.
In addition, the report lists Xinyi as the world’s top value creator in the area of automotive component suppliers.