Glass always full for Chinese firm in global market

The group pulled in revenue of 3.67 billion yuan outside China last year, up about 10 percent, and sales outside China accounted for almost 32 percent of the total.

The group's profit was 1.91 billion yuan last year, a rise of 25.8 percent.

Cao attributed these results to a focus on the company's overseas expansion and technological innovation.

The company made its first overseas foray in 1995 when it set up an automotive glass factory in South Carolina in the United States. Its glass is now sold in 61 countries and regions, and Fuyao is an approved original equipment manufacturer for many global carmakers, including Audi AG, Ford Motor Co, General Motors Co and AB Volvo.

Fuyao expects strong overseas sales growth in the years to come, led by the US, Russia and Europe.

"We expect that by the end of 2016, the US market will become our largest overseas market, and that we will have invested as much as $600 million there."

Investment in the US now stands at $400 million.

Last year the company spent $200 million building a factory in Russia that will supply the Russian market and Eastern Europe.

"Our overseas sales are mainly in Asia and North America, but Europe is now becoming a major market. Fuyao is the exclusive supplier for Volvo and the largest supplier to Volkswagen. In Europe, for example Germany, we see huge potential."

Fuyao's overseas expansion will proceed step by step, he said.

"The US is the first target, and then Europe. We now have factories in Germany, and offices in th United Kingdom, Italy and Sweden. We will go deeper into Europe once we have built ourselves up in the US."

He made his first fortune when he was in his 20s after plunging his savings into a loss-making glass company. He turned it into the black, and in 1987, with friends, he set up Fuyao Glass, making automotive glass. The original idea was to make glass just for the Chinese market, he said, and later the company's horizons expanded.

While building sales outside China is a top priority, Fuyao still regards the domestic market as its backbone, he said.

"Domestic and overseas markets are both important to us. Demand in the local market continues to grow, and for Chinese there is a growing trend to buy a new car every four or five years."

Fuyao has four research and development centers, in Fujian, Shanghai, Germany and the US. Each year the company spends about 5 percent of its revenue on R&D, said Cao.

He has gained international recognition for his business acumen, being named Ernst & Young World Entrepreneur of the Year in Monte Carlo in 2009.

As Cao pointed to the trophy he won on that occasion, he said: "Given Fuyao's research and development strength and the strong domestic market ... our growth overseas will continue."

Sun Li contributed to this story.