Chinese tycoon Cao Dewang plans to give away CNY4.1 billion (US$599 million), according to Chinese sources. Cao has told the Chinese authorities that he intends to set up a foundation and give it 70 per cent of his shares in Fuyao Glass Industry Group Company. If approval is given for the foundation, Cao would become China’s most charitable entrepreneur, replacing Yu Pengnian, who has donated CNY3 billion from his real estate fortune to charity since 2003.