Cao Zhong

Cao Zhong (born November 1959), ancestral home Hunan Province, was born in Jinan, Shandong Province. A former senior executive in the Shougang system, he now serves as Chairman and Executive Director of Five Dragon Electric Vehicles and China Resources Transportation, and was previously Vice‑Chairman and Non‑Executive Director of Shou International.

Biography

Cao Zhong was born into a military family. His ancestry is Hunan Province, and his childhood was spent moving with his father through Dalian, Beijing, Gansu, and Yantai. As a primary and secondary student, he was an outstanding student leader. In 1978 he entered Zhejiang University’s provisional program for Chemical Engineering, serving as Academic Minister of the Student Union, and graduated the same year, remaining to teach for three years.

In October 1985 he was admitted to the Graduate School of the Chinese Academy of Social Sciences, majoring in National Economic Management, and served as Academic Minister of the Graduate Student Union. In 1988 he earned a Master’s in Economics with a thesis on “Foreign Trade, Industrial Structure, and Economic Development,” arguing that technology transfer since the 18th‑century Industrial Revolution has been critical to a nation’s industrial upgrading.

In 1988 he joined China’s National Planning Commission in the Department of Long‑Term Planning, participating in macroeconomic strategy research and policy consultation. He then spent ten years in Guangdong, serving as Assistant Director of the Daya Bay Development Zone, Mayor’s Secretary; later as Deputy Director of the Municipal Economic Commission, Deputy Director of the Finance Office, Chairman of the Trust Investment Company, General Manager of the Investment Management Company, and Chairman of the Hong Kong Window Company.

In 1998 he led the Investment Management Company and Hong Kong Window Company out of crisis after the Asian Financial Crisis, restructuring debt to preserve key state assets in Huizhou such as the Huizhou Hotel.

In 2001 he was recruited to Shougang Group, taking over Shougang Holdings (Hong Kong) Limited and managing four listed companies: Shou International, Shou Sifang, Shou Baojia, and Shou Technology. Over eight years he increased their combined market value from approximately HK$2 billion to HK$80 billion.

Despite Li Ka‑shing being a major partner of Shougang, from 1995 to 2001 cooperation had stalled. Cao’s restructuring led Li Ka‑shing to reinvest, contributing over HK$1 billion through the Li Ka‑shing Foundation and Husky Energy. On 10 May 2010, Cao resigned from all board positions in the group, retaining only the role of Vice‑Chairman and Non‑Executive Director of Shou International.

From April 2007 he served as Executive Director and, from May 2007 to October 2009, as Chairman of Asia Pacific Resources.

In November 2010 he became Chairman, Executive Director, and CEO of China Wood Industry. Li Ka‑shing soon invested, making his fund and Canada’s Edgemont Group the second‑largest shareholders. In August 2011 the company was renamed China Resources Transportation Group, focusing on heavy‑load expressway construction, including the Zhunxing Coal Highway in Inner Mongolia.

In September 2019 the Li Ka‑shing Foundation filed a bankruptcy petition against him, claiming he owed over HK$1.119 billion.

Famous Quote

“A fool complicates simple problems; a mediocre person handles complex problems poorly; only a talent simplifies complex problems.”

Corporate Governance Philosophy

He advocates a “simple and happy” corporate culture: “simple” meaning using high intelligence to abstract and solve complex problems, and “happy” meaning creating an enjoyable environment in which every team member can work with pleasure.