Cao Dewang, founder of Fuyao Glass Industry Group based in Fujian province, won the prize for Eminent Contributions to Business Management. Cao, who has worked in the automotive glass manufacturing industry for over 30 years, is being credited for introducing forward-looking management systems such as having an independent, non-executive director to supervise companies.

According to the university, the foundation Cao established in 2010 has donated 3.4 billion yuan ($530 million) to support domestic education, poverty alleviation, disaster recovery and scientific research.

"We will improve the selection mechanisms of the awards and aim to drive the long-term development of management science and talent cultivation as well as spread the essence of management insights in China to the world," said Jiao Yang, Party secretary of Fudan and chairman of Fudan University Management Award Foundation, at the awards ceremony.