The Chinese Ministry of Education on Monday granted a licence to Fuyao University of Science and Technology (FYUST) in Fuzhou, capital of southeast Fujian province, to provide undergraduate education. A public consultation is ongoing until Friday.

Heren Charity Foundation, established by Fuyao Glass founder and chairman Cao Dewang, has donated 10 billion yuan (US$1.36 billion) worth of Fuyao shares to the project, which was announced in 2021.

Cao aspired to “benchmark FYUST against Stanford University” in the US, said the Chinese university’s president Wang Shuguo last week, according to local media reports. He also said the school would start recruiting students this year.

FYUST “aims to become a high-level science and engineering research-oriented university”, according to its official website. The institution will begin with seven faculties, including materials science and technology, computer science and engineering, and mechanical engineering and automation.