I know there must be something I'm missing.  I keep seeing movies with people with mustaches, the fu manchu (with or without goatee), and so on.  What does it mean when a man has facial hair?

Most Chinese men can't grow facial hair to save their lives.  Is it "if you have the ability to grow facial hair, you should, purely because it's so rare."  Or is there something else?  A sign of maturity?  Culture?  Bad-ass-ness? 

Mustache: some Chinese men, Uighurs.  Long-haired young men often have that peach fuzz mustache. 

Fu manchu: seen in kung fu flicks as well as on much older men.  A long mustache means you've been growing it for a long time?

Full beard: Ai Weiwei?  I got nothing. 

Lastly, what do Chinese think of Laowai with facial hair?  I notice the old stereotype is a bearded man with a top hat and cigar.  Sometimes I'll wear a beard for a while, but usually shave it because it adds years to my face.