Michael Mai, who left his teaching profession in China and entered the business world, attracted attention with the rise of the company he founded on the first trading day on the Shenzhen Stock Exchange.
Shares of Crown New Materials Technology, which supplies adhesive tape and industrial adhesive materials to technology giants such as Tesla and Apple, gained up to 787 percent in their first transactions on the stock market on Tuesday, November 3.
According to Forbes' calculations, the estimated value of the shares of 62-year-old Mai, who is the chairman and CEO of the company, has increased to $ 2.5 billion.
SHARES INCREASED 787 PERCENT IN ONE DAY
Shares of Crown New Materials Technology, which started trading in Shenzhen, one of China's largest stock exchanges, rose from the public offering price of 16.98 yuan to 150.58 yuan.
Thus, while the value of the shares reached approximately 8.9 times during the day, the increase reached 787 percent.
However, after the sharp rise, the shares retreated. The company's share price fell to approximately 77 yuan on Wednesday morning, November 4.
Following the fluctuation, the company called on investors to exercise common sense and evaluate their investment decisions carefully.
After the IPO, not only Michael Mai but also his sister Mai Huixia joined the billionaires.
The fortune of 64-year-old Mai Huixia, vice chairman of the company's board of directors, has reached $2 billion, according to Forbes' estimates.
The wealth of Michael Mai, an Australian citizen and permanent resident of Hong Kong, and his sister was calculated based on the market value of the shares they held in the company.
Therefore, the amounts in question represent estimated wealth based on shares rather than cash earnings.
THE JOURNEY FROM PRIMARY SCHOOL TEACHER TO TECHNOLOGY GIANTS
Michael Mai started his career as a primary school teacher in Zhongshan, southern China.
Mai left teaching in 1984 and started working in the industrial materials industry the following year. After working in various factories for about 15 years, he founded Crown New Materials Technology with his sister in 2000.
Over time, the company has become one of the major producers of adhesive materials used in the electronics, automotive and semiconductor industries.
Headquartered in Zhongshan, Crown New Materials Technology produces adhesives and protective materials used in a wide range of products, from automobiles to smartphones.
The company's products are used in different areas, from assembling vehicle roofs to protecting semiconductor components in smartphones.
Crown New Materials Technology, which is involved in the supply chains of international companies such as Tesla and Apple, has four production facilities in China and one in Vietnam.
The company plans to use the proceeds from the public offering to expand its production capacity and establish a research center.
RECORD INCREASE DESPITE THE SHARP FALL IN THE CHINESE STOCK EXCHANGE
Crown New Materials Technology's strong debut on the stock market comes as Chinese stock markets are going through a rough patch.
Weakness in consumer spending and concerns about a possible bubble in the artificial intelligence sector have increased selling pressure in Chinese markets in recent months.
Some major Chinese stock indexes have recorded losses exceeding 20 percent since their peaks in June.
According to Bloomberg data, the Beijing administration transferred $19 billion to exchange-traded funds two weeks ago to support the markets.
This intervention was recorded as the biggest support step taken since the beginning of 2025, when US President Donald Trump's tariffs affected global markets.
Despite the general decline in the markets, the intense interest in Crown New Materials Technology's public offering revealed that investor demand for newly traded companies in China continues.
