Chinese Siblings Transition from Classroom to Billion-Dollar Success in Stock Market
A stock market debut has transformed Michael Mai and his sister Mai Huixia into billionaires after their company, Crown New Materials Technology, saw its shares surge nearly eightfold on the Shenzhen Stock Exchange. Michael Mai, a former elementary school teacher from Zhongshan, now has an estimated fortune of $2.5 billion. His sister, who serves as the company’s vice-chairperson, has a net worth of approximately $2 billion.
Crown New Materials Technology, which specializes in adhesive products, launched its shares at 16.98 yuan each. The stock skyrocketed by as much as 787% on its first day of trading. Michael Mai, who is also the CEO of the company, holds significant stakes in the business, contributing to the siblings’ newfound wealth. The company, founded in 2000, is headquartered in Zhongshan, the same city where Mai previously taught.
The company produces binding agents and adhesives used by major brands like Tesla and Apple. Its products are integral to various retail items, including vehicle roofs and smartphone semiconductors. Crown New Materials Technology has expanded its manufacturing capabilities to five plants, with four located in China and one in Vietnam.
Following the initial surge, the company’s shares experienced a correction, dropping to around 77 yuan ($12) each the next morning. This volatility prompted the company to advise investors to “invest rationally.” The listing occurred during a challenging period for China’s stock markets, which have faced declines due to weak consumer spending and concerns over the sustainability of the AI sector. Key Chinese indexes have fallen more than 20% from their June highs, entering bear market territory.
