Mai Michael, a former elementary school teacher, and his sister Mai Huixia became billionaires after their company’s shares skyrocketed during its Shenzhen Stock Exchange debut, with share prices soaring up to 787% on the first day.
- Shares rose 787% on first trading day in Shenzhen
- Mai Michael and Mai Huixia now worth over $4.5 billion combined
- Company supplies major brands like Apple, Tesla, and BYD
What happened
Crown New Materials Technology, founded by former teacher Mai Michael and his sister Mai Huixia, debuted on the Shenzhen Stock Exchange with shares rising up to 787% during the first day of trading. This extraordinary surge prompted the exchange to halt trading twice to control volatility. The company raised nearly 1 billion yuan in its initial public offering and plans to expand production and build a research center in China.
The siblings, who retained significant ownership stakes, saw their net worths increase dramatically, with Mai Michael estimated at $2.5 billion and Mai Huixia at $2 billion. Their rise to billionaire status highlights how early investors and founders can benefit from China’s brisk IPO market, where offerings are often conservatively priced to stimulate strong initial trading performance.
Why it matters
The company’s IPO is significant as it demonstrates the strength of China's market appetite for newly listed companies, especially those in fast-growing sectors such as adhesive materials for automotive, electronics, and semiconductors. Crown New Materials Technology competes internationally with global players like 3M and Nitto Denko, signaling the rising capabilities of Chinese manufacturing firms in advanced materials.
Mai Michael’s transition from a modestly paid elementary school teacher to a billionaire entrepreneur illustrates the dramatic socioeconomic shifts possible in China’s evolving economy. It also contrasts sharply with the traditionally low wages of teachers, underscoring the potential wealth generated in new technology sectors.
What to watch next
Investors and market watchers will monitor whether Crown New Materials Technology can sustain its share price after the initial excitement of the IPO fades. The company’s recent financials show a mixed picture, with revenue growth but a decline in net profit for the first nine months of 2026. Market volatility following such rapid price increases is common, and the company has urged investors to remain cautious.
Expansion plans funded by the IPO proceeds, including production capacity increases and a new research center, will be critical to the company’s long-term performance. Additionally, competition in the materials manufacturing sector and global economic conditions affecting supply chains and demand will also influence Crown New Materials Technology’s future prospects.