A former elementary school teacher has been propelled into the ranks of paper billionaires in China after the stock debut of his company selling tape and other adhesive products to tech giants, according to Forbes.
Michael Mai, chairman and CEO of Crown New Materials Technology, entered the rarefied financial heights on Tuesday when the company, which produces binding agents for major brands like Tesla and Apple, made its trading debut on the Shenzhen Stock Exchange.
Shares shot up as much as 787%, from 16.98 yuan ($2.55) per share in its stock filing to a height of 150.58 yuan ($22.57) per share at one point, according to the Shenzhen bourse, mainland China’s second-largest stock exchange.
Mai, an Australian citizen and permanent resident of Hong Kong, has an estimated net worth of $2.5 billion, based on his stake in the firm, Forbes reported.
The 62-year-old was reportedly an elementary school teacher in the southern Chinese city of Zhongshan – where the company, founded in 2000, is based.
His sister, Mai Huixia, 64, who serves as vice-chairperson, joined him in the billionaire ranks, with Forbes reporting that her stake gave her a $2 billion fortune.
Shares eased to about 77 yuan ($12) per share Wednesday morning following the peak a day earlier that prompted the company to call on investors in a statement to “invest rationally.”
CNN has reached out to the company for comment.
With four manufacturing plants across China and one in Vietnam, the company specializes in products that bind components found in a range of retail products, from vehicle roofs to semiconductors in smartphone, according to its website.
China’s stock markets have taken a hit in recent months amid weak consumer spending and concerns over a possible bursting of the AI bubble.
Since peaking in June, key Chinese indexes have fallen more than 20%, crossing the threshold for a bear market.
Beijing responded two weeks ago by pumping $19 billion into exchange-traded funds, according to Bloomberg data, its biggest intervention since early 2025, when US President Donald Trump’s tariff offensive roiled global markets.
