A former elementary school teacher in China has become a billionaire after his family’s adhesive materials business made a spectacular debut on the stock market. The company’s shares surged so dramatically during their first day of trading that its chairman and his sister suddenly found themselves among the country’s newest paper billionaires.
Mai Michael, 62, and his sister, Mai Huixia, 64, owe their newfound fortunes to the extraordinary market performance of Crown New Materials Technology, a Chinese manufacturer of industrial adhesive tapes and protective films. The company’s strong stock market debut has pushed the estimated value of their respective holdings into the billions of dollars, highlighting the continued appetite among Chinese investors for newly listed companies.
But behind the headline-grabbing fortunes is a business built over decades, beginning with Mai’s decision to leave the classroom and pursue opportunities in China’s manufacturing industry.
Chinese Stock Market Debut Creates Two New Billionaires
Crown New Materials Technology attracted considerable investor attention when its shares began trading on the Shenzhen Stock Exchange on Tuesday.
The company’s stock experienced a sharp increase during its opening session, creating enormous paper wealth for its founding family. According to Forbes estimates, Chairman and CEO Mai Michael now has an estimated net worth of $2.5 billion based on his ownership stake in the business.
His sister, Mai Huixia, who serves as the company’s vice chairman, has accumulated an estimated fortune of $2 billion.
Mai Michael, 62, holds Australian citizenship and is a permanent resident of Hong Kong. His sister, 64, is a Chinese citizen.
Their estimated fortunes are tied primarily to their respective shareholdings in Crown New Materials, rather than cash generated from selling their shares. As a result, the figures represent paper wealth that could fluctuate depending on the company’s future stock market performance.
The company did not respond to a request for comment regarding the reported net worth estimates.
The sudden emergence of the two billionaires demonstrates how a successful stock market listing can dramatically increase the paper value of a family’s business, particularly when investors rush to purchase newly available shares.
Crown New Materials Raises $144 Million in Shenzhen IPO
Headquartered in Zhongshan, a major manufacturing centre in China’s southern Guangdong province, Crown New Materials entered the stock market after completing a public offering in late October.
According to its stock exchange filing, the company raised approximately 956 million yuan, equivalent to around $144 million, through the sale of 56.3 million shares.
Each share was offered at 16.98 yuan.
The company intends to use the proceeds to support its next stage of expansion, including increasing manufacturing capacity and establishing a research centre in China.
These investments are expected to support its production capabilities and strengthen its position in the competitive market for industrial adhesive products and protective materials.
However, it was the extraordinary performance of the shares after listing, rather than the amount raised through the IPO itself, that attracted widespread attention.
During Tuesday’s morning trading session, the stock climbed so rapidly that the Shenzhen Stock Exchange suspended trading twice.
The sharp rally reflected strong investor demand, although it also prompted the company to issue a warning urging investors to remain cautious and make rational investment decisions.
Why Chinese Investors Are Rushing to Buy Newly Listed Stocks
The impressive performance of Crown New Materials is part of a broader pattern in China’s stock market, where newly listed companies can attract intense investor interest.
Shen Meng, managing director of Beijing-based investment bank Chanson & Co., attributed the rally to Chinese investors’ well-established enthusiasm for newly listed shares.
According to Shen, initial public offerings in mainland China are generally priced conservatively to help ensure favourable market performance after a company’s shares begin trading.
This pricing approach can create an opportunity for significant gains when investor demand exceeds the number of shares available.
In Crown New Materials’ case, the strong appetite for newly listed stocks contributed to a rapid increase in its share price, prompting two trading suspensions during the morning session.
Such enthusiasm can create substantial wealth for company founders and early shareholders because their existing stakes become more valuable as the market price rises.
However, stock market excitement can also introduce risks. Newly listed companies may experience considerable price fluctuations, particularly when valuations rise rapidly during the first few trading sessions.
Crown New Materials’ warning to investors reflects the importance of distinguishing between short-term market enthusiasm and a company’s underlying financial performance.
What Does Crown New Materials Actually Produce?
Although its stock market debut has attracted attention because of the fortunes created for its founders, Crown New Materials operates in an important segment of China’s industrial manufacturing sector.
Established in 2000, the company specialises in producing adhesive materials and protective films used across several industries, including automotive manufacturing, electronics and semiconductor production.
Its products serve practical purposes in manufacturing processes where components need to be securely attached, protected or handled without damage.
For example, adhesive tapes are widely used to hold different components together in electronic devices and automotive products.
Protective films also play an important role in semiconductor manufacturing. They help shield sensitive silicon wafers from dust, scratches and other potential damage during production and processing.
These applications make specialised adhesive materials an important part of modern industrial supply chains.
Crown New Materials identifies major international manufacturers such as American multinational 3M and Japanese company Nitto Denko as competitors in the global market.
Within China, its competitors include Jiangsu Sidike New Materials Science and Technology, which is listed in Shenzhen, and Shanghai-listed Smith Adhesive New Material.
Competing against established international manufacturers means the company must continue investing in product development, manufacturing efficiency and technological capabilities.
Its planned research centre could therefore become an important part of its efforts to strengthen its competitive position.
Revenue Grows, but Profits Face Pressure
Despite the excitement surrounding its stock market debut, Crown New Materials’ latest financial figures reveal a more complicated business picture.
According to a stock exchange filing, the company estimated that its revenue increased by 12% year-on-year to 2.8 billion yuan during the first nine months of 2026.
However, its net profit moved in the opposite direction.
The company reported an estimated 225 million yuan in net profit for the same period, representing a 7.9% decline compared with the previous year.
The difference between revenue growth and declining profitability suggests that the business is facing pressure from rising operating costs.
In its IPO prospectus, Crown New Materials attributed the reduction in net income to higher raw material costs and global trade tensions.
These challenges are particularly relevant for manufacturers that depend on industrial inputs and international supply chains.
Although increasing sales indicate continued demand for the company’s products, maintaining profitability will remain important as it expands production and invests in research and development.
Investors will therefore be watching whether Crown New Materials can turn its revenue growth into stronger earnings over the coming years.
From Elementary School Teacher to Manufacturing Billionaire
Perhaps the most remarkable part of the story is the journey of Mai Michael, whose business career began after he walked away from a relatively conventional profession.
Before entering the manufacturing industry, Mai worked as an elementary school teacher in Zhongshan.
In 1984, he left his teaching position, choosing instead to pursue opportunities in the materials business.
A year later, in 1985, he officially entered the industry.
For much of the following two decades, Mai worked with several local factories in Zhongshan, gradually gaining experience in manufacturing and business management.
One of his professional responsibilities involved overseeing an adhesive tape manufacturer, giving him valuable exposure to the industry that would eventually make him a billionaire.
His experience in the sector provided the foundation for his next major move.
In 2000, Mai and his sister, Mai Huixia, established Crown New Materials, turning their experience and knowledge of adhesive manufacturing into a family-owned business.
Over time, the company developed into a major producer of industrial adhesive materials and protective films, eventually positioning itself for a public listing.
A Family Business That Remains in Family Hands
Despite its transformation into a publicly traded company, Crown New Materials continues to have strong family involvement.
Mai Michael and his sister remain central figures in its leadership, while other members of the family also have financial and corporate connections to the business.
One of Mai Michael’s daughters, Mai Christal, serves on the company’s board. Like her father, she holds Australian citizenship and is a permanent resident of Hong Kong.
The company’s prospectus also identifies Mai Michael’s spouse, his other daughters and Mai Huixia’s daughter as indirect shareholders.
This family ownership structure highlights how the business has remained closely connected to the people who established it more than two decades ago.
The successful listing has now transformed that long-standing family enterprise into a multibillion-dollar source of paper wealth for its principal shareholders.
A Stock Market Success Story Built Over Four Decades
Crown New Materials’ stock market debut has created two new billionaire fortunes, but the company’s success did not happen overnight.
For Mai Michael, the journey began when he left teaching in the 1980s and spent years learning the manufacturing business. His partnership with his sister eventually led to the establishment of Crown New Materials in 2000.
More than two decades later, their company has entered the public markets, raised $144 million and attracted extraordinary investor interest.
The latest development also illustrates the opportunities available in China’s industrial manufacturing sector, particularly for companies supplying essential materials to automotive, electronics and semiconductor industries.
Nevertheless, the company’s future performance will depend on more than an impressive stock market debut. Rising material costs, international trade pressures and competition from established manufacturers remain significant challenges.
For now, Mai Michael and Mai Huixia have become striking examples of how decades of entrepreneurship can culminate in extraordinary financial success.
What began with a former teacher’s decision to leave the classroom has evolved into a manufacturing business that has turned two siblings into billionaires on paper.
