Former School Teacher, Sister Are Billionaires After Stock Debut
Summary
Crown New Materials Technology shares rose as much as 787% on their first day of trading in Shenzhen, lifting the estimated fortunes of founder Mai Michael to $2.5 billion and his sister Mai Huixia to $2 billion, according to Forbes. The company raised 956 million yuan in its IPO and plans to use the proceeds to expand production and build a research center; it reported higher revenue but lower net profit for the first nine months of 2026.Key Facts
- Mai Michael is Crown New Materials Technology’s chairman and CEO, and Mai Huixia is its vice chairman.
- The siblings founded the Zhongshan-based company in 2000.
- The company makes adhesive materials and protective films for automotive, electronics and semiconductor industries.
- Crown New Materials sold 56.3 million shares at 16.98 yuan each, raising 956 million yuan, or about $144 million.
- Shares climbed as much as 787% on their Shenzhen trading debut, and the exchange halted trading twice during the morning session.
- The company said revenue rose 12% year over year to 2.8 billion yuan in the first nine months of 2026.
- Net profit fell 7.9% to 225 million yuan over the same period.
- The company plans to expand production and establish a research center in China using the IPO proceeds.
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