Michael Mai, a former primary school teacher, joined the ranks of China’s billionaires on Tuesday. According to Forbes, the change came with the Shenzhen Stock Exchange debut of Crown New Materials Technology, the company he leads as chairman and chief executive and which supplies technology giants with adhesive tape and other products.
Data from the Shenzhen Stock Exchange, the second-largest in mainland China, show that the shares rose by as much as 787%. From an initial offering price of 16.98 yuan ($2.55) per share, they reached a high of 150.58 yuan ($22.57).
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Based on his stake in the company, Forbes estimates Mai’s wealth at around $2.5 billion. He is 62, holds Australian citizenship and has permanent resident status in Hong Kong. According to reports, before going into business, he worked as a primary school teacher in Zhongshan, a city in southern China. The company, founded in 2000, is also headquartered there.
The listing has also made his sister, Mai Huixia, a billionaire. The 64-year-old is the company’s vice chairwoman and, according to Forbes estimates, holds shares that put her wealth at $2 billion.
The company operates four factories in China and another in Vietnam. Its official website says it produces adhesive materials for a range of components, from vehicle headliners to smartphone semiconductors. Major international brands that use its products include Tesla and Apple.
After the initial surge, however, the shares lost ground. On Wednesday morning, they were trading at around 77 yuan ($12) per share. The extraordinary rise the previous day had prompted the company to issue a statement urging investors to be rational in their investment decisions.
The debut comes after several months of declines in Chinese stock markets, driven by weaker consumption and fears that the artificial intelligence bubble could burst. The country’s main indexes have lost more than 20% from their June peaks, putting them in bear market territory.
In response, Beijing injected $19 billion into exchange-traded funds (ETFs) two weeks ago, according to Bloomberg data. There had been no intervention of this kind on such a scale since early 2025, when U.S. President Donald Trump’s trade tariffs shook markets around the world.
