Headquartered in Zhongshan, the adhesive manufacturer provides materials for products ranging from vehicle roofs to smartphone semiconductors, serving major clients like Apple and Tesla. Following the massive initial share price jump from 16.98 yuan to around 77 yuan, the firm issued guidance advising the public to invest rationally. The listing comes during a difficult economic climate where Beijing recently stepped in with a $19 billion intervention to stabilize falling equity markets.
Key points
Extreme share volatility prompted the adhesive manufacturer to advise market participants…: Extreme share volatility prompted the adhesive manufacturer to advise market participants to invest rationally after the massive run-up.
The lucrative listing succeeded despite broader Chinese stock indexes dropping more than…: The lucrative listing succeeded despite broader Chinese stock indexes dropping more than 20% from their June peaks into bear market territory.
Beijing deployed a $19 billion intervention into exchange-traded funds two weeks ago to h…: Beijing deployed a $19 billion intervention into exchange-traded funds two weeks ago to help stabilize ongoing weakness in domestic equity markets.
Sources checked by our analysis pipeline: 1
A stock market debut has delivered a billion-dollar glow-up for a former elementary school teacher and his sister in China, turning them into billionaires after shares of their adhesive products company skyrocketed nearly eightfold on their first day of trading.
Michael Mai, 62, who once taught at an elementary school in the southern Chinese city of Zhongshan, now has an estimated fortune of $2.5 billion following the listing of Crown New Materials Technology on the Shenzhen Stock Exchange on Tuesday.
His sister, Mai Huixia, 64, who serves as the company's vice-chairperson, has also made it to the billionaire club, with an estimated net worth of $2 billion.
The company, which Mai chairs and leads as CEO, made its stock market debut at 16.98 yuan per share. Its shares subsequently jumped as much as 787%, according to the Shenzhen bourse, mainland China's second-largest stock exchange. The estimated fortunes of the siblings are based on their respective stakes in the business, Forbes reported.
Mai is an Australian citizen and permanent resident of Hong Kong. Crown New Materials Technology, founded in 2000, is…
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