Chinese Adhesives Firm’s Debut Makes Its Founders Billionaires

Shares in Crown New Materials Technology climbed as much as 787 percent on their first day of trading on the Shenzhen Stock Exchange, reaching 150.58 yuan after the company priced them at 16.98 yuan. The surge prompted two trading halts during the morning session. The stock later eased to about 77 yuan per share the following morning, and the company urged investors to act cautiously and rationally.

The rally raised the estimated value of chairman and chief executive Mai Michael’s stake to $2.5 billion, while his sister, vice chair Mai Huixia, was estimated to be worth $2 billion. The siblings founded the company in 2000 in Zhongshan, where Mai Michael had previously worked as an elementary school teacher before moving into the materials industry.

Crown makes adhesive materials and protective films used in automotive, electronics and semiconductor products. Its customers include BYD, Apple and Tesla. The company raised 956 million yuan, about $144 million, through its offering and plans to use the funds to increase production and build a research center in China.

Revenue rose 12 percent year over year to 2.8 billion yuan in the first nine months of 2026, while net profit declined 7.9 percent to 225 million yuan. The extraordinary opening-day rise has left the company’s valuation subject to potential volatility as initial trading enthusiasm fades.