Former Schoolteacher in China Made Billions on Adhesive Tape
His company sells adhesive tape and other bonding materials to technology giants
Shares of Crown New Materials Technology, which produces adhesive materials and protective films, surged by 787% on their first day of trading on the Shenzhen Stock Exchange. The rise in quotes led to trading being suspended twice.
The company's chairman, Mai Michael, and his sister, CEO Mai Huixia, became 'paper' billionaires. The fortune of 62-year-old Mai is estimated at $2.5 billion, while 64-year-old Mai Huixia's is valued at $2 billion.
Before founding the company in 2000, Mai Michael worked as a primary school teacher in the city of Zhongshan in southern China. The headquarters of Crown New Materials is also located there.
The company supplies adhesive materials to BYD, Apple, and Tesla, and also works with manufacturers of automobiles, electronics, and semiconductors. In the industry prospectus, Crown New Materials is named a competitor to 3M and Nitto Denko in the global market.
The funds raised from the listing are planned to be used for expanding production and constructing a research center in China. On Tuesday, Crown New Materials urged investors to remain cautious and rational. Experts attribute the growing interest in recently listed Chinese companies to the tendency of local investors to buy their shares.
