China tape maker stock debut: Chinese firm that deals with Apple, Tesla, BYD saw stock price surges 787 per cent after IPO, makes former school teacher, sister billionaires

China tape maker stock debut has stunned the global IPO scenario as Crown New Materials Technology stock price surged a staggering 787 per cent after filing initial public offering. Adhesive materials maker was listed and made its debut in the Shenzhen Stock Exchange. With this Crown New Materials Technology Chairman and CEO Mai Michael who is also a former school teacher and his sister Huixia Billionaires, as per a report.

Earlier in late October, Crown New Materials Technology managed to fetch 956 million yuan or USD 144 million after selling 56.3 million shares. With the fund, the company was planning to build a research center in China, Forbes reported.

Crown New Materials Technology is provider of adhesive materials to Apple, Tesla, BYD. During the first day's trading, Crown New Materials Technology made an astronomical gains of 787 per cent.


Crown New Materials Technology was founded in 2000. The company produced protective films and adhesive materials. The Chinese firm has competition in guise of Japan’s Nitto Denko and US multinational 3M in international level. In the domestic market, Crown New Materials Technology has competition with Shanghai-listed Smith Adhesive New Material and Shenzhen-listed Jiangsu Sidike New Materials Science.

Who are Mai Michael, Mai Huixia?

Mai Michael is 62-year-old and holds Australian citizenship. Mai Michael has a net worth of USD 2.5 billion. Mai Huixia is Mai Michael's sister. Mai Huixia is a vice chairman of Crown New Materials Technology. Mai Huixia has a net worth of USD 2 billion, Forbes reported.

In 1985, Mai Michael started materials business. Before that he used to be a teacher at a elementary school in Zhongshan. Starting from 1985, Mai Michael worked in factories and oversaw an adhesive tape maker.

Mai Michael’s daughter Mai Christal is a board member of Crown New Materials Technology. Mai Michael’s daughters, wife, Mai Huixia’s daughter also hold shares of Crown New Materials Technology indirectly, Forbes reported.

Earlier in October, wealth advisers, lawyers have said that some of China's richest people are winding down their offshore trusts, selling shares, and even switching nationality as a deadline looms to declare income booked overseas, say wealth advisers.

The move is part of tougher scrutiny of capital outflows and rule enforcement amid growing fiscal strains as the world's second-largest economy battles with persistent ‌weakness in domestic demand and broader economic imbalances.