Classroom to billion-dollar fortune: How Chinese siblings struck gold in the stock market
Michael Mai and his sister, Mai Huixia, reached billionaire status following the public debut of Crown New Materials Technology on the Shenzhen Stock Exchange, where shares surged nearly eightfold in just one day. This company, known for producing adhesives for major clients like Tesla and Apple, prompted a call for rational investment behavior amidst recent challenges and government…
A Chinese stock market debut has catapulted a former elementary school teacher and his sister into the billionaire ranks, following a surge in the value of their adhesive products company. Michael Mai, 62, who once taught in Zhongshan, now boasts a net worth of $2.5 billion, while his sister Mai Huixia, 64, has achieved billionaire status with an estimated $2 billion fortune.
The company, Crown New Materials Technology, debuted on the Shenzhen Stock Exchange with a share price of 16.98 yuan, which then skyrocketed by up to 787% on its first day of trading. The siblings, who have a significant stake in the business, saw their net worth soar as a result. The company produces adhesive products used by major brands such as Tesla and Apple, with manufacturing facilities in China and Vietnam.
The shares experienced a sharp correction the following day, settling at around 77 yuan. The listing occurred amid challenging times for China's stock markets, with key indices falling over 20% from their June highs. The Chinese government intervened by injecting $19 billion into exchange-traded funds to stabilize the market.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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