Chinese siblings become billionaires after company stock jumps eightfold
Former elementary school teacher Michael Mai and his sister Mai Huixia saw their fortunes rise following the Shenzhen Stock Exchange listing of Crown New Materials Technology.
Michael Mai, a former elementary school teacher, and his sister Mai Huixia have become billionaires following the stock market debut of Crown New Materials Technology on Tuesday, according to the Times of India.
The company, which is headquartered in Zhongshan, listed on the Shenzhen Stock Exchange at 16.98 yuan per share. Shares subsequently jumped as much as 787%, according to the Shenzhen bourse.
Michael Mai, the company's chairman and CEO, has an estimated fortune of $2.5 billion. His sister, Vice-chairperson Mai Huixia, has an estimated net worth of $2 billion, based on their stakes in the business, Forbes reported.
Crown New Materials Technology, founded in 2000, produces binding agents and adhesive products used by brands such as Apple and Tesla. The company operates five manufacturing plants, with four in China and one in Vietnam, CNN reported.
Following the initial surge, shares eased to around 77 yuan ($12) apiece on Wednesday morning. The company issued a statement asking investors to "invest rationally" after the previous day's rally.
The listing occurred during a difficult period for China's stock markets, where key indexes have fallen more than 20% from their June peaks. Beijing recently injected $19 billion into exchange-traded funds, according to Bloomberg data.
