Former teacher and his sister become billionaires as adhesives maker's shares surge 787% on debut

Former teacher and his sister become billionaires as adhesives maker's shares surge 787% on debut

Former teacher and his sister become billionaires as adhesives maker's shares surge 787% on debut

A former elementary school teacher and his sister have become billionaires on paper after shares in their adhesives maker surged as much as 787% on its first day of trading in Shenzhen. Crown New Materials Technology opened at 56 yuan against an offer price of 16.98 yuan, lifting its market value to about $3.7 billion and triggering two temporary trading halts. Chairman Mai Michael, 62, who entered the materials business in 1985, is now worth about $2.5 billion on his stake, while his sister and vice-chairman Mai Huixia, 64, holds about $2 billion. The company, founded in 2000, makes adhesive materials and films used in consumer electronics, cars, batteries and semiconductors, and raised about $144 million in the offering to expand production and build a research centre.

A former elementary school teacher and his sister have become billionaires on paper after shares in their adhesives maker surged as much as 787% on its first day of trading in Shenzhen. Crown New Materials Technology opened at 56 yuan against an offer price of 16.98 yuan, lifting its market value to about $3.7 billion and triggering two temporary trading halts. Chairman Mai Michael, 62, who entered the materials business in 1985, is now worth about $2.5 billion on his stake, while his sister and vice-chairman Mai Huixia, 64, holds about $2 billion. The company, founded in 2000, makes adhesive materials and films used in consumer electronics, cars, batteries and semiconductors, and raised about $144 million in the offering to expand production and build a research centre.

A former elementary school teacher and his sister have become billionaires on paper after shares in their adhesives maker surged as much as 787% on its first day of trading in Shenzhen. Crown New Materials Technology opened at 56 yuan against an offer price of 16.98 yuan, lifting its market value to about $3.7 billion and triggering two temporary trading halts. Chairman Mai Michael, 62, who entered the materials business in 1985, is now worth about $2.5 billion on his stake, while his sister and vice-chairman Mai Huixia, 64, holds about $2 billion. The company, founded in 2000, makes adhesive materials and films used in consumer electronics, cars, batteries and semiconductors, and raised about $144 million in the offering to expand production and build a research centre.