Crown New Materials Technology, a Zhongshan-based adhesives and tap maker, surges as much as 787% on its first trading day in Shenzhen on November 3, 2026, turning Chairman and CEO Mai Michael and his sister Mai Huixia into paper billionaires.
The stock opened at 56 yuan against an offer price of 16.98 yuan, lifting the company’s market capitalization to about 26.3 billion yuan ($3.7 billion), far above the roughly 7.96 billion yuan implied by the IPO price.
The rally triggered two temporary trading halts during the morning session.
Mai, 62, a former elementary school teacher who entered the materials business in 1985, holds a net worth of $2.5 billion based on his stake, according to Forbes estimates.
His sister Mai Huixia, 64 the company’s vice chairman, holds a fortune of about $2 billion.
Founded in 2000, Crown New Materials makes industrial-grade and electronic-grade adhesive materials and functional films used in consumer electronics, automobiles, new-energy batteries, and semiconductors.
Its customers include OPPO, vivo, Huawei, Apply, BYD, Tesla, and CATL. The company raised 956 million yuan ($144 million) in its IPO to expand production and build a research center.
Finances shows revenue raising from 2.895 billion yuan in 2023 to 3.408 billion yuan in 2025, with net profit growing from 278 billion to 309 million yuan. However, the company estimated first-three quarter 2026 net profit of 225 million to 244 million yuan, flat to down 7.98% year on year, indicating slowing earnings momentum.Â
