Former elementary school teacher becomes newest paper billionaire in China

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A former elementary school teacher has been propelled into the ranks of paper billionaires in China after the stock debut of his company selling tape and other adhesive products to tech giants, according to Forbes.

Michael Mai, chairman and CEO of Crown New Materials Technology, entered the rarefied financial heights on Tuesday when the company, which produces binding agents for major brands like Tesla and Apple, made its trading debut on the Shenzhen Stock Exchange.

Shares shot up as much as 787%, from 16.98 yuan ($2.55) per share in its stock filing to a height of 150.58 yuan ($22.57) per share at one point, according to the Shenzhen bourse, mainland China’s second-largest stock exchange.

Mai, an Australian citizen and permanent resident of Hong Kong, has an estimated net worth of $2.5 billion, based on his stake in the firm, Forbes reported.

The 62-year-old was reportedly an elementary school teacher in the southern Chinese city of Zhongshan – where the company, founded in 2000, is based.

His sister, Mai Huixia, 64, who serves as vice-chairperson, joined him in the billionaire ranks, with Forbes reporting that her stake gave her a $2 billion fortune.

Shares eased to about 77 yuan ($12) per share Wednesday morning following the peak a day earlier that prompted the company to call on investors in a statement to “invest rationally.”

CNN has reached out to the company for comment.

With four manufacturing plants across China and one in Vietnam, the company specializes in products that bind components found in a range of retail products, from vehicle roofs to semiconductors in smartphone, according to its website.

China’s stock markets have taken a hit in recent months amid weak consumer spending and concerns over a possible bursting of the AI bubble.

Since peaking in June, key Chinese indexes have fallen more than 20%, crossing the threshold for a bear market.

Beijing responded two weeks ago by pumping $19 billion into exchange-traded funds, according to Bloomberg data, its biggest intervention since early 2025, when US President Donald Trump’s tariff offensive roiled global markets.

沈启来/彭博社/盖蒂图片社

据《福布斯》报道，一位前小学教师凭借其向科技巨头销售胶带和其他粘合剂产品的公司上市，一跃成为中国“纸上亿万富翁”之一。

皇冠新材料科技股份有限公司董事长兼首席执行官迈明德周二跻身金融界的顶尖行列，该公司为特斯拉和苹果等主要品牌生产粘合剂，并在深圳证券交易所上市交易。

据中国大陆第二大证券交易所深圳证券交易所的数据显示，该公司股价一度飙升787%，从股票文件中公布的每股16.98元人民币（2.55美元）涨至每股150.58元人民币（22.57美元）。

据《福布斯》报道，麦先生是澳大利亚公民，也是香港永久居民，根据他在该公司的股份计算，他的净资产估计为 25 亿美元。

据报道，这位 62 岁的老人是中国南方城市中山的一名小学教师——该公司成立于 2000 年，总部也设在中山。

他的妹妹麦慧霞（64岁）担任副董事长，也跻身亿万富翁行列。《福布斯》报道称，她持有的股份使她拥有了20亿美元的财富。

周三上午，股价回落至每股约 77 元人民币（12 美元），此前一天股价触及高点，促使该公司在一份声明中呼吁投资者“理性投资”。

CNN已联系该公司寻求置评。

据该公司网站介绍，该公司在中国拥有四家制造工厂，在越南拥有一家制造工厂，专门生产用于粘合各种零售产品组件的产品，从汽车车顶到智能手机中的半导体。

近几个月来，由于消费支出疲软以及对人工智能泡沫可能破裂的担忧，中国股市遭受重创。

自6月份达到峰值以来，中国主要股指已下跌超过20%，跌破熊市门槛。

据彭博社数据显示，两周前，北京方面向交易所交易基金注入了 190 亿美元，这是自 2025 年初美国总统唐纳德·特朗普的关税攻势扰乱全球市场以来，北京方面进行的最大规模干预。