From Primary School Teacher to Billionaire: Stock Listing Transforms Michael Mai's Fortune
A former primary school teacher in China has now joined the ranks of billionaires. He reached that position after his company, which sells tape and other adhesive products to technology giants, was listed on the stock market. CNN reported the information on Wednesday, citing the US magazine Forbes.
Michael Mai, chairman and CEO of Crown New Material Technology, entered the billionaire ranks on Tuesday. His company makes adhesive products (binding agents) needed by big brands such as Tesla and Apple, and its shares began trading on the Shenzhen Stock Exchange on Tuesday.
According to the Shenzhen Stock Exchange, the company's share price rose from 16.98 yuan ($2.55) to a high of 150.58 yuan ($22.57) at one point — an increase of about 787 percent. The Shenzhen exchange is mainland China's second-largest stock exchange.
According to Forbes, Michael Mai, an Australian citizen and Hong Kong permanent resident, has a net worth of about $2.5 billion, calculated mainly on the basis of the shares he owns in the company.
Michael Mai, 62, was once a primary school teacher in Zhongshan city in southern China. His company, founded in 2000, is also headquartered in Zhongshan.
His sister, 64-year-old Mai Huixia, who serves as the company's vice-chairperson, has also joined the billionaire list. According to Forbes, her wealth has reached $2 billion thanks to the shares she owns in the company.
After reaching its highest level on Tuesday, the share price fell on Wednesday morning to about 77 yuan ($12). In this situation, the company in a statement urged investors to invest prudently.
According to the company's website, it has four production centres in China and Vietnam. It mainly makes adhesive products used to hold together different parts of various retail products — from car roofs to smartphone semiconductors.
China's stock market has come under some pressure in recent months, driven by slow consumer spending and fears of a bubble bursting in the artificial intelligence or AI sector.
After peaking in June, China's main indices have fallen by more than 20 percent. According to Bloomberg, Beijing responded two weeks ago by investing $19 billion in exchange-traded funds.
