The stock closed up about 398%. Beijing is reported to be restricting new listings.
SHENZHEN, China – Shares of Chinese adhesive tape maker Crown New Materials Technology surged as much as 787% in their Shenzhen debut on Tuesday, turning a former elementary school teacher and his sister into billionaires on paper.
The stock opened at the 16.98 yuan IPO price and hit 150.58 yuan before closing at 84.55 yuan, up about 398%, with two trading halts along the way. Forbes estimates chairman and chief executive Mai Michael, 62, a former elementary school teacher, is worth $2.5 billion, and his sister Mai Huixia, 64, the vice chairman, $2 billion. The two founded the company in 2000. Mai left teaching in 1984 and moved into materials work the following year.
Crown makes adhesive tapes and protective films that supply makers including Apple, Tesla and BYD. Revenue rose 11.75% in the first nine months of 2026, but net profit fell 7.9% to 225 million yuan, according to its filing. Crown warned investors not to speculate on the new shares, and only 9.4% of them are tradable, which pushed up competition for limited supply.
Analyst Shen Meng of Chanson & Co. said conservative pricing and strong demand helped explain the gains. The rally comes as Beijing is reported to be restricting new IPO filings amid a stock market slump. The fortunes are paper valuations and will change with the share price.
This report draws on information from Forbes, Benzinga and Yahoo Finance.