Crown New Materials Shares Surge 787 Percent in Shenzhen Debut

Crown New Materials entered China's stock market with a dramatic debut in Shenzhen, as its shares climbed 787 percent above their initial public offering price. The surge significantly increased the company's market value and turned its founder, Mai Michael, and his sister, Mai Huixia, into billionaires through their respective shareholdings.

The stock opened at 56 yuan, compared with its IPO price of 16.98 yuan, according to figures reported by Geo.tv. This opening valuation pushed the company's market capitalization to approximately 26.3 billion yuan ($3.7 billion), substantially exceeding the roughly 7.96 billion yuan valuation implied by its offering price.

The sharp increase also triggered two temporary trading suspensions during the morning session. These interruptions followed the stock's substantial gains after its market debut.

Mai Michael, 62, built his career in the materials industry after previously working as an elementary school teacher. He entered the sector in 1985 and later established Crown New Materials, which was founded in 2000.

According to Forbes estimates cited by Geo.tv, Mai holds an estimated net worth of $2.5 billion based on his ownership stake in the company. His sister, Mai Huixia, 64, serves as the company's vice chairman and has an estimated fortune of approximately $2 billion.

Crown New Materials specializes in industrial-grade and electronic-grade adhesive materials, as well as functional films. Its products serve several major industries, including consumer electronics, automobiles, new-energy batteries, and semiconductors.

The company's reported customer list includes OPPO, vivo, Huawei, Apply, BYD, Tesla, and CATL. These relationships place its products within supply chains serving major technology and automotive manufacturers.

The company raised 956 million yuan ($144 million) through its IPO. According to the source report, the proceeds will support production expansion and the construction of a research center.

Financial figures reported by Geo.tv show that Crown New Materials generated revenue of 2.895 billion yuan in 2023, increasing to 3.408 billion yuan in 2025. The report also lists net profit rising from 278 billion yuan to 309 million yuan over the same period.

However, the company's earnings outlook indicates a slowdown in profitability during 2026. Crown New Materials estimated net profit for the first three quarters of 2026 at between 225 million yuan and 244 million yuan.

That forecast represents a year-over-year performance ranging from flat growth to a decline of 7.98 percent, according to the company's estimate cited in the Geo.tv report. The projection contrasts with the substantial market valuation established during its Shenzhen debut.