HONG KONG, CHINA – OCTOBER 23: A man talks on a mobile phone as other people stand beside a fountain and sculpture outside Exchange Square, where an electronic ticker displays stock prices, on October 23, 2026 in Hong Kong, China. Hong Kong’s Hang Seng Index rebounded 0.7% after falling 3% in the previous session, amid global market volatility driven by concerns over artificial intelligence investment costs and rising oil prices. (Photo by Cheng Xin/Getty Images)

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Suzanne Blake

By Suzanne Blake

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A former elementary school teacher and his sister have become billionaires after shares in their company soared during its stock market debut in China.

Mai Michael, chairman and CEO of Crown New Materials Technology, is now worth an estimated $2.5 billion following the company's initial public offering, according to Forbes. And his sister, Mai Huixia, the company's vice chairman, has also accumulated an estimated $2 billion fortune.

Their newfound billionaire status came after Crown New Materials Technology shares surged as much as 787 percent during their first day of trading in Shenzhen on Tuesday. The dramatic rise prompted the Shenzhen Stock Exchange to halt trading in the shares twice during the morning session.

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Newsweek reached out to the siblings and their company for comment via email.

A man talks on a mobile phone as other people stand beside a fountain and sculpture outside Exchange Square, where an electronic ticker displays stock prices, on October 23, 2026 in Hong Kong, China.

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From Elementary School Teacher to Billionaire

Mai Michael worked as an elementary school teacher in Zhongshan, China, before leaving teaching in 1984.

He entered the materials business the following year and spent much of the next two decades working at factories in the city, including overseeing an adhesive tape manufacturer.

In 2000, the siblings established Crown New Materials Technology. The Zhongshan-based company now manufactures adhesive materials and protective films used across the automotive, electronics and semiconductor industries. Its products are supplied to major companies from BYD and Apple to Tesla.

The company says it competes internationally with companies including 3M and Japan's Nitto Denko.

The siblings have retained substantial stakes in the company, allowing Tuesday's surge in its share price to push the value of their holdings into billionaire territory.

Beyond just them, the company remains closely held by the family. One of Mai Michael's daughters, Mai Christal, sits on the company's board, while his spouse, other daughters and Mai Huixia's daughter are indirect shareholders.

How Much Do Elementary School Teachers Make?

The billionaire valuation is a sharp contrast to typical earnings in Mai Michael's former profession.

In the United States, elementary school teachers, excluding special education teachers, earned a median annual wage of $63,970 in May 2025, according to the latest data from the U.S. Bureau of Labor Statistics.

At the current U.S. median elementary-teacher salary, it would take approximately 39,000 years of earnings to gross $2.5 billion, without accounting for taxes, inflation or living expenses.

However, teachers in China earned substantially less when Mai was in the profession. Official Chinese government historical records show that elementary school faculty in one county earned an average of about 80 yuan ($23 at the official 1985 exchange rate) per month in 1985, which was shortly after Mai left teaching.

Crown New Materials' IPO

Crown New Materials Technology raised 956 million yuan, around $144 million, by selling 56.3 million shares at 16.98 yuan each ahead of its Shenzhen debut. The company plans to use the proceeds to expand production and establish a research center in China.

So far, its financial performance has been mixed. The company estimated revenue increased 12 percent from a year earlier to 2.8 billion yuan during the first nine months of 2026. Net profit, however, fell 7.9 percent to 225 million yuan.

Shen Meng, managing director of Beijing investment bank Chanson & Co., told Forbes that Chinese investors' appetite for newly listed stocks helped fuel the rally and that mainland Chinese IPOs are generally priced conservatively in an effort to support their market performance.

What Happens Next

It’s not yet known whether Crown New Materials Technology can sustain its elevated valuation once the initial enthusiasm subsides.

The company's first-day surge turned its two founders into billionaires on paper, but it’s possible to see volatility following such an extraordinary debut.

Crown New Materials Technology specifically urged investors to be "cautious and rational" following the dramatic rise in its shares, according to Forbes based on the company’s stock exchange filing.

Contact Newsweek editors for this story: Matthew Cannon and Anthony Murray.

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