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 productsto 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.
