Crown New Materials shares surge in debut after CNY 956 million raise
In short
Crown New Materials raised CNY 956 million in its market debut, and its shares jumped as much as 787%. The rise also reportedly made co-founders Mai Michael and Mai Huixia billionaires.
The company sells adhesive materials and films to customers like BYD, Apple and Tesla.
What the reporting says
Crown New Materials raised CNY 956 million in its debut, and its shares surged as much as 787%. The listing reportedly lifted co-founders Mai Michael and Mai Huixia to billionaire status.
Why it matters
Crown New Materials completed a debut that raised CNY 956 million, and the stock reportedly climbed as much as 787% on listing day. The move pushed co-founders Mai Michael and Mai Huixia into billionaire territory.