Former School Teacher And Sister Become Billionaires After Tape Maker’s Stock Surges 787% In IPO

China’s enthusiasm for new stocks has helped to mint two billionaires on paper, as the surging shares of tape maker Crown New Materials Technology during its trading debut on Tuesday have made its Chairman and CEO, former elementary school teacher Mai Michael, and his sister immensely rich.

Mai, 62, who now has Australian citizenship and is a permanent resident of Hong Kong, has a net worth of $2.5 billion based on his stake, according to Forbes estimates. His sister, Mai Huixia, 64, a Chinese citizen and the company’s vice chairman, has amassed a $2 billion fortune from her stake, according to Forbes. The company didn’t respond to a request for comment on their net worth.