Chinese Tape Maker Soars 787% in Market Debut as Beijing Moves to Halt New IPO Filings
Key takeaways
- Crown’s explosive debut and Beijing’s IPO clampdown spotlight the high stakes and regulatory influence shaping China’s stock market.
- Crown shares rose 787% to 150.58 yuan
- Closed at 84.55 yuan, up 398%
- Revenue up 11.75% in first 9 months 2026
What happened
Crown New Materials Technology’s shares jumped 787% on their first day, rising from an IPO price of 16.98 yuan to a peak of 150.58 yuan before halting, and finished the session at 84.55 yuan, up nearly 398%. The surge created two paper billionaires—chairman Mai Michael and sister Mai Huixia—whose net worths are estimated at $2.5 billion and $2 billion, respectively. The company’s revenue grew 11.75% in the first nine months of 2026, but net profit fell 7.89%. Beijing’s securities regulator…
Why it matters
The dramatic debut highlights the extreme volatility of China’s IPO market, where limited supply and high demand can inflate prices sharply. It also underscores Beijing’s strategy to curb new listings while bolstering established shares, potentially affecting future IPO plans like DeepSeek’s. The event illustrates…
Short-term and longer-term
Short-term. For the next few days, watch Crown’s price for any further volatility as the market digests the 398% close.
Longer-term. Over the coming months, Crown’s earnings trend—revenue growth but falling profit—will be key to assessing long‑term value.
Words on this card
- IPO
- Initial public offering, when a company sells shares to the public for the first time.
- CSI 300
- An index of the 300 largest and most liquid stocks traded on the Shanghai and Shenzhen stock exchanges.
- STAR 50
- An index of 50 high‑growth technology companies listed on the Shanghai Stock Exchange.
- A‑shares
- Shares of mainland Chinese companies traded on Shanghai and Shenzhen exchanges, denominated in yuan.
- Revenue
- Sales — money the company took in before costs.