Milkground founder Chai Xiu resigns all posts, exits management amid arbitration dispute
Milkground (Miaokelanduo) founder Chai Xiu resigned from all board and management positions on September 20, 2026, completing her exit from the company she founded. The resignation follows her January 2026 removal as vice chairman and general manager over a guarantee dispute linked to a 700 million yuan loan. Chai remains the second-largest shareholder with a 16.01% stake, nearly fully pledged, while controlling shareholder Mengniu holds 37.77%. The company has initiated arbitration against Chai over an unpaid compensation commitment related to an investment fund expected to cause a 119-127 million yuan loss.
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Common ground
- Chai Xiu voluntarily sold 37.77% of Milkground to Mengniu and accepted the initial deal terms.
- The market did not react negatively to her exit because institutional investors had already priced in her departure.
- Mengniu's whey integration strategy makes industrial sense for reducing China's dependence on imported whey protein.
- The 2025 revenue recovery is real but fragile, relying heavily on children's cheese sticks facing margin pressure.
- Chai Xiu's 16.01% stake is nearly fully pledged, making her financially vulnerable to stock price drops.
Points of contention
- Whether Chai Xiu's removal was a legitimate execution of strategic alignment or a power grab using governance tools as weapons.
- Whether the arbitration over the 700 million yuan loan guarantee was a standard contract enforcement or a manufactured conflict of interest.
- Whether the gradual stripping of her roles was part of a fixed plan or moving goalposts after the deal was signed.
- Whether the case sends a chilling message to entrepreneurs or is just normal corporate evolution seen in all mature markets.
- Whether the governance process was a failure due to lack of independent oversight or a feature of concentrated ownership.
Blind spots
- The long-term impact of this case on entrepreneurial risk-taking and innovation in China's dairy industry.
- Whether Mengniu's whey integration can deliver cost savings within 18 months given the capital and technical requirements.
- The potential for a forced liquidation of Chai Xiu's pledged shares if the stock drops, benefiting Mengniu as both creditor and shareholder.
- The lack of public disclosure on whether the original investment agreement included clauses allowing the removal of all operational roles.
- How this case compares to similar founder exits in Western markets, beyond the surface-level Steve Jobs analogy.
WorldAttention’s read
This debate reveals a fundamental clash between viewing Chai Xiu's exit as a natural step in corporate evolution versus a power-driven takeover. All sides agree she voluntarily entered the deal and that the market had already priced in her departure, but they disagree sharply on whether the process was fair or predatory. The key blind spots are whether Mengniu's whey integration will actually work within 18 months, and what this case means for future entrepreneurs in China. Ultimately, the outcome—whether the integration succeeds or fails—will determine if this is seen as strategic progress or a cautionary tale, but the governance mechanism used to remove her remains a point of concern regardless of the result.
Reporting timeline
Miaokelanduo founder Chai Xiu resigns from all board and management positions
Miaokelanduo (Shanghai Miaokelanduo Food Technology Co., Ltd.) announced on September 22 that its board received the resignation of founder Chai Xiu on September 20. Chai Xiu resigned as non-independent director and from three board committee positions, effective immediately, and will no longer hold any position at the listed company or its subsidiaries. Her original term was set to expire on November 17, 2027. This resignation marks another step in her exit from company management. In January 2026, Chai Xiu had already been removed as vice chairman, general manager, and legal representative, retaining only a director role until now. According to Tianyancha, the current legal representative is Kuai Yulong. As of end-June 2026, Mengniu holds 37.77% as the largest shareholder; Chai Xiu directly holds 14.92% as the second-largest shareholder. The company's latest announcement also shows that Chai Xiu and her concert party, Jilin Dongxiu Commerce Co., Ltd., together hold 16.01%. Therefore, this change constitutes a withdrawal from management and board roles; her shareholder status and unfulfilled public commitments remain unaffected.
Miaokelanduo Founder Chai Xiu Exits Board, Clearing Path for Mengniu's Dairy Deep-Processing Strategy
Miaokelanduo founder Chai Xiu has resigned from all positions at the company, including her board seat, marking her complete exit from management. The move, reported by 21st Century Business Herald, removes a key dissenting voice against controlling shareholder Mengniu. Chai remains the second-largest shareholder with a 16.01% stake, but it is nearly fully pledged. The departure follows a period of escalating conflict, including Chai's removal as general manager in January 2025 over a guarantee dispute and her subsequent opposition votes on board matters. The article argues Chai's exit is a risk clearance for Miaokelanduo, enabling Mengniu to accelerate integration. Miaokelanduo is strategically important to Mengniu as a platform for dairy deep-processing, particularly for producing whey protein and casein, key ingredients for Mengniu's sports nutrition brand, Maxine. The company's new '13434' strategy targets over 10 billion yuan in revenue. In the first half of the year, Miaokelanduo's revenue grew 28.71% year-on-year to 3.304 billion yuan, with net profit up 13.74%.
Read sourceMiaokeland founder Chai Xiu exits board, clearing path for Mengniu's dairy processing strategy
Miaokeland founder Chai Xiu has resigned from the board and all positions at the company, marking her complete exit from management. Chai remains the second-largest shareholder with a 16.01% stake, nearly fully pledged. The departure removes a key dissenting voice against controlling shareholder Mengniu (37.77% stake), which is expected to accelerate integration. The conflict stemmed from a guarantee dispute over an old investment where Chai failed to compensate Miaokeland for losses, as well as broader operational disagreements. Chai had previously voted against management proposals, including executive compensation. Her exit is seen as a risk clearance for Miaokeland. The article notes Miaokeland's strategic importance to Mengniu's deep-processing ambitions, particularly in whey protein production. As China's largest cheese maker, Miaokeland has natural advantages in producing whey protein through cheese-making. Mengniu's sports nutrition brand Maison recently completed a near-100 million yuan A+ funding round, with whey and casein as core ingredients. Miaokeland now prioritizes whey products for internal Mengniu use. The company reported 28.71% revenue growth to 3.304 billion yuan in H1 2025.
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Miaokelanduo founder Chai Xiu resigns after casting sole dissenting board vote
Chai Xiu, founder of Chinese cheese company Miaokelanduo, has resigned from all positions at the company after casting the only dissenting vote on a board resolution regarding the 2026 semi-annual report. According to a company announcement, Chai submitted her resignation citing a desire to support the company's stable operations and long-term development, though her original term was set to expire in November 2027 and she has unfulfilled public commitments. The article, reported by operator finance media, details a history of escalating tensions between Chai and the current management, which is dominated by majority shareholder Mengniu. In January, the board removed Chai from her roles as vice chairman, general manager, and legal representative, leaving her only a director seat. In August, she voted against the semi-annual report, alleging inconsistencies in how her commitments were described. The article notes that in February, Mengniu president Gao Fei publicly praised Chai's achievements, but an arbitration process regarding her compensation commitments remains ongoing. Operator Finance deputy editor-in-chief Liu Ping commented that friction between the parties may continue.
Read sourceMiaokelanduo Founder Resigns Amid Arbitration Over 700 Million Yuan Loan Dispute
Miaokelanduo (妙可蓝多), a Chinese cheese company, announced on September 22, 2026, that founder Chai Xiu (柴琇) resigned from all board and company positions. The resignation follows a series of conflicts stemming from a 700 million yuan loan in 2020, when Mengniu (a subsidiary of China Mengniu Dairy) lent the amount to Jilin Yaohu, a Chai-affiliated entity, with a Miaokelanduo-invested fund providing guarantees. When Jilin Yaohu defaulted in September 2024, the fund faced liquidation, causing Miaokelanduo an estimated 119-127 million yuan loss. Chai had promised personal compensation but failed to deliver, leading Miaokelanduo to file for arbitration in January 2026. Chai was subsequently removed as deputy chair and general manager in January 2026. She cast the sole opposing vote on the 2026 half-year report in August 2026, questioning related-party disclosures. As of September 2026, Chai and her concert parties hold 16.01% of Miaokelanduo shares, nearly fully pledged, while Mengniu holds 37.77%. The arbitration outcome remains uncertain.
Read sourceMiao Ke Lan Duo Founder Chai Xiu Resigns All Posts, Exits Core Management After Earlier Removal
On September 21, Miao Ke Lan Duo (妙可蓝多) announced that founder Chai Xiu, known as the 'Cheese Queen', has resigned from all positions within the company, including her remaining director seat. This follows her removal from core management roles (vice chairman, general manager, legal representative) in January 2025. Chai Xiu and her concert party hold 16.01% of shares, making her a significant shareholder. The company stated the resignation does not affect board operations and a by-election will be held. The article also details ongoing disputes between Chai Xiu and the current management, controlled by Mengniu since 2021. Chai Xiu voted against the 2026 semi-annual report, citing discrepancies in commitment descriptions and related-party transaction characterizations. Separately, the company disclosed that an investment in a merger fund faces a potential loss of 119-127 million yuan for 2025, and it has initiated arbitration against Chai Xiu over an unpaid compensation commitment related to that investment. The report notes that after two years of profit decline (2022-2023), Miao Ke Lan Duo's performance recovered in 2025, with revenue up 16.29% and core cheese business revenue up 22.84%.
Read sourceMiaokelanduo founder Chai Xiu resigns all posts, 'Cheese Queen' exits completely
On the evening of September 21, Miaokelanduo (妙可蓝多) announced that founder Chai Xiu (柴琇) has resigned from all her positions, including chairwoman, marking her complete exit from the company she built. Her departure had been foreshadowed: in January 2026, the board removed her as vice-chairwoman, general manager, and legal representative, retaining only a director seat. The trigger was her failure to fulfill a compensation commitment related to a co-investment fund, leading the company to file for arbitration with the Shanghai International Arbitration Center. The matter is expected to reduce Miaokelanduo's 2025 net profit by approximately 119 million to 127 million yuan. Under Chai's leadership, the company achieved rapid growth after its 2015 backdoor listing, with revenue compound annual growth rate exceeding 50% from 2018 to 2021 and a market value once surpassing 30 billion yuan. Since Mengniu's entry in 2020, the dairy giant has increased its control, now holding 37.77% of shares. In January 2026, Kuai Yulong (蒯玉龙), a Mengniu veteran, succeeded Chai as general manager and legal representative. Despite the leadership turmoil, Miaokelanduo's fundamentals remain solid: first-half 2026 revenue rose 28.71% year-on-year to 3.304 billion yuan, with net profit up 13.74% to 151 million yuan, driven by its 'TOB TOC dual-wheel' strategy.