Miao Ke Lan Duo Founder Chai Xiu Resigns All Posts After Arbitration Dispute
Chai Xiu, founder of Chinese cheese company Miao Ke Lan Duo, resigned from all board and management positions on September 20, 2026, ending her involvement with the company she built. Her departure follows a dispute over a 700 million yuan loan from controlling shareholder Mengniu Dairy to a Chai-affiliated entity that defaulted, leading to arbitration. Chai was removed as vice chair and general manager in January 2026 and cast the sole dissenting vote on the 2026 half-year report. She retains a 16.01% stake as second-largest shareholder.
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Miao Ke Lan Duo Founder Resigns Amid Arbitration Over 700 Million Yuan Loan
Miao Ke Lan Duo (妙可蓝多), a Chinese cheese company, announced on September 22, 2026, that founder and director Chai Xiu (柴琇) resigned from all positions, including her board committee roles. The resignation stems from a dispute over a 700 million yuan loan issued in 2020 by Mengniu Dairy to Chai's affiliate, Jilin Yaohe (吉林耀禾), which was guaranteed by a fund Miao Ke Lan Duo invested in. When Jilin Yaohe defaulted in September 2024, the fund faced losses, and Miao Ke Lan Duo expects a net profit hit of 119-127 million yuan. Chai had promised personal compensation but failed to deliver, leading the company to file for arbitration in January 2026. She was removed as deputy chair and general manager in January 2026 and cast the sole opposing vote on the 2026 half-year report in August. Chai and her affiliates still hold 16.01% of shares, nearly fully pledged. The arbitration outcome remains uncertain.
Read sourceCheese Queen Chai Xiu Exits Miao Ke Lan Duo, Ending Founder Era as Mengniu Takes Full Control
Chai Xiu, the founder of Chinese cheese giant Miao Ke Lan Duo, has resigned from the board of directors, effective September 20, 2026, marking her complete exit from the company she built from a local dairy into a national leader. Her departure follows a gradual transition of control to Mengniu, which became the controlling shareholder in 2021. Chai Xiu, who had been stripped of her executive roles in January 2026 over a compensation commitment dispute, also cast the sole dissenting vote on the 2026 half-year report, citing issues with information disclosure and related-party transactions. The company's revenue has recovered from a 2023 dip, reaching 56.33 billion yuan in 2025, but profit growth lags behind revenue growth. Industry analyst Zhong Lin noted that Chai Xiu's exit could impact management stability and market confidence, while the broader Chinese cheese market faces slowing growth, with retail sales declining to 91.22 billion yuan in 2025. The stock market reaction was muted, with shares rising slightly.
Read sourceMiao Ke Lan Duo Founder Chai Xiu Resigns Early After Casting Sole Dissenting Vote
Chai Xiu, founder and 'Cheese Queen' of Chinese dairy firm Miao Ke Lan Duo (600882.SH), resigned from all board and company roles on September 20, 2026, citing support for stable operations, over 400 days before her term's end. The resignation follows her sole dissenting vote on the 2026 semi-annual report, where she disputed the accuracy of disclosed commitments, linked an unrelated supply matter to an arbitration case, and questioned the authenticity of a fund document. The core dispute stems from a 2018 investment in a M&A fund (Shanghai Xiangmin) that became entangled in a guarantee default by Chai's family entity Jilin Yaohe to controlling shareholder Mengniu. Mengniu (37.77% stake) has fully taken over operations, while Chai and concert parties hold 16.01% as the second-largest shareholder. An arbitration over Chai's compensation pledge is underway. Analysts cited note the governance clash reflects post-takeover friction, with risks including high share pledge (99.99%) and potential legal overhang, though the company's core cheese business shows revenue growth of 28.71% year-on-year.
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Cheese Queen Chai Xiu exits Miao Ke Lan Duo management, remains second-largest shareholder
Chai Xiu, the founder of Chinese cheese company Miao Ke Lan Duo (600882.SH) and known as the 'Cheese Queen', has resigned from all management and board positions, effective September 21, 2024. The company stated the move supports 'stable operation and long-term development'. Chai Xiu and her concert party hold 16.01% of shares, making them the second-largest shareholder after controlling shareholder Mengniu Dairy. Chai Xiu founded the company in 2001 as Guangze Dairy, pivoted to cheese in 2015, and led it to become China's top cheese brand. Mengniu became controlling shareholder in 2020, with Chai Xiu remaining in management until a debt default by her entity led to her removal from core management roles in January 2024. Under Mengniu management, the company returned to growth, reporting H1 2026 revenue of 3.304 billion yuan, up 28.71% year-on-year. The article notes future focus will be on maintaining cheese leadership, channel expansion, and industrial synergy with Mengniu.
Read sourceMiaokelanduo founder exits board as Mengniu era growth test begins
Miaokelanduo founder Chai Xiu has resigned from the board, completing a gradual power transition to controlling shareholder Mengniu. Chai, who holds 16.01% of shares with concert parties, was removed as general manager in January 2026 and replaced by Mengniu executive Kuai Yulong. She cast the sole dissenting vote on the 2026 half-year report before resigning all positions in September. Analysts cited by the report note benefits in unified management, decision efficiency, and supply chain synergies, but flag risks including lack of board representation for the second-largest shareholder, potential related-party transaction fairness concerns, and possible share price pressure from future sales. Miaokelanduo's 2026 first-half revenue rose 28.71% to 3.304 billion yuan, with net profit up 13.74%. Cheese business revenue grew 28.95% to 2.887 billion yuan, accounting for 88.06% of total revenue. The company announced its first major dividend payout. Industry experts interviewed say the key challenge is expanding consumption scenarios and product matrix in China's still-low-penetration cheese market, where Miaokelanduo holds over 36% market share.
Read sourceMiao Kelan Duo Founder Chai Xiu Exits Board Amid 700 Million Yuan Debt Dispute with Mengniu
Chai Xiu, known as the 'Cheese Queen' and founder of Chinese cheese company Miao Kelan Duo (600882.SH), has resigned from all management positions as of September 22, 2026, following a protracted dispute with controlling shareholder Mengniu. The conflict stems from a 700 million yuan loan that Chai's family-controlled fund, Jilin Yaohe, took from Mengniu in 2018 to invest in an Australian dairy acquisition. The loan defaulted, leading to arbitration and a 2025 ruling against Jilin Yaohe. Miao Kelan Duo subsequently filed its own arbitration against Chai in 2026 to recover losses from a related 100 million yuan investment that was fully impaired. Chai, who ceded control to Mengniu in 2021 but remained in operational charge under a co-management model, was removed as deputy chair and general manager in January 2026. She retains a 16.01% voting stake as the second-largest shareholder. The article, sourced from Southern Metropolis Daily and republished on East Money, details the breakdown of the partnership and Chai's complete exit from management.
Read sourceMiaokelanduo Founder Chai Xiu Resigns Early After Casting Sole Dissenting Vote on Board
Chai Xiu, founder and 'Cheese Queen' of Chinese dairy firm Miaokelanduo (600882.SH), resigned from all board and committee positions on September 20, 2026, citing support for the company's stable operation and long-term development. Her resignation comes 423 days before her term was set to end in November 2027. The move follows a public governance dispute with controlling shareholder Mengniu Dairy, which holds 37.77% of shares. In August 2026, Chai cast the sole dissenting vote on the half-year report, raising three objections including alleged inconsistencies in disclosed commitments and transaction descriptions. Chai and her concert parties remain the second-largest shareholder with 16.01% equity. Analysts cited by the report note that while Mengniu has effectively taken over operations, Chai retains potential influence through her shareholding. The dispute centers on a 100 million yuan investment in a Shanghai Xiangmin buyout fund from 2018, which has led to arbitration over compensation guarantees. The company has adjusted the investment's fair value to zero, expecting a 119-127 million yuan reduction in 2025 net profit. Chai's shares are nearly fully pledged. The report notes Miaokelanduo's half-year revenue grew 28.71% to 3.304 billion yuan, with net profit up 13.74%.
Read sourceMiaokelanduo founder Chai Xiu resigns after opposing board vote, ending founder era
Chai Xiu, founder of Chinese cheese company Miaokelanduo (600882.SH), resigned from all board and management positions on September 20, 2024, citing personal reasons, over a year before her term was set to end. Her departure follows a series of power shifts after Mengniu Dairy gained control of the company in 2020. In January 2024, Chai was removed from her roles as vice chairwoman and general manager amid historical investment disputes, with Mengniu executive Kuai Yulong taking over daily operations. Chai's exit was foreshadowed a month earlier when she cast the sole dissenting vote on the company's semi-annual report board meeting, revealing tensions with Mengniu's management. She remains the second-largest shareholder with a 16.01% stake. The article notes that while Miaokelanduo reported strong first-half 2024 results—revenue up 28.71% to 3.304 billion yuan and net profit up 13.74%—this was driven by a 42.93% surge in sales expenses, with advertising costs rising 58.54%, raising sustainability concerns. The company relies heavily on cheese sales (88% of revenue) in a highly competitive children's snack market and has yet to develop a mature second growth engine.
Read sourceChai Xiu resigns from Miao Ke Lan Duo board, ending founder era
On September 22, 2024, Miao Ke Lan Duo (600882.SH) announced that founder Chai Xiu resigned as a non-independent director and from all board committee roles, effective immediately. Chai stated the move was to support the company's stable operation and long-term development. This follows her removal as deputy chair, general manager, and legal representative in January 2024, when Mengniu's financial executive Kuai Yulong took over as general manager. The leadership change concludes a five-year control struggle between Chai and Mengniu, triggered by a debt guarantee default by a Chai-affiliated entity, Jilin Yaohe, which failed to repay a 700 million yuan loan from Mengniu, causing a 100 million yuan investment loss for the listed company. Chai had promised personal compensation but did not fulfill it, leading Mengniu to initiate arbitration and removal proceedings. Mengniu first invested in Miao Ke Lan Duo in 2020, became the controlling shareholder in 2021 via a 3 billion yuan private placement, and now holds 37.04% of shares. Chai's departure marks the end of the founder's era, with the next challenge being the integration of cheese assets with Mengniu's channels and supply chain.
Read sourceFounder Chai Xiu resigns from Milkground board after casting sole dissenting vote
Chai Xiu, founder and 'Cheese Queen' of Chinese dairy company Milkground (600882.SH), resigned as a non-independent director on September 20, 2026, citing support for the company's stable operation and long-term development. Her resignation comes 423 days before her term was set to end in November 2027. Chai Xiu, who remains the second-largest shareholder with a 14.92% stake, had previously cast the sole dissenting vote against the 2026 semi-annual report in August, citing discrepancies in disclosed commitments and related-party transactions. The company, now controlled by Mengniu Dairy (37.77% stake), faces an ongoing arbitration over a 100 million yuan investment in a fund linked to Chai Xiu's family, which could reduce 2025 net profit by 119-127 million yuan. Analysts cited in the article suggest the resignation marks a transition to a post-founder phase, with potential risks from unresolved legal disputes and high share pledge ratios, but also opportunities from Mengniu's supply chain integration and product diversification.
Read sourceMiaokelanduo Founder Chai Xiu Resigns All Posts, Mengniu Takes Full Control
On September 21, 2026, Chinese cheese company Miaokelanduo announced that founder Chai Xiu resigned from all positions, including non-independent director and committee roles, effective September 20. This marks her complete exit after a series of conflicts with the Mengniu-led management, including being removed as vice chairman and general manager in January 2026 over a failed investment guarantee. Chai had personally guaranteed a 100 million yuan investment in a private equity fund that defaulted, leading the company to initiate arbitration against her for compensation. She later voted against the 2026 semi-annual report, citing discrepancies in the description of her commitments and related-party transactions. Following her departure, Mengniu executive Kuai Yulong, a former assistant vice president at China Mengniu Dairy, has taken over as general manager and legal representative. The company reported revenue of 3.304 billion yuan and net profit of 151 million yuan for the first half of 2026, but faces ongoing financial risks from the arbitration and potential asset impairment. The transition marks a profound governance shift as Mengniu consolidates control over the company.
Read sourceMiaokeland founder exits as sales costs surge and net profit margin shrinks
Miaokeland founder Chai Xiu has resigned from the board and all committee positions, leaving the company she founded 14 months before her term ended. The departure follows a power shift to majority shareholder Mengniu, which took control in 2020. Chai and her concert parties remain the second-largest shareholder with 16.01% of shares, nearly fully pledged. The company reported H1 2026 revenue of 3.304 billion yuan, up 28.71% year-on-year, but net profit of only 151 million yuan, yielding a net profit margin of 4.58%. Sales expenses surged 42.83% to 637 million yuan, outpacing both revenue and profit growth. An ongoing arbitration concerns a 100 million yuan investment loss linked to Chai's spouse. The article questions whether high growth can translate into sustainable profitability under Mengniu's control, noting that 2025 full-year net profit was lower than in 2021 despite revenue growth. New CEO Kuai Yulong has set a 'five-year rebuild' target, but the founder's exit leaves unresolved debt and governance issues.
Read sourceMiaokeland founder Chai Xiu resigns after decade, citing conflict with Mengniu management
Chai Xiu, founder of Chinese cheese company Miaokeland (600882.SH), has resigned from all board and subsidiary positions effective September 20, 2026, according to a company announcement. Chai, known as the 'Cheese Queen,' built Miaokeland into China's leading cheese brand after a backdoor listing in 2016. Her departure follows a power struggle with controlling shareholder Mengniu Dairy, which took control in 2021. In January 2026, Chai was removed as vice chairwoman and general manager after failing to fulfill a compensation commitment related to a co-investment fund, prompting an arbitration claim by the company. The conflict escalated in August 2026 when Chai cast the sole dissenting vote against the half-year report, citing discrepancies in disclosed commitments and transaction descriptions. Despite the governance turmoil, Miaokeland reported strong first-half 2026 results with revenue up 28.71% to 3.304 billion yuan and net profit up 13.74%. The Shanghai Stock Exchange has issued a regulatory letter demanding proper disclosure to protect minority investors.
Read sourceCheese Queen Chai Xiu resigns from board, exits company she founded
Chai Xiu, the 61-year-old founder of Chinese cheese company Miaokeland (600882.SH), has resigned from the board of directors, severing all executive ties with the company she founded. The move follows a period of internal conflict, including a dissenting vote by Chai against the 2026 semi-annual report in August, which she criticized over information disclosure, related-party transactions, and document authenticity. The dispute is linked to a 7 billion yuan trust loan from 2020, arranged by controlling shareholder Mengniu, to a Chai-affiliated entity that later defaulted. Chai had promised to compensate the company for losses from the loan guarantee but failed to do so, leading to her removal as deputy chair and general manager in January 2026. Chai founded the company in 2001, pivoted to cheese in 2015, and led it to become China's top cheese brand by market share in 2021. She retains a 16.01% stake as a shareholder.
Read sourceMiaokelanduo founder Chai Xiu resigns a decade after listing as 'Cheese Queen' exits
Chai Xiu, founder of Miaokelanduo and known as the 'Cheese Queen' for building the company into China's 'first cheese stock', has resigned from all positions at the company, effective September 20, 2026. Her departure follows a year-long phased exit after being removed as vice chairwoman and general manager in January 2026, with 'Mengniu faction' executive Kuai Yulong taking over. The final trigger was a guarantee dispute involving a related-party fund that caused an estimated 119-127 million yuan in asset impairment losses. Chai had promised to compensate the company for any losses from the fund guarantee but failed to do so, leading Miaokelanduo to file for arbitration. Chai remains the second-largest shareholder with 16.01% stake, though nearly fully pledged. Under the 'BC dual-wheel' strategy, Miaokelanduo reported 28.71% revenue growth to 3.304 billion yuan in H1 2026, with net profit up 13.74% to 151 million yuan.
Read sourceMiaokelanduo founder Chai Xiu resigns all positions at Chinese cheese company
Chai Xiu, founder of Miaokelanduo (Shanghai Milkground Food Tech Co.), has resigned from all positions at the company, including her role as non-independent director and committee memberships, effective September 20, 2026. The announcement was made on September 21, 2026. Chai, known as the 'Cheese Queen' for building the company into China's leading cheese brand, stated she resigned 'to support the company's stable operation and long-term development.' Her departure marks the end of her involvement since taking the company public in 2016. Control of Miaokelanduo, the only A-share listed company focused on cheese, shifted to Inner Mongolia Mengniu Dairy Group in late 2020. Chai had previously been removed as vice chairman, general manager, and legal representative in January 2026 following a dispute over a compensation commitment related to an investment fund. She and her concert party still hold 16.01% of the company's shares.
Read sourceCheese Queen Chai Xiu resigns all roles at Milkground, ending founder's decade-long tenure
Chai Xiu, founder of Milkground (600882.SH), China's only A-share listed cheese-focused company, has resigned from all positions including non-independent director and committee roles, effective September 20, 2026. The move marks her complete exit from the company she built from a local dairy into China's top cheese brand. Chai, known as the 'Cheese Queen', had already been stripped of her chairman and general manager roles in January 2026 after failing to fulfill a compensation commitment related to a co-investment fund, leading to arbitration proceedings. Her departure follows a gradual loss of control since 2020 when Mengniu Dairy took over as controlling shareholder. Chai still holds a combined 16.01% stake through direct and affiliated holdings. The article traces her entrepreneurial journey from snack distribution and real estate to founding Guangze Dairy in 2001, pivoting to cheese in 2015, and achieving market leadership through aggressive marketing and distribution strategies.
Read sourceMiaokelanduo founder Chai Xiu resigns all posts, ending decade-long control of cheese giant
On September 21, 2026, Miaokelanduo (stock code 600882.SH) announced that founder Chai Xiu submitted her resignation on September 20, stepping down as non-independent director and all committee roles, effective immediately. Chai, known as the 'Cheese Queen,' built the company from a local dairy into China's top cheese brand. Her departure marks the end of her control after a decade of public listing. Chai had already lost the chairmanship in 2021 when Mengniu Dairy took control, and was removed as vice-chairman and general manager in January 2026 over a dispute regarding a compensation commitment related to a joint venture fund. She now holds 16.01% of shares through direct and indirect holdings. The article traces her career from snack food distribution in 1997 to founding Guangze Dairy in 2001, pivoting to cheese in 2015, and leading Miaokelanduo to market leadership through aggressive advertising and distribution strategies.
Read sourceMiaokelanduo founder Chai Xiu resigns from all positions at Chinese dairy company
On the evening of September 21, Miaokelanduo (妙可蓝多) announced that its board of directors received a resignation letter from founder Chai Xiu on September 20. Chai Xiu resigned as a non-independent director of the 12th board and from all board committee positions for personal reasons, effective immediately. She will no longer hold any position at the company or its subsidiaries. Chai Xiu directly holds 76.1036 million shares, and together with her concert party Jilin Dongxiu Commercial Trade Co., Ltd., holds a total of 16.01% of the company's shares. Her original term was set to expire on November 17, 2027. She has outstanding public commitments that are not share-increase pledges, and must continue to manage her shares and fulfill those commitments after departure. Chai Xiu, aged 61, is the founder of Miaokelanduo. On January 23, 2026, the board had already approved a motion to remove her from the roles of vice chairman, general manager, and legal representative. Following that removal, Kuai Yulong, a professional manager from controlling shareholder Mengniu, took over as president and legal representative.
Read sourceMiaokelanduo founder Chai Xiu resigns all posts after three role changes under Mengniu control
Chai Xiu, founder of Chinese cheese company Miaokelanduo, has resigned from all positions at the company and its subsidiaries, completing her third identity shift from founder to general manager to exiting management entirely. The resignation follows her removal as deputy chairwoman and general manager in January 2026, after she failed to fulfill a compensation commitment related to a fund guarantee dispute involving Jilin Yaohe, which led to an expected net profit reduction of over 100 million yuan for 2025. Miaokelanduo, controlled by Inner Mongolia Mengniu Dairy since 2020, has seen its management team increasingly dominated by Mengniu appointees, including new general manager Kuai Yulong. Despite stepping down, Chai Xiu remains a significant shareholder with a 16.01% stake and has publicly opposed the company's 2026 semi-annual report, disputing the characterization of her commitments and related-party transactions. The company stated her resignation will not affect normal operations. Miaokelanduo reported a 28.71% revenue increase to 3.304 billion yuan in the first half of 2026.
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