Milkground founder Chai Xiu resigns all posts, exits board after management ouster
Chai Xiu, founder of Chinese cheese company Milkground (600882.SH), resigned from all positions including non-independent director and committee roles, effective September 20, 2025. The resignation, announced on September 21, follows her removal from core management roles in January 2025. She remains a significant shareholder with a 16.01% stake. The company stated the resignation will not affect operations and will trigger a by-election. The move comes amid ongoing disputes, including her sole dissenting vote on the 2026 half-year report and arbitration over unmet compensation commitments related to a fund investment.
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Milkground founder Chai Xiu resigns, company enters Mengniu-led era
Milkground (600882.SH) announced on September 21 that founder Chai Xiu has resigned, marking the end of the founder era for the company, known as China's 'first cheese stock.' Chai Xiu led the company's transformation into the cheese retail market starting in 2017, launching a successful cheese stick product in 2018. However, since 2022, the company's growth has slowed. In July 2021, Mengniu became the controlling shareholder through a private placement. Chai Xiu was removed from her roles as vice chairman and general manager in January 2024 after failing to fulfill a compensation commitment related to a defaulted investment guarantee, with Mengniu executive Kuai Yulong taking over as general manager. Despite these changes, Milkground reported a revenue increase of 28.7% to 33 billion yuan and a net profit increase of 13.7% to 1.5 billion yuan in the first half of the year. Chai Xiu remains the second-largest shareholder with a 16.01% stake. The new management team has set a goal of 'rebuilding Milkground in five years' through strategic adjustments.
Read sourceMilkground founder Chai Xiu resigns as Mengniu takes full control of cheese maker
On September 21, Milkground (600882.SH) announced the resignation of founder Chai Xiu, marking the end of the founder era for the company known as 'China's first cheese stock.' Chai Xiu had been sidelined earlier in 2024 after failing to fulfill a compensation guarantee related to a defaulted investment fund, losing her roles as vice chairwoman and general manager in January. She retained a board seat until this resignation. Milkground, formerly Guangze, pivoted to cheese retail in 2017 under Chai Xiu and launched a successful cheese stick product in 2018, driving rapid growth. However, performance growth slowed from 2022 onward. In July 2021, Mengniu became the controlling shareholder via a private placement. Following Chai Xiu's departure, the company is now fully under Mengniu's leadership. Despite the leadership turmoil, Milkground reported a recovery in the first half of 2024, with revenue up 28.7% year-on-year to 3.3 billion yuan and net profit up 13.7% to 150 million yuan. The new management team has set a goal to 'recreate Milkground in five years.' Chai Xiu remains the second-largest shareholder with a 16.01% stake held with concert parties.
Read sourceMiaokelanduo Founder Chai Xiu Resigns All Posts, Exits Core Management
Chai Xiu, founder and former 'Cheese Queen' of Chinese dairy company Miaokelanduo (600882.SH), has resigned from all positions including non-independent director and committee roles, effective September 20, 2025. The resignation, announced on September 21, follows her removal from core management roles (vice chairman, general manager, legal representative) in January 2025. Chai remains a significant shareholder, holding 16.01% of shares with her concert party. The company stated the resignation will not affect board operations and will trigger a by-election. The move comes amid ongoing public disputes between Chai and the board, including her sole dissenting vote on the 2026 half-year report in August 2025, citing disagreements over commitment disclosures, related-party transactions, and a fund investment. Miaokelanduo also disclosed a potential loss of 119-127 million yuan on a fund investment, for which Chai had provided a compensation commitment that the company is now pursuing via arbitration. The company, controlled by Mengniu since 2021, has seen a management overhaul and a recent performance recovery, with 2025 revenue up 16.29% to 56.33 billion yuan and net profit up 4.29%.
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Milkground founder Chai Xiu resigns all posts, exits board after management ouster
On September 21, 2025, Milkground (600882.SH) announced that founder Chai Xiu, known as the 'Cheese Queen,' resigned from all positions including non-independent director and board committee roles, effective immediately. Chai Xiu had already been removed from core management roles (vice chairman, general manager, legal representative) in January 2025, retaining only a board seat. She remains a significant shareholder with a combined 16.01% stake held with her concert party. The company stated the resignation does not affect operations and will trigger a by-election. The move follows a period of escalating public conflict: in August 2025, Chai Xiu cast the sole dissenting vote against the 2026 semi-annual report, citing discrepancies in commitment disclosures, improper related-party transaction labeling, and concerns over the accuracy of statements regarding a M&A fund investment. Milkground also disclosed that a M&A fund it participates in faces a debt default, potentially causing a 119-127 million yuan negative impact on 2025 net profit, and has filed for arbitration against Chai Xiu over unmet compensation commitments. Milkground, acquired by Mengniu in 2021, has seen management gradually replaced by former Mengniu executives. After two years of declining profits (2022-2023), the company's performance recovered in 2025 with revenue up 16.29% to 5.633 billion yuan and net profit up 4.29% to 118 million yuan, though the M&A fund loss weighs on reported earnings.
Read sourceMilkground founder Chai Xiu resigns, Mengniu takes full control of China's cheese leader
Chai Xiu, founder of Milkground (妙可蓝多), China's 'first cheese stock,' has resigned from all executive roles, marking the company's full transition into the Mengniu era. Chai was removed as vice chairman, general manager, and legal representative in January 2025 after failing to fulfill a compensation commitment related to a debt guarantee default by a portfolio company. She retains only a board seat. Mengniu became the controlling shareholder via a private placement in July 2021. In the first half of 2025, Milkground's revenue rose 28.7% year-on-year to 3.3 billion yuan, with net profit up 13.7% to 150 million yuan. Chai remains the second-largest shareholder with a 16.01% stake held with concert parties. The new management team, led by Mengniu-appointed executive Kuai Yulong, has set a goal to 'rebuild Milkground in five years' through strategic adjustments.
Read sourceFounder Chai Xiu resigns all positions at Chinese cheese giant Milkground
Chai Xiu, the 61-year-old founder of Shanghai Milkground Food Tech Co., Ltd. (stock code: 600882), a leading A-share cheese company, has resigned from all positions at the company and its subsidiaries, effective September 20, 2025. The resignation was announced in a board director departure notice on September 21. Chai cited personal reasons for stepping down as a non-independent director and from related board committee roles. She directly holds 76.1036 million shares, and together with her concert party Jilin Dongxiu Commercial Trade Co., Ltd., controls 16.01% of the company's total shares. Chai had previously been removed from her roles as vice chairman, general manager, and legal representative in January 2025, but remained a director. In March 2025, Kuai Yulong, a former Mengniu executive, succeeded her as legal representative. Mengniu Dairy became Milkground's controlling shareholder in December 2020 through a 3 billion yuan private placement and now holds 37.77% of shares. For the first half of 2026, Milkground reported revenue of 3.304 billion yuan, up 28.71% year-on-year, and net profit of 151 million yuan, up 13.74%.
Read sourceCheese Giant Milkground Founder Chai Xiu Resigns from All Company Positions
On September 21, 2026, Milkground (600882), a leading Chinese cheese company, announced that founder Chai Xiu submitted her resignation as a non-independent director and from all committee roles, effective immediately. Chai stated the move was to support the company's stable and long-term development. She will no longer hold any position at the company or its subsidiaries. Chai and her concert party hold 16.01% of the company's shares and remain subject to share management rules and public commitments. This follows her removal as deputy chair and general manager in January 2026 due to a failure to fulfill compensation promises related to a merger fund, which caused a significant loss in 2025 profits. Consequently, her 2025 annual bonus was withheld. In August 2026, Chai cast the sole dissenting vote against the company's half-year report, citing disputes over information disclosure, related-party transactions, and document authenticity. For the first half of 2026, Milkground reported revenue of 3.304 billion yuan (up 28.71% year-on-year) and net profit of 151 million yuan (up 13.74%).
Chai Xiu resigns from all positions at Milkground but remains a shareholder
On September 21, after the market close, Milkground (600882.SH) announced that its board of directors received a resignation report from Chai Xiu on September 20, 2026. In her resignation letter, Chai stated she was stepping down from her roles as a non-independent director and member of board committees to support the company's stable operations and long-term development. Following her resignation, Chai will hold no positions at Milkground or its subsidiaries. The board confirmed that her resignation does not reduce the board below the legally required minimum and takes effect upon receipt. As of the disclosure date, Chai directly holds 76,103,632 shares, and her concert party Jilin Dongxiu Commercial Trading Co., Ltd. holds 5,280,000 shares, together representing 16.01% of total shares. The company will promptly hold by-elections to fill the director vacancy. The report was originally published by Times Weekly and reposted on NetEase Finance.
Read sourceChai Xiu resigns from all positions at Milkground, remains a major shareholder
On September 21, after market close, Milkground (600882.SH) announced that the board received a resignation letter from Chai Xiu on September 20, 2026. In her resignation letter, Chai stated: 'To support the company's stable operation and long-term development, I hereby apply to resign from my positions as a non-independent director of the 12th Board of Directors and related committee roles.' After resigning, Chai will no longer hold any position at Milkground or its subsidiaries. The board confirmed that her resignation does not reduce the board below the minimum legal number of members and takes effect upon delivery. As of the disclosure date, Chai directly holds 76,103,632 shares, and her concert party Jilin Dongxiu Commerce Co., Ltd. holds 5,280,000 shares, together representing 16.01% of total shares. The company will promptly complete the by-election for directors.
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