Wire flash
Miaokelanduo founder Chai Xiu resigns from all posts after earlier removal over compensation breach
Editorial responsibility
- No named human review is recorded for this page.
- Source reporting is collected, normalized, translated or condensed automatically when needed.
- Automatically published source-backed update
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%).
Source report
Source: Shenzhen Business Daily Date: September 21, 2026
Milkground (600882), a leading cheese producer in China, announced on September 21 that the company's board of directors received a resignation letter from Chai Xiu on September 20, 2026.
Resignation Details
In her resignation letter, Chai Xiu stated: "To support the company's stable operations 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."
Following her resignation, Chai Xiu will no longer hold any position within the company or its subsidiaries.
Milkground confirmed that Chai Xiu's resignation will not cause the number of board members to fall below the legally required minimum, and the resignation will take effect upon delivery to the board of directors.
Shareholding and Commitments
As of the disclosure date, Chai Xiu directly holds 76,103,600 shares of the company. Her concerted party, Jilin Dongxiu Commerce Co., Ltd., holds 5,280,000 shares. Together, their holdings account for 16.01% of the company's total share capital.
After her departure, Chai Xiu is still required to manage her shares in accordance with relevant laws and regulations and continue to fulfill her public commitments.
Background on Chai Xiu
Chai Xiu is the founder of Milkground and is widely known as China's "Cheese Queen."
In January of this year, Milkground announced the removal of Chai Xiu from her roles as Vice Chairman, General Manager, and Legal Representative, citing "dismissal" as the reason.
Financial Impact and Compensation
In its 2025 annual report, Milkground noted that Chai Xiu failed to fulfill her commitment to provide full compensation to the company regarding a merger and acquisition fund matter. This led the company to recognize a full fair value loss on other non-current financial assets formed by its capital contribution to the fund, significantly impacting the company's 2025 profit.
As a result, following reviews by the Remuneration and Appraisal Committee and the Board of Directors, the company decided to withhold Chai Xiu's 2025 annual target bonus.
Opposition to 2026 Semi-Annual Report
Chai Xiu previously voted against the company's 2026 semi-annual report.
According to an announcement, the 12th Board of Directors held its 25th meeting on August 20, 2026, with all nine directors in attendance. The motion regarding the company's 2026 Semi-Annual Report and its summary was passed with eight votes in favor and one against—the dissenting vote coming from Chai Xiu.
Chai Xiu raised three core objections, focusing on:
- Information disclosure wording
- Related-party transaction disclosures
- Authenticity of historical documents
Chai Xiu stated that aside from the three points of contention, the remainder of the 2026 semi-annual report fairly, comprehensively, and truthfully reflected the company's financial position and operating results during the reporting period.
First-Half 2026 Performance
In the first half of 2026, Milkground reported:
- Total operating revenue: RMB 3.304 billion (up 28.71% year-on-year)
- Net profit attributable to shareholders: RMB 151 million (up 13.74%)
- Core net profit (excluding non-recurring items): RMB 121 million (up 17.87%)
- Net cash flow from operating activities: RMB 300 million (up 27.38%)
Source
新浪财经Eastern
Part of this Story
Milkground founder Chai Xiu resigns all posts, exits board after management ouster