COFCO, one of Mengniu Dairy's major shareholders, increased its stake from 27.96% to 28.09% after a "quality crisis" in Mengniu Dairy broke out, involving 41.12 million HKD, helping Mengniu's share price to fall by 24.24% in the past month. Mr. Niu Gensheng, founder of Mengniu Dairy, resigned as chairman of the board of directors to spend more time doign charity work. Gaoning, president of COFCO, was appointed as the new chairman.
COFCO, one of Mengniu Dairy's major shareholders, increased its stake from 27.96% to 28.09% after a "quality crisis" in Mengniu Dairy broke out, involving 41.12 million HKD, helping Mengniu's share price to fall by 24.24% in the past month.
Mr. Niu Gensheng, founder of Mengniu Dairy, resigned as chairman of the board of directors to spend more time doign charity work. Gaoning, president of COFCO, was appointed as the new chairman.
