Beingmate has gotten its act together enough to be taken off the Shenzhen Stock Exchange’s delisting watchlist, but the once-leading infant formula maker still has a long way to go to convince investors that its fundamentals are strong.

A string of issues still shroud the company, market watchers said — including distribution networks that are complicated by family connections, inconsistent information disclosures, and a feud with its major investor, Fonterra Co-operative Group.

Beingmate was founded in 1999 by childcare expert Sam Xie, and went public in 2011. By 2013, it was the leader of the sector in China, the world’s largest market for infant formula, reaping a net profit of 721 million yuan ($104.76 million).

But in subsequent years it amassed debt and saw a rotating cast of CEOs.

So has it finally turned things around? Check out caixinglobal.com later today for our in-depth look at the prospects for this once-high-flying dairy maker.

Related: Beingmate Says It’s Being Good, and Wants Stock Exchange to Stop Stigmatizing It