Babybio changed its chairman twice in half a year, with the second-generation of the actual controller, Dai Sicong, taking over as chairman to defend against external capital raids amid the controlling shareholder's debt crisis.
As the A-share functional sugar manufacturing sector entered the deep-water stage in mid-2026, an announcement from Baolingbao (002286.SZ) exposed the inner turmoil at its top governance level. According to the latest business registration changes disclosed by Tianyancha App, Wang Qiang has officially stepped down as Baolingbao's legal representative and chairman, with Dai Sicong, a "post-90s" second-generation member of the actual controller's family, taking over. Multiple key executives were also reshuffled simultaneously.
This comes less than six months after the previous chairman, Dai Sijue, abruptly resigned and general manager Wang Qiang was appointed under pressure. The frequent revolving-door leadership changes are by no means routine internal corporate moves. The underlying cause is a core sovereignty defense campaign waged by the Dai family, the actual controllers, to block external capital predation during a bitter cold period in which the controlling shareholder is mired in debt and its pledge-increase commitment has collapsed.
The prevailing superficial consensus in the industry holds that having the actual controller double as chairman improves decision-making efficiency. This hollow truism obscures the debt meat grinder hanging like dark clouds over Baolingbao's head.
Tracing upward through Tianyancha's equity and judicial risk radar reveals the brutal truth behind Dai Sicong's forced appointment. The information shows that Baolingbao's controlling shareholder, Beijing Yongyu Investment, is now deeply embroiled in litigation, with enforced amounts exceeding 200 million yuan under its name and core equity facing high-frequency freezes. In such a moment of capital suffocation, professional manager Wang Qiang, with no leverage of his own, could never serve as a rigid firewall for the behind-the-scenes actual controllers at the negotiating table for restructuring talks and debt extensions involving billions in assets. The Dai family had to keep ultimate legal authority and the company seal firmly in the hands of blood relatives.
The capital lineage associated with new helmsman Dai Sicong has long spanned U.S.-listed shell companies. His personal entry into the fray is, in essence, a shrewd asset-avoidance play. At a sensitive juncture when the functional sugar market has only just seen a modest rebound after intense earlier capacity competition, the controlling shareholder's 200 million yuan debt minefield could at any moment trigger a chain of equity auctions, leading to a change of control at the listed company. Dai Sicong's iron-fisted ascension is precisely about securing first-mover legal control in future debt-resolution negotiations, preventing vulture capital scouting for target assets from making malicious bottom-fishing moves.
The evolution of business has always been cold-blooded. The steady cash-generating power of manufacturing is all too easily liquidated ruthlessly by aggressive upper-level capital. The registered capital of nearly 400 million yuan and the long trail of changes left in Tianyancha's files stand as a sobering bill for this supply-chain defense storm. Wang Qiang's retreat and Dai Sicong's rise to power are a distorted microcosm of a sugar-substitute giant under the gravity of capital. Teams lacking pixel-level internal controls at the top capital defense line will ultimately pay a heavy price in the debt backlash of major shareholders. And Dai Sicong, having completed the suturing of power, is now coldly calculating the family's last line of defense amid the turbulent tide of debt resolution with his rebuilt governance shell.
