Core Viewpoint - The slow progress of the stock buyback plan by Songjing Investment, controlled by the actual controller of Baolingbao, raises concerns about the company's financial health and governance issues, as the promised increase of 5%-10% in shares has not been met, with only 0.3418% completed so far [1][2][4]. Group 1: Buyback Plan Details - On October 8, 2024, Baolingbao announced that Songjing Investment planned to increase its stake by 5%-10% within six months, amounting to 1,848,840 to 3,697,670 shares [1][2]. - As of March 22, 2025, only 1,299,400 shares had been bought back, representing 0.3514% of the total share capital, which later adjusted to 0.3418% due to stock incentive plans [2]. - The buyback plan was extended by 12 months to April 7, 2026, due to reasons related to the actual controller's financial arrangements [2][4]. Group 2: Financial Difficulties - The financial struggles of the controlling shareholder, Yongyu Investment, have been highlighted, with multiple court cases leading to significant debt obligations, including amounts of 35.156315 million and 66.199211 million yuan [5][6]. - The actual controller, Dai Sijue, has been listed as a "dishonest executor" and has faced restrictions on high consumption since September 2024, further complicating the buyback situation [6][8]. Group 3: Governance Issues - Concerns have arisen regarding the governance of Baolingbao, particularly the authenticity of Dai Sijue's role as chairman, as board meetings have been conducted via remote voting since his restrictions began [9]. - The company has faced scrutiny over internal control deficiencies, highlighted by a short-term trading incident involving the secretary's father, raising questions about compliance and potential insider trading [10][14]. - The lack of clear communication from the company regarding the chairman's ability to fulfill his duties has left investors anxious about the company's leadership and direction [9][17].