Former Betaine Executive Dong Junzi Cashes Out Over 700 Million Yuan, Acquires Competitor, and Faces Criminal Detention
English summary
Dong Junzi, a key founder of Betaine’s Winona brand, held 6.29% equity pre-IPO worth over 4.2 billion yuan. Between 2022 and 2023, he cashed out more than 700 million yuan through successive share sales. After resigning in March 2023, he quickly acquired rival brand 'Pibao' and hired multiple Betaine executives. In December 2023, Betaine’s legal actions led to Dong’s criminal detention, and the company later posted its first annual revenue decline in 2025, down 6.58%. The dispute highlights deep tensions between family-controlled ownership and professional managers in China’s beauty industry.
Chinese summary
董俊姿是贝泰妮核心品牌薇诺娜的关键缔造者，上市前持股6.29%账面财富超42亿元。他在2022年至2023年间通过连续减持累计套现超7亿元。2023年3月离职后，不到三个月便收购竞争品牌“皮宝”，并带走多位贝泰妮原高管。贝泰妮随即启动法律程序，董俊姿于2023年12月被刑事拘留。该事件伴随贝泰妮2025年营收同比下降6.58%，出现上市以来首次负增长。这一纠纷折射出国货美妆家族集权与职业经理人之间的深层矛盾。
Key points
Dong Junzi, instrumental in building Betaine's Winona, held 6.29% pre-IPO stake and cashed out over 700 million yuan via share sales.
董俊姿为贝泰妮薇诺娜品牌核心人物，上市前持股6.29%，通过减持套现超7亿元。
After resigning in March 2023, he acquired competitor Pibao and poached former Betaine executives, triggering legal action.
离职后三个月内收购竞品皮宝并带走多位原高管，引发贝泰妮采取法律手段。
Dong was criminally detained in December 2023; Betaine's 2025 revenue fell 6.58%, its first annual decline since listing.
董俊姿于2023年12月被刑事拘留；贝泰妮2025年营收下滑6.58%，为上市后首度负增长。
The case exemplifies the structural conflict between family-owned firms and professional managers in China's beauty sector.
此案凸显国货美妆家族集权制度与职业经理人之间的结构性冲突。