宝宝树 / BabyTree

BabyTree is the mother-and-baby community and platform case in No.200 电商三国之群雄逐鹿：腰挂公章、持剑拒签，以及 108 种死法. The episode uses its listing, later delisting, and dramatic finance-seal control conflict to show how community traffic, vertical category fit, and public-market status can still unravel under governance and business-model pressure.

Connections

• 红孩子 / Redbaby, 蜜芽 / Mia, and 贝贝网 / Beibei — mother-and-baby ecommerce branch.
• Startup Governance — seal, finance, and control-rights conflict.
• Vertical Ecommerce Failure Modes — category platform relevance problem.