Prep the aromatics and pork: Slice the ginger into coins, smash the garlic, and cut the scallions into 2-inch lengths. Rinse and pat the pork belly dry.
Sear the pork: Heat 1 tbsp neutral oil in a heavy pot over medium-high. Add the pork belly, skin side down, and sear until lightly browned, 6–8 minutes total. Transfer pork to a plate.
Start the braise: Return the pork to the pot along with the ginger, garlic, and scallions. Add the Shaoxing rice wine, light soy sauce, dark soy sauce, rock sugar, Chinese five-spice, star anise, and 3 cups of the water. Bring to a boil, skim foam, then reduce to low, cover, and simmer until the pork is very tender but still sliceable, 1 hour 30 minutes–2 hours.
Mix the bao dough: In a large bowl, combine 1.25 cups warm water, 2 tbsp of the granulated sugar (from the 6 tbsp total), and the instant yeast; let stand until foamy, 5 minutes. Add the all-purpose flour, baking powder, salt, and 2 tbsp neutral oil. Mix to a shaggy dough, then knead until smooth and elastic, 8–10 minutes. Cover and let rise in a warm spot until doubled, 60–75 minutes.
Shape the buns: Turn the dough out, gently deflate, and divide into 12 equal pieces. Roll each into a ball, then into an oval about 6 inches by 3.5 inches. Brush the tops with 1 tbsp neutral oil total. Place a strip of parchment on each, fold in half to form a half-moon, and set on parchment squares. Cover and proof until puffy, 30–40 minutes.
Make the peanut-sugar: Pulse the roasted peanuts in a food processor to a fine, fluffy crumb (avoid turning into paste). Mix with the remaining 4 tbsp granulated sugar; set aside.
Steam the buns: Bring a steamer to a rolling boil. Arrange the proofed buns on parchment squares with space to expand. Steam in batches until the buns are puffed, matte, and cooked through, 8–10 minutes. Keep warm under a clean towel.
Finish the pork: Transfer the pork belly to a board. Bring the braising liquid to a lively simmer and reduce until glossy and slightly thick, 5–8 minutes. Slice the pork belly crosswise into 0.5-inch thick pieces.