百保君“高额返利”暴雷，曾由众安保险孵化

Core Viewpoint - Recent reports indicate that users of Baibaokun have not received promised rewards, leading to complaints and investigations into the company's operations and business model [1][4][7]. Group 1: Company Overview - Baibaokun is a health service vertical search engine established in October 2020 by Zhong An Technology, a subsidiary of Zhong An Insurance, which is China's first internet insurance company [1][20]. - The company operates through a WeChat mini-program and has been involved in various financing rounds, raising over 100 million yuan in total [22][24]. Group 2: Business Model - Baibaokun's business model involves users purchasing rights with promises of high returns in the form of JD.com gift cards and points, which can be redeemed or withdrawn [4][9]. - For example, a product priced at 89 yuan promises a return of 100 yuan in JD.com gift cards, creating an almost risk-free arbitrage opportunity for users [4][12]. Group 3: User Complaints and Legal Issues - Users have reported that they did not receive the promised JD.com gift cards upon the expiration of their purchased rights, leading to a surge in complaints [7][9]. - The company has reportedly been placed under investigation, with claims that the total amount involved may exceed 100 million yuan [4][9]. Group 4: User Experience and Incentives - Users have expressed confusion regarding the company's profit model, as the high returns and points system seem unsustainable [19][20]. - Many users have engaged in the platform primarily for the points system, which allows for significant earnings through referrals and purchases [19][20]. Group 5: Relationship with Zhong An Insurance - Baibaokun's connection to Zhong An Insurance has been a point of trust for users, as the latter's brand is seen as a form of endorsement [20][22]. - The ownership structure shows that Zhong An Technology holds a significant stake in Baibaokun, further linking the two entities [20][21].