ZA ONLINE(HK:06060) Di Yi Cai Jing·2025-11-13 00:57Core Viewpoint - The incident involving the high rebate scheme of Baibaokun, incubated by ZhongAn Insurance, has led to significant financial implications and ongoing investigations, with ZhongAn Insurance distancing itself from the operational management of Baibaokun [1][2]. Group 1: Company Actions - ZhongAn Insurance announced the complete transfer of shares in Baibaokun's operating company, Baibao (Shanghai) Technology Co., Ltd., following the high rebate incident [1]. - The company stated that it had not participated in the actual management of Baibao and had not received operational feedback since 2023 [1]. - ZhongAn Insurance is currently monitoring the investigation by law enforcement, claiming to be a victim in this situation [1]. Group 2: Business Model and User Impact - Baibaokun attracted customers through a model involving "purchase rights + excessive returns of JD.com gift cards + high points rewards," but is currently unable to fulfill promised returns [2]. - Users reported that the total amount involved in the Baibaokun incident could exceed 100 million yuan, although this figure has not been independently verified [2]. - The operational company, Baibao, was established in April 2021, with a registered capital of approximately 12.16 million yuan and a paid-in capital of 6.92 million yuan [2].