百保君“权益产品+返卡+积分兑换”模式现兑付危机

Core Viewpoint - Baibaokun, a health service (insurance) vertical search engine, is facing a public relations crisis due to its failure to deliver promised rewards, leading to speculation about the company's potential exit from the market [1][3][4] Business Model - Baibaokun operates on a model that combines "rights products + JD.com card rewards + points redemption," which has contributed to its current predicament [2][5] - The platform's promotional strategy involved selling insurance-like products with high promised returns in the form of JD.com gift cards, creating a perception of free insurance [5][6] User Complaints - Users have reported that they are no longer receiving the promised JD.com cards after purchasing rights products, leading to widespread dissatisfaction and speculation about the company's stability [3][4][6] - A significant number of users in various online groups are expressing concerns about their inability to redeem the promised rewards, with some suggesting that the platform may have ceased operations [3][6] Company Operations - Investigations revealed that Baibaokun's office had vacated its premises in September, and attempts to contact the company were unsuccessful due to a disconnected phone line [4][6] - The company has not provided updates on its operations since mid-2023, raising further concerns about its viability [10] Legal Implications - Legal experts have indicated that Baibaokun's business model may constitute illegal fundraising or investment fraud due to its characteristics of a Ponzi scheme and the promise of high returns without a legitimate revenue source [8][11] - The platform's practices have raised alarms regarding compliance with financial regulations, particularly concerning the provision of benefits outside of standard insurance contracts [12][13]