百保君高额返利暴雷，涉案或超亿元，实控人被警方调查

Core Viewpoint - The health service platform Baibaojun, incubated by ZhongAn Technology, has suddenly faced a payment crisis, with numerous users reporting that the promised returns in JD gift cards for purchased rights products from July to September could not be fulfilled [1][6] Company Overview - Baibaojun was established in October 2020 by ZhongAn Technology, initially positioned as a health service vertical search engine [1][6] - The company’s legal representative and actual controller is Li Xuefeng, who previously served as the CTO of ZhongAn Technology [1][6] Business Model - Baibaojun's business model involved purchasing low-cost rights, offering excessive returns in JD gift cards, and providing high reward points, which attracted a large number of investors [1][5] - Users could purchase rights products at prices such as 89 yuan, with a return of 100 yuan in JD gift cards, alongside a points system that incentivized referrals [5][6] Financial Implications - The total amount involved in the Baibaojun crisis may exceed 100 million yuan, although the exact scale has not been officially confirmed [1][6] - A user reported a return of approximately 16% on an investment of 18,000 yuan within two months, indicating an annualized return rate close to 100%, which is unsustainable in a normal business environment [5][6] Regulatory Concerns - The incident highlights significant risks associated with high-reward models in the internet finance sector, resembling characteristics of a Ponzi scheme [1][5] - The lack of timely intervention by ZhongAn Technology raises questions about shareholder responsibility and potential legal implications [6][8] Market Context - The Baibaojun incident is part of a broader trend of risk events in the internet finance sector, where innovative financial products often mask illegal fundraising activities [9] - The case underscores the need for regulatory frameworks to address the gaps that allow such high-risk activities to flourish under the guise of financial innovation [9]