ZA ONLINE(HK:06060) Sou Hu Cai Jing·2025-11-19 11:05Core Insights - The recent default incident involving Baibaokun has attracted significant public attention, highlighting issues within the company's operational model and financial stability [1][3]. Company Overview - Baibaokun was established in October 2020 by ZhongAn Technology, aiming to create a data-driven algorithmic insurance platform that leverages technology to meet digital health needs and offers a "help buy" model for users [1]. - The company operates by selling rights, offering excess recharge cards, and providing redeemable points to attract users [3]. Financial Issues - Since September, multiple users have reported that the recharge cards provided by Baibaokun are not being honored, leading to over 40 complaints by November 18, with amounts ranging from thousands to tens of thousands of yuan [3]. - The legal representative and CEO, Li Xuefeng, has been taken into police custody, with the involved amount potentially exceeding 100 million yuan [3]. Shareholder Structure - Baibaokun is operated by Baibao (Shanghai) Technology Co., with its top five shareholders including ZhongAn Information Technology Service Co. (24.68%), Li Xuefeng (21.33%), and others [3]. - ZhongAn Information Technology Service Co., established in 2016, is a wholly-owned subsidiary of ZhongAn Insurance, which is backed by major shareholders including Ping An Insurance, Tencent, and Ant Group [4]. Management Background - Li Xuefeng, the second-largest shareholder and CEO of Baibaokun, has a background with ZhongAn Technology and has previously worked at J.P. Morgan, Amazon, Southeast Rongtong, and Alibaba [4]. - ZhongAn Insurance stated that while it invested in Baibaokun through intangible asset valuation, it did not participate in the actual management of the company [4].