知名平台人去楼空，涉案金额或超亿元，CEO被带走

Core Viewpoint - The article highlights the issues faced by the Baibaokun platform, particularly regarding delayed payouts and unfulfilled promises of rebates, leading to consumer complaints and potential legal troubles for the company [1][8][12]. Summary by Sections Consumer Complaints - Multiple consumers have reported that Baibaokun failed to deliver promised rebates and refunds, with complaints exceeding 40 cases by November 18, 2025, involving amounts ranging from thousands to tens of thousands of yuan [1][8]. - A specific case involved a consumer who purchased 20 home care rights for a total of 8,600 yuan, expecting to receive 100 JD gift cards worth 10,000 yuan by September 18, 2025, but faced delays and excuses from customer service [1][8]. Company Operations - Baibaokun's parent company, Baibao (Shanghai) Technology Co., has reportedly moved from its registered office and has a non-functional contact number, indicating operational difficulties [5][6]. - The company's CEO, Li Xuefeng, has been taken into police custody, with investigations suggesting involvement in a case exceeding 100 million yuan [6][8]. Business Model and Strategy - Baibaokun's business model relies heavily on a rebate system to attract customers, which has led to unsustainable practices and eventual failure to meet obligations [8][15]. - The platform initially aimed to connect consumers with health products and services through a data-driven approach, but has shifted towards a model that resembles a Ponzi scheme, focusing on rebates rather than actual insurance sales [18][19]. Historical Context - Founded in October 2020, Baibaokun was incubated by ZhongAn Technology and aimed to leverage technology to meet health insurance needs [20][25]. - The company has undergone several rounds of financing, raising millions in capital, but has struggled to maintain its original vision of a data-driven insurance platform [25][26].