Core Viewpoint - The recent controversy surrounding "Baibaokun" has led to numerous complaints about the inability to redeem shopping cards, indicating potential operational issues within the company [1][5]. Company Overview - Baibaokun is a platform under Baibao (Shanghai) Technology Co., Ltd., launched in October 2020 by ZhongAn Technology, primarily functioning as a health service search engine [3]. User Complaints - Since October, there have been 24 complaints on a platform regarding Baibaokun, all related to the failure to return shopping cards upon expiration [1]. - Users have reported difficulties in redeeming their cards, with some stating they have not received their cards despite the products being due [5]. Operational Issues - The company’s previous office was vacated in September, and attempts to contact the company via phone have been unsuccessful, indicating possible operational shutdown [5]. - Users speculate that the platform may have ceased operations, with some expressing concerns about the company's legitimacy [5]. Business Model - Baibaokun's business model involves offering "rights products" with high returns, such as purchasing insurance for a fee and receiving shopping cards in return, which has been described as a "money-making scheme" [6]. - For example, a product priced at 2,690 yuan offers a return of 500 yuan in shopping cards for each of the six periods, effectively making the insurance free while providing additional value [6]. Legal Concerns - Legal experts have indicated that the company's practices may constitute illegal fundraising or investment fraud, as they deviate from standard insurance services [8]. - The legal representative of Baibaokun has been taken into custody for investigation, with the amount involved potentially exceeding 100 million yuan [8].