Core Viewpoint - The article highlights the issues faced by the Baibaokun platform, particularly regarding its failure to fulfill promised rebates and refunds, leading to multiple consumer complaints and potential legal troubles for the company [1][2][11]. Group 1: Consumer Complaints - A consumer reported on a complaint platform that they purchased 20 home care rights from Baibaokun for a total of 8,600 yuan, expecting to receive 100 JD gift cards worth 100 yuan each by September 18, 2025, but the company failed to deliver by the promised date [1][11]. - As of November 18, 2025, over 40 complaints related to Baibaokun have been recorded, with amounts ranging from thousands to tens of thousands of yuan [2]. Group 2: Company Operations and Legal Issues - Baibaokun's parent company, Baibao (Shanghai) Technology Co., Ltd., has reportedly moved from its registered office and its contact number is no longer in service. The CEO, Li Xuefeng, has been taken into police custody for investigation, with the involved amount potentially exceeding 100 million yuan [6]. - The company's business model, which initially aimed to connect consumers with health products and services, has shifted towards a rebate-driven model that has led to its current operational failures [17][21]. Group 3: Business Model and Marketing Strategy - Baibaokun's reliance on a "subsidy for traffic" customer acquisition strategy has been identified as a key factor in its operational issues, moving away from its original insurance sales commission model [17][21]. - The platform's promotional strategy included offering consumers the chance to purchase rights products with the promise of receiving equal or greater value in gift cards, creating a "no-risk" perception [11][20]. Group 4: Company Background and Funding - Baibaokun was established in October 2020, backed by a team with dual expertise in insurance and technology, and has undergone several rounds of funding, including angel rounds and a Pre-A round [23][28]. - The company was initially positioned as a data-driven algorithmic insurance platform, aiming to leverage technology to meet health needs, but has faced challenges in aligning its operational practices with its stated goals [23][28].

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].

Core Insights - The article highlights the issues faced by the Baibaokun platform, particularly regarding delayed payouts and unfulfilled promises to consumers [1][2][3] Group 1: Consumer Complaints - Multiple consumers have reported that Baibaokun failed to deliver promised rewards and refunds, leading to numerous complaints on social media and complaint platforms [2][3] - As of November 17, 2025, complaints related to Baibaokun have reached dozens, with amounts ranging from thousands to tens of thousands of yuan [2] - The platform's promise of returning value through rewards has not been met, causing dissatisfaction among users [3][9] Group 2: Business Model and Operations - Baibaokun's business model relies heavily on a "rebate" system, where consumers purchase rights to receive higher-value rewards, creating a "no-loss" scenario [3][4] - The platform's operational strategy involves user acquisition through subsidies, which has led to a shift from its original insurance sales model to a reliance on "rights products + rebates" [7][9] - The company has faced legal scrutiny, with investigations initiated by law enforcement due to the scale of complaints and potential financial misconduct [2][6] Group 3: Company Background and Development - Baibaokun was established in October 2020, incubated by ZhongAn Technology, with a focus on data-driven algorithmic insurance [10][12] - The company has undergone several rounds of financing, raising millions in angel and pre-A rounds, indicating initial investor confidence [13][14] - Despite its technological aspirations, the recent payout failures reveal significant operational flaws and a deviation from its intended business model [12][14]