来源：@华夏时报微博 华夏时报记者 董红艳 北京报道 "祥源系"金融暴雷事件持续发酵背景下，实控人俞发祥因涉嫌犯罪被采取刑事强制措施的消息，让祥源文旅（维 权）（600576.SH）、交建股份（维权）（603815.SH）、海昌海洋公园（02255.HK）三家公司的股价雪上加霜。 不过，12月24日，三家上市公司股价集体小幅回调。 对此，业内专家分析认为，市场情绪确实有短期修复的表现，但要说利空出尽还为时尚早，核心风险其实还没完 全解除。 市场上仍然存在资金占用方面疑虑。对此，祥源文旅、交建股份工作人员均向《华夏时报》记者回应，称当前自 查无类似情况。 上市主体股价集体回调 12月22日晚，祥源文旅、交建股份、海昌海洋公园同步发布公告称，实控人俞发祥因涉嫌犯罪被绍兴市公安局采 取刑事强制措施，案件正在调查过程中。 在上述消息的打击下，12月23日，祥源文旅股价下跌2.80%。同为"祥源系"上市公司的交建股价下跌4.89%，海昌 海洋公园跌7.29%。 "买了祥源的朋友真累，天天担忧这，担忧那。"12月24日，有股民在互动平台吐槽。总体看来，自11月底，"祥源 系"金融产品被爆兑付违约以来，"祥源系"三家上市公 ...

Core Viewpoint - The internal conflict within Dream Jie Co., Ltd. has escalated, with board member Chen Jie publicly accusing Chairman Jiang Tianwu and Secretary Li Jun of obstructing investor rights and mismanagement since the introduction of investors in 2022 [1][2] Group 1: Allegations and Responses - Chen Jie publicly accused the management of Dream Jie of preventing investors from accessing essential operational and financial data, leading to a situation where actual investments did not translate into control or rights [1][5] - In response, Dream Jie issued a statement claiming that Chen Jie's allegations were false and damaging to the company's reputation, and announced legal actions against her [1][2] Group 2: Financial and Operational Impact - Following the public allegations, Dream Jie’s stock price declined for two consecutive days, reflecting investor concerns over the ongoing internal disputes [2][12] - The company's financial performance has been declining, with a reported revenue drop of 14.83% year-on-year in the first half of the year, despite a net profit increase of 26.27% [12] Group 3: Shareholder Dynamics - The conflict stems from a complex acquisition process initiated in June 2022, where Chen Jie claims that the actual control of the company remains with the original shareholders despite the investment from Jin Sen New Energy [3][8] - Chen Jie has raised multiple objections to the company's financial reports, indicating a rare case of a shareholder consistently voicing dissent within the A-share market [9][12] Group 4: Background of the Investment - The acquisition involved Jin Sen New Energy purchasing shares from the original controlling shareholders, but Chen Jie alleges that the true source of funds and the actual control dynamics were not transparently disclosed [3][10] - The involvement of Liu Bian, who is linked to a financial fraud case, raises questions about the legitimacy of the funding used for the acquisition [10][11]

Core Insights - The health service platform "Baibaokun" is facing a redemption crisis, with numerous users reporting that promised JD E-cards and points are not being honored, and the company's Shanghai office is vacant [1] - The business model of Baibaokun is fundamentally based on "purchasing insurance rights + high returns in JD cards + redeemable points," with annualized returns significantly exceeding reasonable limits [1] Group 1: Business Model and Operations - Baibaokun offers products such as "Flexible Employment Travel Accident Insurance Rights," priced at 89 yuan, which includes a maximum compensation of 100 yuan and a JD E-card worth 100 yuan after 60-65 days [1] - The model allows consumers to purchase a 100 yuan JD E-card for 89 yuan, effectively yielding an 11% profit per card, along with a free insurance product valued at 100 yuan, resulting in a total return of 111% [1] - The platform also features a "Pet Treatment Subsidy Rights" product priced at 1840 yuan, which offers a 2000 yuan JD card, with the card issued 45-47 days post-purchase [1] Group 2: Legal and Regulatory Concerns - Legal experts suggest that Baibaokun's operations may fall outside the normal insurance value-added services, potentially constituting illegal fundraising or investment fraud [1] - Since September, discussions regarding Baibaokun's redemption crisis have proliferated on social media, with users claiming that previously purchased rights have not resulted in the promised JD E-cards [1] - As of November 17, there were 41 complaints filed against Baibaokun on the Black Cat Complaint platform, primarily concerning the non-issuance of JD E-cards and delays in the WeChat mini-program [1] Group 3: Company Background - Baibaokun is operated by Baibao (Shanghai) Technology Co., Ltd., with its only clear institutional background being Zhong An Information Technology Service Co., Ltd., a wholly-owned subsidiary of Zhong An Insurance [2] - Zhong An Insurance has stated that its subsidiary Zhong An Technology has transferred all shares of Baibao Technology, indicating that they are also victims in this situation and are monitoring the investigation [2]

Core Viewpoint - The news highlights the collapse of the mobile rental platform Qingyun Rent, operated by Wuhan Qingqing Times Network Technology Co., Ltd, which has left over 600 investors trapped with more than 300 million yuan in funds, as the company allegedly engaged in fraudulent activities disguised as a legitimate rental business [2][3][4]. Group 1: Company Operations and Promises - Qingyun Rent promised investors an annualized return of 16.8% by converting their investments into mobile phones for rental purposes, creating an illusion of high demand and profitability [2][5][14]. - The company claimed to purchase iPhones at a lower price and rent them out, assuring investors of returns after deducting operational costs [6][14]. - Despite the platform appearing operational, investors faced withdrawal issues starting from late September, leading to protests outside the company's office [3][7]. Group 2: Allegations of Fraud - Investigations revealed that Qingyun Rent may not have actually purchased phones for rental but instead used fake logistics to create the appearance of legitimate operations, while engaging in high-interest lending practices with rates as high as 200% annually [3][4][37]. - Employees reported that the company operated more like a lending institution under the guise of a rental service, lacking the necessary financial licenses [37][40]. - The company’s claims of having a strong background with state-owned capital and plans for an IPO were found to be misleading, as the actual financial health of its parent company was poor [27][28][30]. Group 3: Investor Experiences and Reactions - Many investors, driven by the promise of high returns and low entry barriers, invested significant amounts, often using loans or borrowing from friends and family [9][13][21]. - Following the platform's collapse, investors reported difficulties in withdrawing funds, with some receiving only partial repayments after signing agreements to accept delayed payments [10][41]. - The situation has led to numerous complaints and police investigations, with many investors now seeking legal recourse [41][42].

Core Insights - The health service platform "Baibaokun" is facing a redemption crisis, with numerous users reporting that promised JD E-cards and points cannot be redeemed, and the company's Shanghai office is vacant [1] - The business model of Baibaokun is fundamentally based on "purchasing insurance rights + high returns in JD cards + redeemable points," with annualized returns significantly exceeding reasonable limits [1] - Legal experts suggest that the operations of Baibaokun may constitute illegal fundraising or fraud, as the offerings have deviated from normal insurance value-added services [1] Company Overview - Baibaokun is operated by Baibao (Shanghai) Technology Co., Ltd., with its only clear institutional background being Zhong'an Information Technology Service Co., Ltd. (Zhong'an Technology), a wholly-owned subsidiary of Zhong'an Insurance [2] - Zhong'an Insurance has stated that its subsidiary Zhong'an Technology has transferred all shares of Baibaokun's operating entity, Baibao Technology, and claims to be a victim in the ongoing investigation [2] User Complaints - Since September, discussions regarding the "Baibaokun redemption crisis" have proliferated on social media, with many users claiming that previously purchased rights have not resulted in the promised JD E-card returns [1] - As of November 17, there were 41 complaints about Baibaokun on the Black Cat Complaint platform, primarily concerning the failure to return JD E-cards upon expiration and delays in issuing JD E-cards through the Baibaokun WeChat mini-program [1]

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].

Core Viewpoint - The recent controversy surrounding "Bai Bao Jun" has raised concerns about its operational integrity, with numerous complaints from users regarding the inability to redeem shopping cards after purchasing health-related products [2][4][9]. Group 1: Company Overview - Bai Bao Jun is a platform under Bai Bao (Shanghai) Technology Co., Ltd., launched in October 2020, primarily serving as a health service search engine [4]. - The company has reportedly vacated its office space as of September, indicating potential operational issues [6]. Group 2: User Complaints and Issues - Since October, there have been 24 complaints on a platform regarding Bai Bao Jun, all related to the failure to return shopping cards upon product expiration [2]. - Users have expressed frustration in various online groups, with some claiming they have not received their promised shopping cards despite purchasing multiple health products [7]. Group 3: Business Model and Legal Concerns - Bai Bao Jun's business model involves selling health-related products with high-value shopping card returns, which has been described as a "rights product + high return" scheme [9][11]. - Legal experts have indicated that this model may constitute illegal fundraising or investment fraud, as it deviates from standard insurance services [11]. - The legal representative of Bai Bao Jun has been taken into police custody, with investigations suggesting that the amount involved may exceed 100 million [11].

Core Viewpoint - The "Bai Bao Jun redemption crisis" has gained significant attention on social media, with users expressing concerns about the inability to redeem previously purchased benefits for JD.com gift cards [1] Company Overview - Bai Bao Jun is a platform under Bai Bao (Shanghai) Technology Co., Ltd., functioning as a health service search engine that primarily sells rights products and offers JD.com gift cards as returns [3][4] Recent Developments - The company has faced operational issues, with reports indicating that its office was vacated by September, leading to speculation about potential fraud or the company running away [5][6][7] - Users have reported difficulties in redeeming their gift cards, with some claiming they have not received the full amount promised [5][10] Business Model - Bai Bao Jun's business model involves selling rights products with high return promises, such as offering JD.com gift cards in exchange for purchasing insurance products [8][9] - For example, a user could pay 2,690 yuan for a six-period insurance plan, receiving 500 yuan in JD.com gift cards for each period, effectively making the insurance free while providing additional value [8] User Engagement and Incentives - The platform also promotes user engagement through a points system, where users can earn points by purchasing products or referring friends, which can be redeemed for other benefits [11] - Many users have accumulated significant amounts of JD.com gift cards, raising concerns about the sustainability of the business model [10] Legal and Regulatory Concerns - Legal experts have raised alarms about the platform's operations, suggesting that the model resembles illegal fundraising or Ponzi schemes due to its reliance on user deposits and promises of high returns [12] - The involvement of Zhong An Insurance, which previously held a stake in Bai Bao Jun, has come under scrutiny, with claims that the company has distanced itself from the platform following the crisis [13][14]

Core Viewpoint - The "Baibaokun redemption crisis" has gained significant attention on social media, with users expressing concerns about the inability to redeem their purchased benefits for JD.com gift cards [1][4]. Company Overview - Baibaokun is a health service search engine under Baibao (Shanghai) Technology Co., Ltd., primarily focused on advertising and customer acquisition [1]. - The company has been operational for five years but has recently encountered serious issues [2]. Operational Issues - The original office location was vacated by September, indicating potential operational shutdown [3][5]. - Users in various online groups are reporting difficulties in redeeming their gift cards, with some claiming they have not received the full amount promised [4]. Business Model - Baibaokun's business model involves selling benefit products with high return rates in the form of JD.com gift cards, which has attracted users seeking financial incentives [7][8]. - For example, a product priced at 2,690 yuan offers a return of 500 yuan in gift cards for each of the six installments, effectively providing a free insurance policy along with additional value [7]. User Engagement and Incentives - The platform also offers a points system where users can earn points through purchases and referrals, further incentivizing engagement [10][11]. - Many users have accumulated significant numbers of gift cards, leading to concerns about the platform's ability to fulfill these promises [8]. Legal and Regulatory Concerns - Legal experts suggest that Baibaokun's operations may constitute illegal fundraising or investment fraud due to the characteristics of its business model, which resembles a Ponzi scheme [12]. - The platform's promise of high returns and the structure of its financial operations raise red flags regarding compliance with financial regulations [12]. Corporate Response - Zhong An Insurance, which initially backed Baibaokun, has reportedly transferred all shares of the operating company and claims to be a victim in this situation [14][15]. - The legal implications of this transfer and the responsibilities of Zhong An Insurance in relation to Baibaokun's operations are still under scrutiny [15].

Core Viewpoint - Baibaokun, a health service (insurance) vertical search engine, is facing a public relations crisis due to its failure to deliver promised rewards, leading to speculation about the company's potential exit from the market [1][3][4] Business Model - Baibaokun operates on a model that combines "rights products + JD.com card rewards + points redemption," which has contributed to its current predicament [2][5] - The platform's promotional strategy involved selling insurance-like products with high promised returns in the form of JD.com gift cards, creating a perception of free insurance [5][6] User Complaints - Users have reported that they are no longer receiving the promised JD.com cards after purchasing rights products, leading to widespread dissatisfaction and speculation about the company's stability [3][4][6] - A significant number of users in various online groups are expressing concerns about their inability to redeem the promised rewards, with some suggesting that the platform may have ceased operations [3][6] Company Operations - Investigations revealed that Baibaokun's office had vacated its premises in September, and attempts to contact the company were unsuccessful due to a disconnected phone line [4][6] - The company has not provided updates on its operations since mid-2023, raising further concerns about its viability [10] Legal Implications - Legal experts have indicated that Baibaokun's business model may constitute illegal fundraising or investment fraud due to its characteristics of a Ponzi scheme and the promise of high returns without a legitimate revenue source [8][11] - The platform's practices have raised alarms regarding compliance with financial regulations, particularly concerning the provision of benefits outside of standard insurance contracts [12][13]