Core Viewpoint - The recent controversy surrounding "Baibaokun's collapse" has raised concerns among users regarding the company's business model and its ability to fulfill promised rewards, particularly the return of JD.com gift cards [2][4]. Group 1: Company Overview - Baibaokun is a health service vertical search engine established in October 2020 by Zhong An Technology, a subsidiary of Zhong An Insurance, which is China's first internet insurance company [2][24]. - The company operates under the name Baibaokun (Shanghai) Technology Co., Ltd., with a registered capital of approximately 12.16 million yuan and a paid-in capital of 6.92 million yuan [24]. Group 2: Business Model - Baibaokun's customer acquisition strategy involves a model of "purchasing rights + excess return of JD.com gift cards + high points rewards," which has raised questions about its profitability [4][13]. - For example, a product priced at 89 yuan promises a return of a 100 yuan JD.com gift card, creating an almost risk-free arbitrage opportunity for users [4][15]. Group 3: User Complaints - Users have reported widespread issues with Baibaokun, particularly regarding the failure to return promised JD.com gift cards upon the expiration of purchased rights [7][11]. - As of October, there have been 24 complaints on a platform regarding Baibaokun, all pointing to the inability to receive JD.com gift cards after the expiration of rights [7]. Group 4: Financial Implications - The total amount involved in complaints against Baibaokun may exceed 100 million yuan, although this figure has not been independently verified [4]. - Users have expressed confusion over how Baibaokun generates profit given the high rewards promised, leading to skepticism about the sustainability of its business model [22][23]. Group 5: Relationship with Zhong An Insurance - Baibaokun was incubated by Zhong An Technology, which holds a 24.68% stake in the company, raising questions about the accountability of Zhong An Insurance in the event of Baibaokun's failure to deliver on its promises [24][26]. - Users have previously inquired whether Zhong An Insurance would be responsible for Baibaokun's obligations, indicating a reliance on the brand's reputation [26].

Core Viewpoint - The article discusses the recent issues surrounding "Baibaokun" and its failure to return promised rewards to users, raising concerns about its business model and potential risks associated with its operations [3][5][10]. Group 1: Company Overview - Baibaokun is a health service vertical search engine established in October 2020 by Zhong An Technology, a subsidiary of Zhong An Insurance, which is China's first internet insurance company [3][31]. - The company operates through a WeChat mini-program and has been involved in a controversial business model that combines purchasing rights with excessive returns in the form of JD.com gift cards and high reward points [3][5][16]. Group 2: Business Model and User Complaints - Baibaokun's model involves users purchasing rights for a fee, with promises of returning higher-value JD.com gift cards and points, creating an almost risk-free arbitrage opportunity for users [5][18]. - Users have reported widespread issues, with many claiming they did not receive the promised JD.com gift cards after their rights expired, leading to a surge in complaints on various platforms [10][11][12][13]. - The total amount involved in complaints may exceed 100 million yuan, indicating a significant scale of the issue [5]. Group 3: User Experience and Incentives - Users are attracted to Baibaokun primarily due to the high rewards points that can be redeemed or withdrawn, rather than the rights themselves, which are often seen as secondary [26][28]. - The platform incentivizes users to recruit others, allowing them to earn points through referrals, which has led to a focus on recruitment rather than the actual use of the rights purchased [29]. Group 4: Financial Backing and Corporate Structure - Baibaokun has received multiple rounds of funding, including a 50 million yuan Pre-A round in April 2022, indicating investor confidence despite the current issues [33]. - The company is structured with Zhong An Technology as its largest shareholder, holding a 24.68% stake, which raises questions about the accountability and oversight from its parent company [31][32].

Core Viewpoint - Recent reports indicate that users of Baibaokun have not received promised rewards, leading to complaints and investigations into the company's operations and business model [1][4][7]. Group 1: Company Overview - Baibaokun is a health service vertical search engine established in October 2020 by Zhong An Technology, a subsidiary of Zhong An Insurance, which is China's first internet insurance company [1][20]. - The company operates through a WeChat mini-program and has been involved in various financing rounds, raising over 100 million yuan in total [22][24]. Group 2: Business Model - Baibaokun's business model involves users purchasing rights with promises of high returns in the form of JD.com gift cards and points, which can be redeemed or withdrawn [4][9]. - For example, a product priced at 89 yuan promises a return of 100 yuan in JD.com gift cards, creating an almost risk-free arbitrage opportunity for users [4][12]. Group 3: User Complaints and Legal Issues - Users have reported that they did not receive the promised JD.com gift cards upon the expiration of their purchased rights, leading to a surge in complaints [7][9]. - The company has reportedly been placed under investigation, with claims that the total amount involved may exceed 100 million yuan [4][9]. Group 4: User Experience and Incentives - Users have expressed confusion regarding the company's profit model, as the high returns and points system seem unsustainable [19][20]. - Many users have engaged in the platform primarily for the points system, which allows for significant earnings through referrals and purchases [19][20]. Group 5: Relationship with Zhong An Insurance - Baibaokun's connection to Zhong An Insurance has been a point of trust for users, as the latter's brand is seen as a form of endorsement [20][22]. - The ownership structure shows that Zhong An Technology holds a significant stake in Baibaokun, further linking the two entities [20][21].