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]

Core Viewpoint - The "Baibaojun" incident has gained significant attention on social media, revealing issues related to its business model and user refunds, leading to investigations and potential legal implications for the company [1][25]. Group 1: Company Overview - Baibaojun is a health service search engine under Baibao (Shanghai) Technology Co., Ltd., established in October 2020 by ZhongAn Online Property Insurance Co., Ltd. [1][25]. - The platform initially aimed to create a data-driven algorithmic insurance model, focusing on advertising and customer acquisition [1][25]. Group 2: Business Model and User Engagement - Baibaojun attracted users through a model involving selling rights, offering cashback in the form of JD e-cards, and redeemable points [1][2]. - Users could purchase rights for a fee, receiving e-cards or cash back, which provided returns significantly higher than traditional bank savings [2][3]. Group 3: Refund Issues and User Complaints - Starting in September 2023, users reported issues with the timely redemption of JD e-cards, leading to the "explosion" of the platform [1][6]. - Baibaojun announced a refund plan that involved significant discounts on historical earnings, with many users expressing skepticism about receiving their funds [3][4][6]. Group 4: Legal and Investigative Developments - Reports indicate that Baibaojun's legal representative has been taken into police custody, with investigations into potential fraud exceeding 100 million yuan [1][25]. - ZhongAn Insurance stated that it had transferred all shares of Baibaojun's operating entity and claimed to be a victim in the situation [1][29]. Group 5: Internal Operations and User Trust - Users have raised concerns about the involvement of Baibaojun's internal staff in investment activities and the potential manipulation of user engagement through referral programs [7][19]. - The initial trust in Baibaojun was largely based on its association with ZhongAn Insurance, which has since distanced itself from the platform [30].

Core Viewpoint - The recent "Baibaojun high rebate incident" has led to significant developments for ZhongAn Insurance, including the transfer of all shares of Baibao Company, the operator of Baibaojun, by its subsidiary ZhongAn Technology [2][3]. Group 1: Company Actions - ZhongAn Insurance announced that it has transferred all shares of Baibao Company, which operates Baibaojun, following the high rebate incident [2]. - The company stated that it had not participated in the actual management of Baibao Company and had only invested through an intangible asset evaluation [2]. - ZhongAn Technology decided to exit Baibao Company in 2024 and signed a share transfer agreement in May 2025 [2]. Group 2: Incident Details - The Baibaojun platform utilized a model of "purchasing rights + excess return of JD.com gift cards + high reward points" to attract customers, but it is currently unable to fulfill promised returns [3]. - Reports suggest that the amount involved in the Baibaojun incident may exceed 100 million yuan, although this figure has not been independently verified [3]. - Baibao Company was established in April 2021, with a registered capital of approximately 12.16 million yuan and a paid-in capital of 6.92 million yuan [3].

Core Viewpoint - The article discusses the recent "high rebate" incident involving Baibaojun, which was incubated by Zhong'an Insurance, and highlights the company's response and the ongoing investigation into the matter [3][4]. Group 1: Company Response - Zhong'an Insurance announced that its subsidiary, Zhong'an Technology, has transferred all shares of Baibao Company, the operator of Baibaojun, following the incident [3]. - The company stated that it had not participated in the actual management of Baibao Company and had not received operational feedback since 2023 [3]. - Zhong'an Insurance claims to be a victim in this situation and is monitoring the investigation by law enforcement [3]. Group 2: Incident Details - The Baibaojun platform attracted customers through a model involving "purchase rights + excessive returns of JD.com gift cards + high reward points," but it has failed to deliver promised returns [4]. - Users reported that the total amount involved in the Baibaojun incident could exceed 100 million yuan, although this figure has not been independently verified [4]. - Baibao Company was established in April 2021, with a registered capital of approximately 12.16 million yuan and only eight insured individuals in 2024 [4]. Group 3: Industry Analysis - Industry insiders suggest that the platform may have initially operated on a revenue-sharing model with partners but later shifted to a high-rebate scheme resembling a Ponzi scheme [5].

Core Viewpoint - The incident involving the high rebate scheme of Baibaojun, incubated by ZhongAn Insurance, has led to significant financial implications and legal investigations, with ZhongAn Insurance confirming its exit from the operation of Baibaojun [1][2]. Group 1: Company Actions - ZhongAn Insurance announced that its subsidiary, ZhongAn Technology, has transferred all shares of Baibao Company, the operator of Baibaojun [1]. - The legal representative and actual controller of Baibao Company is Li Xuefeng, who previously served as the CTO of ZhongAn Technology [2]. - ZhongAn Insurance stated that it has not participated in the actual management of Baibao Company and has been a victim in this situation, monitoring the ongoing police investigation [1]. Group 2: Business Model and User Impact - Baibaojun attracted customers through a model of "purchasing rights + excessive return of JD.com gift cards + high points rewards," but is currently unable to fulfill promised returns [2]. - Users reported that the total amount involved in the Baibaojun incident may exceed 100 million yuan, although this figure has not been independently verified [2]. - The operational model of Baibaojun has been likened to a high-rebate Ponzi scheme, diverging from its initial profit-sharing model with partners [2].